Snatcher-1 Makes New Oil Field Discovery on ACOR’s ORRI under PEL 111 in
South Australia-Drilling Rig Moves to Drill Snatcher-2
CISCO, Texas -- July 08, 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 current operation at Snatcher-1 is
running wire line logs after having drilled to a total depth of approximately
Wire line logs and sidewall cores indicate a gross oil column of approximately
46 feet over the interval 5,813 feet to 5,859 feet with the majority of the
gross oil column being net oil pay.
Wire line formation sampling is in progress to obtain oil samples from the oil
column for production engineering data.
The operator plans to complete the Snatcher-1 well as an oil producer.
ACOR owns a 1/10^th of 1% ORRI under PEL 111 covering approx. 292,819 gross
Rig Moves to immediately Drill Snatcher-2 Well on ACOR’s ORRI
The operator stated that because of the good result of the Snatcher-1 well,
the operator has decided to immediately drill the Snatcher-2 well with the
same drilling rig to further evaluate the oil bearing potential of this part
of PEL 111.
The Snatcher-2 exploration well location is approximately 2,949 feet to the
northwest of Snatcher-1.
About the Western Margin Oil Trend:
Snatcher-1 is a successful test of 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.
The new Snatcher oil field discovery on ACOR’s ORRI under PEL 111, could
possibly help discover a major new oil province that could possibly extend
west to ACOR’s PEL 112. The production testing of the Snatcher-1 well is
planned to be carried out in mid July.
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 Well.
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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