Oracle Energy Corp.

Oracle Energy Corp.

November 16, 2005 16:01 ET

Oracle Energy Corp.: Nadlac no. 3 Well Flowing Gas

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2005) - Oracle Energy Corp. (TSX VENTURE:OCL)(FWB:O2E) is pleased to announce that it has been notified by project operator Carpathian Energy that re-work operations on the Nadlac no. 3 well, situated in the Nadlac field in western Romania have been completed.

The well is now flowing, producing gas and condensate. Average flowing and shut-in pressures continue to gradually increase and well flow has presently been directed into the separator and production facilities. Perforations are from 2770 to 2786.4 meters, or a perforated interval of 16.4 meters (53.3 feet). Bottom Hole Pressure shows to be approximately 297 bars (4,400 pounds per sq. inch). Initial tests indicated gas and fluid produced at the following rates:

15/64-inch choke: 1,230,000 cfgpd (cubic feet gas per day); 23 bcpd (barrels condensate per day) with FTP of 17 bars (252 pounds per square inch)

27/64-inch choke: 673,000 cfgpd; 10 bcpd with FTP (flowing tubing pressure) of 35 bars (520 pounds per square inch)

Historical field information indicates that the well may take another 2 or 3 weeks to finish cleaning up. At that time additional test results will be released. Commenting on the results Oracle Energy president Nasim Tyab stated, "This represents a major milestone for the company as the initial tests indicate that the commercial potential of the Nadlac no. 3 well is significant." Carpathian expects the Nadlac no. 3 well to be producing into the transporters pipeline and to commence commercial sale of gas and condensate within the next 30 days.

The well work over crew is rigging down the equipment from the No. 3 well, and preparing to move to the No. 100 well in the Nadlac Field to commence work over operations there. Work on the No. 100 well should start by Friday, November 18. The Carpathian/ Oracle joint venture intends to re-work a total of 4 wells in the Nadlac Field.

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.


Nasim Tyab, President

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release.

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