$50+ Million Dollar / 70 Well Drilling Program Continues Its Success As Four (4) More Wells Strike Oil on ACOR's ORRI under ATP-299.CISCO, Texas Cisco is a city in Eastland County, Texas, United States. The population was 3,851 at the 2000 census. Conrad Hilton started the Hilton Hotel chain with a single hotel bought in Cisco. -- Australian-Canadian Oil Royalties Ltd. (herein called ACOR ACOR Association of Cancer Online Resources ACOR American Center of Oriental Research ACOR Advanced Certificate in Operational Risk ACOR Assistant Contracting Officer Representative ACOR Actual Cost of Repair ACOR Administrative Contracting Officers Representative ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AUCAF) reports that the JV partner of ATP-299 has announced more continued success with the Tintaburra development drilling program. Four (4) new wells, Mulberry 23, Mulberry 24, Endeavour 13 and Endeavour 16 have all been successfully drilled on ACOR's ORRI ORRI Overriding Royalty Interest ORRI Orthorectified Radar Image ORRI Orlando Regional Rehabilitation Institute (Orlando, FL) . Rig PDI-724 spudded the Endeavour 16 well on October 7th. Oil shows were encountered in the Birkhead Formation. Evaluation of wireline logs indicated approximately 20 feet of net oil pay. The well was cased and suspended as a future oil production well. Rig PDI-735 spudded the Mulberry 23 well on October 8th. Oil shows were encountered while drilling and wireline well log analysis indicated approximately 16 feet of net oil pay in the upper Birkhead reservoir unit. The well was cased and suspended as a future oil production well. Rig PDI-724 spudded the Endeavour 13 well on October 14th. Oil shows were encountered in the upper Birkhead Formation. Evaluation of wireline logs indicated approximately 26 feet of net oil pay. The well was cased and suspended as a future oil production well. Rig PDI-735 spudded the Mulberry 24 well on October 15th. Oil shows were encountered while drilling in the Westbourne and mid Birkhead Formations. Wireline well log analysis indicated approximately 10 feet of net oil pay in the mid Birkhead reservoir unit. The well was cased and suspended as a future oil production well. More Drilling Continues on ACOR's ORRI: Rig PDI-735 spudded the Mulberry 18 well on October 21st. Oil shows were encountered while drilling through the Westbourne and mid Birkhead Formations. The well has reached TD and current operations are preparing to run wireline logs. Rig PDI-724 spudded the Endeavour 12 well on October 22nd. The well has drilled to TD and encountered oil shows in the upper Birkhead reservoir unit. Current operations are preparing to run a drill stem test In oil and natural gas extraction, the drill stem includes the drill pipe, drill collars, bottomhole assembly, and drill bit. A drill stem test (DST) is a procedure for testing the surrounding geological formation through the drill pipe. over the reservoir unit. About The Tintaburra Oil Field: The 70 well Tintaburra drilling program on ACOR's ORRI is the largest continuous oil development and exploration drilling program ever undertaken in southwest Queensland Australia with two (2) modern rigs drilling and casing wells at around ten (10) days per well. The 70 wells to be drilled in 2006 at a cost of approximately $50 million dollars are designed to achieve additional oil production and to test the extent of the oil pool in the Birkhead 11-77 sand discovered in the Mulberry 1 well. The Mulberry 1 well, located on ATP-299 was drilled in 2004 and is producing oil at a rate of approximately 600 barrels of oil per day. ATP-299 is located in the prolific Cooper/Eromanga Basin. The Mulberry & Endeavour Oil Field is part of the Tintaburra Oil Field on ACOR's ORRI under ATP-299 and is estimated to contain around 84 million barrels of proved plus probable oil in place or approximately $5,036,640,000, at current market prices. ACOR owns .0575 of 1% ORRI under ATP-299. About Australian-Canadian Oil Royalties Ltd.: ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . ACOR's principal assets consist of 15,440,116 gross surface acres of overriding royalty interest overriding royalty interest A third-party interest in royalty income derived from oil and gas rights. 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 Bass Strait (băs), channel, 80 to 150 mi (129–241 km) wide, between Tasmania and Victoria, SE Australia, connecting the Indian Ocean and Tasman Sea; Port Phillip Bay and Melbourne are on the northwest coast. . ACOR is a publicly traded oil company trading on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Exchange under the trading symbol Trading symbol See: Ticker 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: 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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