Oracle Energy to Spud Arrone-1 in Italy

Oracle Energy has been notified by Ascent Resources that Ascent's Italian subsidiary has contracted a rig to drill the Arrone - 1 well on the Fiume Arrone Permit near Rome's Fiumicino airport. Subject to Italian regulatory approval, the rig is expected on location to commence drilling on or about the end of October 2006.

The 358 sq km onshore Fiume Arrone Permit, is along the coast of Italy to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter of which was reported to have had shows of gas. The first well, planned to be 950m deep, will target a gas prospect identified from seismic.

Oracle Energy holds a 20% interest in the Fiume Arrone Exploration Permit. The other partners with an interest in the Permit are Ascent Resources plc (40%), Italmin Exploration (30%) and JKX Oil and Gas plc (10%).

Oracle Energy Corp. is a Canadian based international oil and gas company with interests in Italy, Yemen, Romania and Peru.

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