FORT WORTH, TX, Sept. 21, 2018 /CNW/ - 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 acquired an information and data package relating to land in the Texas Eagle Ford shale oil and gas play (the 'Additional Lands') which the Company described in its news release of June 19, 2018 (the 'Data Package').
Pursuant to an agreement with a private Texas entity dated May 1, 2018 (the "Agreement") the Company agreed, subject to the receipt of an acceptable NI 51-101 report, to purchase the Data Package by the issuance of 5,000,000 common shares of the Company (the "Shares"). The Shares were issued at a deemed price of $0.13 per share and are subject to a four month hold period expiring on January 14, 2019. The Data Package was integral in providing the necessary technical information for the completion of the NI 51-101 report.
The Agreement also provides that as consideration for securing for the Company oil and gas rights to the Additional Lands for cash consideration in an amount acceptable to the Company, the Company will issue to the private Texas entity a success fee of up to 5,000,000 common shares with the total amount of shares dependent on the amount of land secured. The acquisition of the oil and gas rights to those Additional Lands and the issuance of all or part of the additional 5,000,000 shares to the private Texas entity for securing those rights remains subject to the Company obtaining regulatory approval.
On Behalf of the Board of Directors.
Darrell McKenna; Chairman and CEO
About Oracle Energy Corp.
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.
SOURCE Oracle Oil and Gas LLC
For further information: please contact: Darrell L McKenna, Chairman & CEO, Mobile: +1-832-212-1930, Email:[email protected]; Nasim Tyab, Founder & Capital Markets Strategist, Mobile: +1-778-373-6911, Email: [email protected]