Oracle Energy Corp.

Oracle Energy Corp.

November 07, 2005 06:00 ET

Oracle Energy Corp.: Update on Beta-1 Well, Block 22, Yemen

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2005) - Oracle Energy Corp. (TSX VENTURE:OCL)(FWB:O2E) is pleased to announce that it has been notified by Block 22 operator Yemen Mayfair Petroleum Corp. (YMPC) that good progress has been made on the drilling of the Beta-1 well. As of Sunday morning, November 6, 2005, a total depth of 1518 metres was reached and logs were run. Currently 9 5/8"casing is being set prior to commencement of drilling the prospective section down to 2500 metres. The well is designed to test the hydrocarbon potential of Upper Miocene reservoirs.

Oracle Energy Corp. holds a 15% participating interest in Block 22. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980's, located in the Marib basin. Block 22, was awarded to YMPC in 1993. It encompasses 8,151 square kilometers within the Tihama Basin in the western region of the Republic of Yemen.


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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