Canadian firm acquires stakes in Romanian oil and gas concessions

BUCHAREST (SeeNews) – Canadian company Oracle Energy Corp has completed the acquisition of a 20 percent interest in six concessions for oil and gas in Romania in exchange for company shares worth $500,000 (412,150 euro). «The total purchase price of $500,000 has been satisfied with the final issuance of 917,059 common shares of Oracle Energy Corp to Carpathian Energy Companie Petroliera SRL,» the company said in a statement posted on its Web site. Under the deal between Oracle Energy and Bucharest-based Carpathian Energy Companie Petroliera, the former was granted the option to acquire up to 20 percent interest in the oil and gas concessions. Carpathian Energy Companie Petroliera is a privately owned independent oil and gas firm operating in Eastern Europe. It was set up in 2001 by by US-based Inland Petroleum LLC and Alexandru Popescu, a businessman and former Romanian cabinet minister, to acquire concession contracts on government-owned oil and gas fields that had been shut down or abandoned due to lack of technology and money to develop them. Oracle Energy Corp ( is actively pursuing other international oil and gas projects to add to its assets in Romania, Yemen and Peru, the company said.