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Oracle Announces Option Extension to Acquire Oil and Gas Assets in the Eagle Ford in South Texas
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PR Newswire
FORT WORTH, Texas, October 1, 2018
FORT WORTH, Texas, October 1, 2018 /PRNewswire/ --
Oracle Oil and Gas LLC (Oracle Oil and Gas) a wholly owned subsidiary of Oracle Energy Corp. ("Oracle" or the "Company") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce that it has entered into an option amendment agreement (the "Amendment") to the previously announced (news release dated June 19, 2018) option agreement dated May 19, 2018 with the mineral rights owners of acreage in the Eagle Ford shale district in South Texas (the "Option Agreement") pursuant to which Oracle acquired an option to enter into oil and gas leases (the "Option").
Pursuant to the Amendment the exercise period for the Option has been extended to January 15, 2019 subject to Oracle making a US$250,000 non-refundable extension payment on or before October 1, 2018 and October 31, 2018 and by agreeing to an increase in the lease payments per acre upon Oracle exercising the Option.
Oracle also advises that it is in active negotiation with the vendor of the HBP Assets (news release dated June 19, 2018) to amend the closing date for the completion of the purchase of the HBP Assets.
ON BEHALF OF THE BOARD OF DIRECTORS.
Darrell Mckenna; Chairman
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Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is a junior oil and gas development company focused on acquiring development assets in North America and with current focus on the Texas Eagle Ford.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the 'safe harbour' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
For further information, please contact:
Darrell L McKenna
Chairman & CEO
Mobile: 1-832-212-1930
Email:dmckenna@oracleenergy.com
Nasim Tyab
Founder & Capital Markets Strategist
Mobile: 778-373-6911
nasim@oraclenergy.com
Oracle Energy Corp.
Suite 1500 - 1040 West Georgia Street
Vancouver, BC
Canada V6E 4H1
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