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The Zamora #1 Well Positions
Texas as Possible New Frontier for Oracle Energy
by Greg Moses - AllPennyStocks.com News Reporter January 31,
2007 (AllPennyStocks.com Media Inc.) - With its demonstrated
natural gas heritage, the reentry into the Zamora #1 gas well
located in the rural Deep South Texas county of Zapata holds
promise. This region, which borders Mexico, appears ripe for
increased energy exploration and production, aided by today's
technological advances.
One forward moving Oil & Gas Sector company keenly sees the
potential. Oracle Energy Corp.
(TSX-Venture: OCL) is a Canadian headquartered junior
international energy exploration company. By design, the
Company targets the world's energy rich zones for exploration
and development of oil and natural gas.
This Vancouver BC firm is currently active with drilling
projects in both hydrocarbon rich Texas and Romania. Oracle
Energy continues to expand its international operations.
Oracle previously announced that it had secured increased
funding, via a private placement, with proceeds to fund
drilling activities and new acquisitions.
In Texas, Oracle Energy has recently acquired from Pan
American Production Ltd. a 18.75% Interest in a 640 acre oil
and gas lease in Zapata County, Texas. Pan American remains
the operating partner. The partnership is very hopeful
regarding re-entry operations which are currently underway at
the Jonnell Gas Company Zamora #1 well. This is a well that
was originally drilled in 1961 and was tested at 4 mcfgpd
(1000 cubic feet/gas/day). As no market or pipeline existed at
the time for dry gas, it was never produced until now.
The Company and leading energy experts from around the
world agree on the future energy outlook. The facts are clear
regarding the need for stepped-up worldwide energy
exploration. Global energy demand is ever increasing, due to
the industrialization of huge developing countries like India
and China, combined with overall world population growth.
Industrialization normally takes 100 years as in the
example of England. In the case of China, they are only half
way there and will be growing strong for the next 50 years.
This explosive economic growth will continue to put pressure
on world oil supplies.
2007 is planned to be a turning point year for Oracle
Energy, as the Company moves aggressively to shift its near
term business focus from exploration and into production.
Beyond its work in Texas, Oracle Energy is diversified and has
interests in Italy, Romania, and Peru to fuel future Company
operations.
The Company is active In Romania with Oracle holding a 20%
working interest in the 6 concessions that its partner
Carpathian Energy was awarded by the Romanian Government in
November, 2002. It is estimated that these concessions hold
significant accumulations of oil and natural gas. Carpathian
has submitted all required documentation for permitting and is
now waiting for final approval from the last government
agency.
At the Nadlac Field, located in Western Romania near the
Hungarian border, the Company anticipates that several wells
will be put into production in 2007. Their optimism is based
on the apparent resolution of procedural and permitting delays
impacting operations in 2006. Requirements under the Petroleum
Law in Romania are now being modified during January, 2007.
Operationally, the Nadlac No. 3 well has been tested by the
project operator and is ready for production. Carpathian
Energy has been producing the No. 3 well every few weeks and
flaring the gas, in order to maintain pressure and some flow
activity while waiting to receive the required permits to
produce. Upon final permit approvals, the No. 4 well will
undergo re-entry in a process to reevaluate the oil zone of
interest beneath the gas cap.
Two wells each are planned for the Cozieni and 14 for the
Bordei Verde Vest fields. At Cozieni, the project operator has
determined that new drilling will be the most practical
approach, versus the use of existing bore holes to recover the
maximum amount of gas reserves remaining in the field.
Oracle Energy has strong stable management in its
President, Nasim Tyab.. He has been a member of the Board
since the year 2000. He has an extensive background in
corporate development, finance, marketing, and strategic
planning.
Also serving on the board since 2005 as Technical Director
is geologist Dr. Robert Mctavish. He brings to the company
more than 35 years of worldwide experience in the oil and gas
industry and has worked with such companies as CONOCO and West
Australia Petroleum.
Oracle Energy Corp. is an established firm, operating in
the oil and gas sector with success since 1999. It has solid
management and partners and definitely is a Company to
consider in the key oil and gas sector among junior oil and
gas exploration firms.
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