Oracle Energy Corp.

Oracle Energy Corp.

October 14, 2005 09:17 ET

Oracle Energy Corp. News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - Oracle Energy Corp. (TSX VENTURE:OCL) is pleased to announce that it has notified its joint-venture partner Yemen Mayfair Petroleum Corp. (YMPC) of it's intention to exercise the 8% option agreement, announced September 15th, 2005, to increase Oracle's interest in Al-Zaydiah, Block 22, in the Republic of Yemen. Both parties have agreed that closing of the 8% acquisition is to take place on or before Friday October 21, 2005. Oracle Energy has received conditional approval from the TSX Venture Exchange on the $1,200,000 private placement and has filed for final approval that is expected shortly. Oracle intends to utilize U.S.$560,000 of the proceeds to exercise the option. This would take Oracle's participating interest in Block 22 to a total of 15%.

Oracle is also pleased to report that it has finalized the acquisition of an initial 11.2% interest in six oil and gas concessions located in Romania known as Bordei Verde West and the Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions. Pursuant to the property purchase agreement dated July 5, 2005, as amended Aug. 17, 2005, between Oracle Energy Corp. and Carpathian Energy Companie Petroliera the Company may acquire up to a 20% interest in the six concessions at its option. The two parties have also entered into joint operating agreements on all six concessions.

As there had been recent flooding in and around Bucharest, Romania, which is the location of the Cozieni field, project operator Carpathian Energy is now mobilizing to the Nadlac field near the Hungarian border. Re-work operations are expected to commence shortly.

Further to Oracle's recent listing on the Frankfurt Stock Exchange under the symbol O2E the Company will be exhibiting at the Stockday Resources 2005 conference in Frankfurt, Germany, October 24-25, 2005. The Conference is an established-sector specific financial convention that offers an excellent opportunity for Oracle to be introduced to the German investment community.


"Nasim Tyab"


Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in those statements.

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

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