Oracle Energy Corp. has been notified by project operator Carpathian Energy that the service company has completed testing of the permanent derrick at the Nadlac #100 well and has moved in the work over crews, mud tanks and work over equipment. Re-work operations on the Nadlac #100 well have now commenced.
The Nadlac field is in Western Romania near the Hungarian border. Pursuant to the property purchase agreement dated July 5, 2004, as amended Aug. 17, 2005, between Oracle Energy Corp. and Carpathian Energy Companie Petroliera, Oracle Energy holds an 11.2% participating interest with the option to acquire up to a 20% participating interest in six oil and gas concessions located in Romania known as the Bordei Verde Vest field and the Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions. This is the second well to be re-worked by the Carpathian Energy / Oracle Energy joint venture in Romania.
