006-04-19 05:08 ET - News Release
Mr. Nasim Tyab reports
Oracle Energy Corp. has executed a farm-out agreement with Serpet Consult S.A., acquiring a 15-per-cent interest in the evaluation agreement to promote (EAP) Area XIII, located in the province of Maynas, Peru. As consideration for acquiring such interest, Oracle has advanced to Serpet a total of $175,000 (U.S.), of which $75,000 (U.S.) was paid as a prospect fee. Under the terms of the farm-out agreement, Serpet will use the remaining $100,000 (U.S.) to undertake a data reprocessing work program in respect of Area XIII. Pursuant to the farm-out agreement, Oracle has agreed to carry Serpet for up to $325,000 (U.S.) on any further exploration work undertaken on Area X111 subject to and following the grant of an exploration licence for Area XIII by Perupetro S.A.
Oracle has now reduced its interest in Area XIII from 30 per cent to 15 per cent. This will allow Oracle to focus resources on its projects in Romania and Yemen, as well as on the potential acquisition of additional oil and gas prospects in Europe.
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