Oil Shows in Snatcher-1 on ACOR’s ORRI under PEL 111 in South Australia Business Wire CISCO, Texas -- June 26, 2009 Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF) is pleased to announce that the operator, Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advises that at 0600 hours today, the operation at Snatcher-1 was pulling out of the hole in preparation to running an open hole Drill Stem Test (DST) to test the fair to good oil shows observed over the interval 5,813 feet to 5,842 feet. The significance of the oil shows observed will be evaluated by the current DST and wire line logs to be run after the well has reached total depth. 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. ACOR owns a 1/10^th of 1% ORRI under PEL 111 covering approx. 292,819 gross acres. 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 south west. 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 http://www.aussieoil.com/site/acor-map.pdf 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 Western Australia. ACOR is a publicly traded oil company trading on the NASDAQ OTC Bulletin Board Exchange under the trading symbol "AUCAF." Summary: 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. Disclaimer: 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 calling 1-800-SEC-0330. 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. Contact: Australian-Canadian Oil Royalties Ltd. Investor Relations, 254-442-2638 email@example.com
Oil Shows in Snatcher-1 on ACOR’s ORRI under PEL 111 in South
Press spacebar to pause and continue. Press esc to stop.