Oracle Energy Completes Acquisition of Stake in Romanian Fields
Oracle Energy has completed the acquisition of a 20% interest in six oil and gas concessions in Romania. The total purchase price of US$500,000 has been satisfied with the final issuance of 917,059 common shares of Oracle Energy Corp. to Carpathian Energy Companie Petrolia SRL.
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 was granted the option to acquire up to 20% interest in six oil and gas concessions located in Romania known as the Bordei Verde West, Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions.
Oracle Energy Corp. is actively pursuing other international oil and gas projects to add to its assets in Romania, Yemen, and Peru.
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