Oracle Energy Corp/Greenacres Energy Company Sign Memorandum of Understanding
July 09 2013 - 4:26PM
Access Wire
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.
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