Oracle Picks Up Stake in Zapata County Acreage
Oracle Energy Corp. said that it has acquired from Pan American Production Ltd. a 12.5% interest in a 640 acres oil and gas lease situated in Zapata County, Texas. Pan American is the operating partner and now holds a 25% interest. There are three other partners holding the remaining interests.
Re-entry operations are now underway on the Jonnell Zamora #1 well. Principal target zones are specifically the 1st and 2nd Hinnant Sand sections. Oracle has contributed US$284,000, which will cover its portion of costs to well hook up.
The Jonnell Gas Company Zamora #1 was drilled in April of 1961 and was completed as a gas well from the 1st Hinnant sand. The top 10' of the 1st Hinnant Sand was perforated, and flowed at rates up to 4 mmcfg/d. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas. Pan American has leased the drill site and associated 640 acres and has re-entered the Zamora #1 well, with the objective of re-completing the well in the 1st and 2nd Hinnant sand reservoirs. A finder's fee is payable on this transaction.
Fiume Arrone Permit, Italy - The drilling of the Arrone-1 well in the Fiume Arrone Exploration Permit (Oracle 20%) has been postponed and now may be drilled, contingent upon access to the drilling location, when the rig contracted by Ascent Resources (40%) completes other work and returns to Italy from Spain.
Oracle Energy Corp. is a Canadian based international oil and gas company with interests in Italy, Yemen, Romania, Peru and Texas, USA.
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