Snatcher-2 Well Flows 207 Barrels of Oil Per Day on ACOR’s ORRI under PEL
111 in South Australia - Snatcher-3 Well to Begin Drilling by December 09
CISCO, Texas -- September 14, 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 Short Term Production Test at
Snatcher-2 has resulted in a flow to the surface from the Birkhead Formation
of clean 48 degree API oil at a rate of 207 barrels per day.
The Snatcher-2 well is located approximately 2,952 feet north of Snatcher-1.
New Oil Field Discovery - the Snatcher Oil Field on ACOR’s ORRI
On July 28^th, the operator advised that the Short Term Production Test at
Snatcher-1 resulted in a flow to the surface from the Birkhead Formation of
clean 48 degree API oil at a rate of 218 barrels per day on a 12/64 in choke.
The Snatcher-1 & Snatcher-2 wells are 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
The operator states that oil production for the Snatcher oil field is expected
to commence in October 2009 at a rate of approximately 400 BOPD.
ACOR owns a 1/10^th of 1% ORRI under PEL 111, covering approximately 292,819
Rig to Drill Snatcher-3 Well on ACOR’s ORRI
The operator states that the planned drilling of the Snatcher-3 well is
expected to commence by December 2009.
The Century drilling rig is currently stacked at the Snatcher-2 well location.
ACOR management looks forward to the drilling results from the Snatcher-3
exploration well as a discovery here would further confirm our belief in the
potential of the Western Margin Oil Project within PEL 111.
About the Western Margin Oil Trend:
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
north to ACOR’s PEL 444 & west to ACOR’s PEL 112.
The western margin oil trend is an attractive exploration target for two
*It is one of the few places where hydrocarbons from Cooper Basin source
rocks can migrate into traps in the overlying Eromanga Basin. In most
places, a cap rock at the unconformity between the Cooper and Eromanga
prevents this happening, but along the western margin the cap rock is
faulted, eroded or otherwise missing.
*Secondly, the western margin is only lightly explored. Santos made oil
discoveries at Charo and Callabonna in the early 1990s, but it left
thousands of square miles unexplored because of its priority on gas
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 possible Western Margin Oil
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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