Oracle Energy to Drill Fatima Prospect in October

Oracle Energy says that preparations are actively underway to drill the Fatima-1 well on the Fatima prospect, Block 22, Yemen. The drilling rig is being mobilized and drilling is scheduled to commence mid-October 2006.

The well is planned to a total depth of 2250 meters and shall target the Middle Miocene that tested hydrocarbons in the Jaizan wells to the north, across the border in Saudi Arabia.

Oracle Energy Corp. holds a 15% participating interest in block 22, which encompasses 8,151 square km within the Tihama Basin in the western region of the Republic of Yemen. Yemen Mayfair Petroleum Corp. (YMPC) and its partners have invested in excess of U.S. $20 million on exploration programs to date. 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.