Oracle Energy Corp.

Oracle Energy Corp.

November 01, 2005 16:51 ET

Oracle Energy Corp.: Re-Work Operations Underway in the Nadlac Field, Romania

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2005) - Oracle Energy Corp. (TSX VENTURE:OCL)(FWB:02E) is pleased to announce that re-work operations have now commenced on the Nadlac #3 well. The Nadlac field is in Western Romania near the Hungarian border.

Oracle holds an 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.

Commenting on the current Romanian operations, Nasim Tyab, president of Oracle Energy Corp. stated that: "We are pleased to now move forward with our partner Carpathian Energy to developing our Romanian concessions. Our decision to participate was based on a strategy of complementing our high impact exploration prospect in Yemen, now being drilled, with our properties in Romania, three of which have proven and probable reserves. This balanced approach is aimed at maximizing shareholder value and developing near term, sustainable cash flow for the Company."


Nasim Tyab, President

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. 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. 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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