Global Leader in International Oil and Gas Industry News

posted in:

Oracle Energy Corp finalizes sale of Romanian project interests

Friday, Nov 30, 2012

Oracle Energy Corp. ("the Company" or "Oracle Energy", or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) announced today that the Company has finalized the sale of its interest in a Romanian oil and gas concession to Amromco Energy LLC ("Amromco"). Amromco, Oracle's Romanian project joint venture partner, has purchased the Company's 8.78% undivided interest in a concession agreement covering the Nadlac and Bordei Verde Vest blocks, onshore Romania.

"Oracle is pleased to have finalized this sale to Amromco Energy," stated Oracle's Chairman Nasim Tyab. "We can now focus on the acquisition of other international projects in which Oracle would have a controlling interest and which would have a bigger impact on the Company's future value."

Pursuant to the definitive sales agreement, Amromco has paid Oracle a purchase price of $400,000 USD in cash. The agreement has been approved by the National Agency for Mineral Resources (Romania) and the shareholders of Oracle Energy.

In August 2012, Oracle announced that it had entered into a Memorandum of Understanding ("MOU") with Bolad Energy Company Ltd, a Nigerian registered corporation. Oracle's objective in securing the MOU is to participate as the technical and financial partner in the acquisition of a Marginal Field in Nigeria.

About Oracle Energy Corp.

Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is a Canadian oil and gas company focused on growth and shareholder value creation through exploration, development, and production in Africa - initially Nigeria. Our three pronged strategy is a relentless focus on: capture of the best opportunities, best-in-class execution, and critical assessment and mitigation of risk. For more information on Oracle Energy visit

Source: Oracle Energy Corp.

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Aquaterra Energy wins Premier Oil Catcher Drill Centre Template contract 23-04-2014
Claxton’s camera upgrade puts crane safety in the picture 23-04-2014
Elk acquires the Singleton Unit in Nebraska 23-04-2014
Longreach prepares to drill into target Liassic formation with Kamar-1 well in Morocco 23-04-2014
Chevron unveils PitPack motor oil dispensing system 23-04-2014
Farstad Shipping ASA - charter agreements 23-04-2014
Prysmian, € 30 m contract in Abu Dhabi 23-04-2014
Halliburton to build drilling, testing and training facility in Texas 23-04-2014
SEACON (europe) Ltd Receives A Queen’s Award for Enterprise in International Trade 23-04-2014
EnerJex Resources announces Niobrara operations update and development plans 23-04-2014