on ATP-267 - With Ten (10) Additional New Oil Wells Waiting to Be Connected to
Production Facilities To Possibly Increase Oil Production On ACOR's ORRI
CISCO, Texas--(BUSINESS WIRE)--May 07, 2007
Australian-Canadian Oil Royalties Ltd. (herein called ACOR)
(OTCBB:AUCAF) is pleased to announce that the JV partner of ATP 267
advises that the Nockatunga oil fields which are operated by Santos
Ltd produced an average of approximately 560 barrels of oil per day
(BOPD) or approximately 50,400 barrels during the 2007 quarter.
2007-10 Well Drilling Program was 100% successful
The exploration, appraisal and development, drilling campaign at
the Nockatunga area, which commenced on December 31st, 2006, were
completed during this quarter. The 10-well campaign in Petroleum Lease
51 was part of the Santos' Cooper Oil Project. Santos is the operator
of the Nockatunga joint venture. Planning for the completion for
production and tie-in of the new wells to the existing facilities is
Several of the 10 new wells are expected to be on-line by the end
of May 2007.
An upgrade of the surface facilities at the Thungo and Muthero
fields is currently being undertaken to accommodate the anticipated
increased production from these fields.
As reported last quarter, the Dilkera North-1 exploration well and
the Thungo-9 and Thungo-10 development wells were each cased and
suspended as a future Murta Member oil producers.
The Dilkera North-1 well will be connected to the Muthero field
The Thungo Oil Field on ACOR's ORRI
The Thungo-11 appraisal well spudded on March 26th and was drilled
to a total depth of 4563 feet. Oil shows were encountered in the Murta
Member and the well was cased and suspended as a future oil producer.
Thungo-13, an appraisal well on the southeast margin of the field,
spudded on January 21st and was drilled to a Total Depth of 3733 feet.
Oil shows were recorded in the Murta Member and wireline logs
indicated 26 feet of net pay. The well was cased and suspended as a
future oil producer.
The Muthero Oil Field on ACOR's ORRI
Four wells were drilled on the Muthero field in 2007. The
Muthero-4 appraisal well spudded on February 13th and was drilled to a
Total Depth of 4724 feet. Muthero-4 was designed to appraise the
eastern extent of the Murta Member and Birkhead Formation oil pools
encountered in Muthero-3 which was drilled in early 2006. Oil shows
were recorded in the Murta Member and the upper Birkhead Formation.
Wireline logs indicate 20 feet of net pay in the upper Birkhead
Formation. The well was cased and suspended and will be completed as a
future Birkhead oil producer.
The Muthero-5 appraisal well spudded on February 23rd 2007 and oil
shows were also recorded in the Murta Member and the Birkhead
Formation. The well was designed to test the southern extension of the
Muthero-3 oil pools. The well was cased and suspended and will be
completed as a future Birkhead oil producer.
The Muthero-6 appraisal well located to the east of Muthero-3
spudded on March 4th 2007 and encountered oil shows in the Coorikiana
Sandstone, Murta Member and the Birkhead Formation. The well was cased
and suspended as a future Murta oil producer.
The Muthero-7 development well spudded on February 8th and was
drilled to a Total Depth of 3759 feet. Muthero-7 was designed to
develop the Murta Member oil pool encountered in Muthero-3. Oil shows
were recorded in the Murta Member as anticipated and the well was
cased and suspended as a future Murta oil producer.
The Kamel-1 exploration well, located approximately 1.05 miles
north northwest of the Thungo oil field, spudded on March 16th and was
drilled to a Total Depth of 4563 feet. Oil shows were recorded in the
Murta Member during drilling. Wireline logs were run and the well was
cased and suspended as a future Murta Member oil producer. The Kamel-1
well will be connected to the Thungo field facilities.
About ATP 267:
ATP 267, including Petroleum License (PL) 33, 50 & 51, consists of
approximately 220,800 gross acres and is located in Queensland
Australia in the prolific Cooper/Eromanga Basin. The western border of
ATP 267 is located approximately 5 miles from the Jackson Oil Field.
The Jackson Oil Field is Australia's 2nd largest onshore oil field
and has reserves in excess of 40,000,000 barrels of good quality crude
oil or approximately $2.2 Billion Dollars at current crude market
ACOR management is very excited about the current 100% success of
this ten (10) well drilling program and the potential revenue that
could be generated for the company.
ACOR owns 17.15% of 1% ORRI under ATP 267 which include Petroleum
License 33, 50, & 51.
About Australian-Canadian Oil Royalties Ltd.:
ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT.
ACOR's principal assets consist of 15,440,116 gross surface acres of
overriding royalty interest and 8,561,007 gross acres of working
interests, located Onshore Australia in the Cooper-Eromanga Basin and
Offshore Australia in the Gippsland Basin in the Bass Strait.
ACOR is a publicly traded oil company trading on the NASDAQ OTC
Bulletin Board Exchange under the trading symbol "AUCAF."
Australia is a "hot spot" for oil & gas exploration and ACOR is
positioned for possible "Company-Maker" discoveries. ACOR's working
interests and overriding royalty interests are located offshore &
onshore in the best producing basins.
Visit our website at www.aussieoil.com.
Except for historical information contained herein, the statements
released are forward-looking statements that are made pursuant to the
provision of the Private Securities Litigation Reform Act of 1955.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company's actual results in future
periods to differ materially from forecasted results. Such risks and
uncertainties include, but are not limited to, market conditions,
competitive factors, the ability to successfully complete additional
financings and other risks.
Australian-Canadian Oil Royalties Ltd.
Investor Relations, 254-442-2638
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