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 www.OracleEnergy.com
Source: Oracle Energy Corp.
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