Mr. Peter Francis reports

ORACLE ENERGY CORPORATE UPDATE

The board of directors of Oracle Energy Corp is providing a corporate update.

Oracle has elected to exit Portugal, where it holds the Barreiro exploration concession. Based on the technical work done to date, the board has decided that the cost and time required to derisk the play are inappropriate at this stage of Oracle's development. Oracle is working collaboratively with the Portugal authorities to exit the concession contract.

Oracle remains focused on obtaining producing and development concessions in the prolific West African basins and in particular in Nigeria. Nigeria has over 1,000 discovered oil and gas fields, of which fewer than 350 are developed. Entrance into these opportunities requires foreign companies to work in partnership with Nigerian companies. The Oracle team has successful on-the-ground experience in developing and operating similar fields and has long-term relationships with senior oil industry professionals, who are leading indigenous Nigerian companies. Oracle is focused on applying this expertise and these relationships to build near- and long-term shareholder value.

Oracle is currently engaged in negotiations on several opportunities and will advise shareholders as these develop.

We seek Safe Harbor.