Snatcher-1 Spuds on ACOR’s ORRI under PEL 111 in South Australia
CISCO, Texas -- June 23, 2009
Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF) is
pleased to announce that the operator, Victoria Petroleum N.L. (Vicpet) for
the PEL 111 Joint Venture advises that the Century Drilling Rig #3 commenced
drilling of the Snatcher-1 exploration well in PEL 111 on June 14^th 2009.
Current operation was drilling at approximately 4,016 feet.
Snatcher-1 is testing the oil bearing potential of the Snatcher Prospect
adjacent to the Santos Limited operated Charo Field in PPL 177. The PPL 177
license is wholly contained within PEL 111 on ACOR’s ORRI.
ACOR owns a 1/10^th of 1% ORRI under PEL 111 covering approx. 292,819 gross
The Snatcher Prospect is situated on the Western Margin Oil Trend, with
Snatcher-1 a test of weather oil can be stratigraphically trapped within
seismically interpreted discrete sand bodies in channel systems present within
the Jurassic Birkhead Formation. Sands of the Birkhead Formation are the
producing horizon for the Growler Oil Field, approximately 3.86 miles to the
Snatcher-1 is located in the mid portion of PEL 111. The Snatcher Prospect is
approximately ¼ (+/-) of 1 mile of the Santos Charo Oil Field, approximately
2.31 miles north of the Tigercat-1 and Warhawk-1 oil discoveries in the
adjacent PEL 104 and approximately 3.86 miles north-east of the Growler Oil
Production Facility in PRL 15, currently producing 868 barrels of oil per day.
Snatcher-1 is being drilled to partly satisfy the PEL 111 Year Five work
commitment of three exploration wells. Snatcher-1 is planned to be drilled to
a measured total depth of approximately 6,138 feet in 15 days.
About the Western Margin Oil Trend:
ACOR management is seeking for the Snatcher-1 well to prove that the Western
Margin Oil Trend possibly lies under ACOR’s PEL 111 ORRI. A successful well on
Snatcher-1, could possibly help discover a major new oil province that could
possibly extend west to ACOR’s PEL 112.
Recent drilling successes by Beach Petroleum, Cooper Energy and Victoria
Petroleum on adjoining leases in the Cooper/Eromanga Basin in the Namur
sandstone have operators theorizing that migration of oil past the
Cooper/Eromanga Basin's Permian zero edge is highly possible.
Click on link below to see map location of the Snatcher-1
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 and Offshore in the Carnarvon Basin in
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.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved reserves
that a company has demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing economic and
operating conditions. We use certain terms in this press release, such as
"probable" (P90), and "mean risked reserves", that the SEC's guidelines
strictly prohibit us from including in filings with the SEC. U.S. Investors
are urged to consider closely the disclosures in our Form 10K, Form 10Q and
other filings with the SEC available from us at 1301 Ave M Cisco, Texas 76437.
You can also obtain this information from the SEC on-line at www.sec.gov or by
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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