Jul 9th, 2013 Copyright (c) 2013 TheNewswire - All rights reserved.
(via Thenewswire.ca)
Vancouver, British Columbia, July 9, 2013 - Oracle Energy Corp.
("the Company" or "Oracle Energy", or
"Oracle") (TSX.V: OEC) (Frankfurt: O2E) is pleased to
announce that it has entered into a Memorandum of Understanding with
Greenacres Energy Company Ltd., a Nigerian registered corporation,
with the objective of participating as the Joint Venture partner in
Nigerian oil and gas asset acquisitions from International Oil
Companies (IOC's).
Greenacres was formed in 2010 and comprises a highly experienced team
of former oil and gas executives with a proven track record of
exploration success and bringing major Nigerian oil and gas fields
into production.
Oracle's Chairman Nasim Tyab says "Oracle is delighted to be
working with Greenacres. Their combination of strong technical skills
and senior management experience combined with regulatory expertise is
unparalleled. With Oracle's complementary management team and
financing capabilities we are jointly positioned to build a world
class Nigerian exploration and producing venture".
Greenacres Chairman Basil Omiyi says 'the company is very pleased to
have entered into a joint venture with Oracle whose management skills
and record of financing major projects complements the Greenacres team
to provide all the attributes for building a successful operation. We
are both focused on Health, Safety and Environmental excellence and
maximizing Nigerian content in the execution of work programs, and
working in harmony with the local communities.
This is the second MOU signed by Oracle with an indigenous Nigerian
company. In August 2012, Oracle entered into an MOU with Bolad Energy
Ltd.
The government of Nigeria is committed to further indigenization of
the oil and gas industry. The divestment of properties in Nigeria by
IOCs supports the government's policy of encouraging investment by
indigenous companies in the oil and gas industry. Oracle and its
partners are actively pursuing participation in this divestment
process. Oracle's management see this as an excellent opportunity for
foreign companies to partner with capable indigenous companies.
About Oracle Energy Corp.
Oracle Energy Corp. (TSX-V: OEC, Frankfurt: O2E) is a Canadian oil and
gas company focused on opportunities in upstream oil and gas in Europe
and Africa. Oracle has built a strong management team with over 150
years combined experience in international oil exploration and
development, economics and finance, and government relations. Oracle
is committed to growth and shareholder value creation through
exploration, development, and production - initially in Nigeria and
Portugal. The Company holds a working interest in the Barreiro oil
and gas concession (211,275 acres/855 sq. km), in Portugal's southern
Lusitanian Basin. For more information on Oracle visit
www.OracleEnergy.com
ON BEHALF OF THE BOARD
"Nasim Tyab"
Chairman and CEO
Oracle Energy Corp.
Forward Looking Statements
This news release contains forward-looking statements and
forward-looking information, which are based on information currently
available to the Company, and the Company provides no assurance that
actual results will meet management's expectations. Forward-looking
information includes that we can participate in a Nigerian joint
venture for oil & gas and build a world class Nigerian exploration
and producing company . Actual results could differ materially from
those currently anticipated for many reasons such as: we may not be
able to find a suitable project, we may not be able to come to terms
with our partners, the project sellers or with the government, we may
not be able to raise sufficient financing, and that despite
encouraging indications, there may not be any commercially recoverable
resources on our projects; we are also affected by changes in general
economic conditions and conditions in the financial markets; changes
in demand and prices for resources; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments. These and other factors should be considered
carefully and readers should not place undue reliance on the Company's
forward looking information. The Company does not undertake to update
any forward-looking information that may be made from time to time by
the Company or on its behalf, except in accordance with applicable
securities laws.
Copyright (c) 2013 TheNewswire - All rights reserved.
