Oracle Energy Corp.
TSX VENTURE : OCL
FRANKFURT : O2E

Oracle Energy Corp.

November 18, 2006 16:44 ET

Oracle Energy Corp.: Announcement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 18, 2006) - Oracle Energy Corp. (the "Company"), (TSX VENTURE:OCL)(FWB:O2E) has been notified by project operator Yemen Mayfair Petroleum Corp. that the Fatima-1 well, Block 22, Yemen, was drilled to a total depth of 2359 metres. After testing, the well was plugged and abandoned on November 18th, 2006.

Oracle Energy Corp. is a Canadian - based international oil and gas company with interests in Yemen, Romania, Italy and Peru. Management is actively pursuing oil and gas projects in other areas of the world to be added to the company's diverse portfolio. Oracle Energy is in a strong cash position for potential acquisitions with approximately $2.4 million in the treasury.

ON BEHALF OF THE BOARD

"Nasim Tyab"

Nasim Tyab, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release. Some of the statements contained in this release are forward-looking statements. Forward-looking statements include but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir may not result in commercial level of oil and gas production, changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The information contained herein does not constitute an offer of securities for sale in the United States, United Kingdom, Canada, Japan or Australia.

Contact Information

  • Oracle Energy Corp.
    Nasim Tyab
    President
    (604) 980-6620
    (604) 602-9974 (FAX)
    Website: www.oracleenergy.com