ACOR Raises $4,500,000 to Drill 3 Wells on PELs 112 & 108 in South Australia on Approx. 1,325,715 Gross Acres.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 ACOR has signed a farmin agreement with Holloman Corporation of Odessa, Texas Odessa is a city located primarily in Ector County, of which it is the county seatGR6, in the U.S. state of Texas. Some of its city limits extend into adjacent Midland County. for the oil & gas exploration of ACOR's PELs 108, 109, & 112, located in South Australia South Australia, state (1991 pop. 1,236,623), 380,070 sq mi (984,381 sq km), S central Australia. It is bounded on the S by the Indian Ocean. Kangaroo Island and many smaller islands off the south coast are included in the state. in the prolific Cooper/Eromanga Basin. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Holloman Corporation will become the Operator. Holloman Corp. has agreed to drill and complete 3 wells in exchange for a 66.667% Working Interest in all 3 areas. Holloman Corp. will carry ACOR for 16.6665(1) in the 1st three wells. After the 3rd well, ACOR will pay its part of any future exploration performed on the 3 areas, subject to the terms of the Joint Operating Agreement Any contract, agreement, Joint Venture, or other arrangement entered into by two or more businesses in which the operations and the physical facilities of a failing business are merged, although each business retains its status as a separate entity in terms of profits and . The exploration manager is working to try to secure a drilling rig and will make every attempt to drill the 1st two wells in 2006 on PEL 112, subject to rig availability. E[acute accent]PEL 112 & 108 covers approximately 1,325,715 gross acres, and has never been drilled (no dry holes). ACOR and partners have just completed a new seismic survey on PELs 112 and 108 at a cost of approximately $1,100,000. The new seismic survey has discovered two large seismograph highs as well as 24 smaller ones. The 2 large seismograph highs are called C-23 & C-26, which cover a combined area of approx. 5,534 acres with excellent closure. E[acute accent]ACOR and partners have invested approximately 5 years and several million dollars in PELs 112, 108, & 109. ACOR management is very excited to have negotiated a 3-well carried position over the 3 areas, which substantially reduces the Company's risk. The Carried Working Interest has potential to bring substantial revenue into the Company, should any or all of the three wells drilled prove to be commercial. ACOR's carried working interest in the 1st three wells will exclude ACOR from all exploration and completion costs. E[acute accent]As stated in previous ACOR press releases, 12 new wells adjoining PEL 112 to the North, East & West have been slated for drilling in 2006. Six (6) wells out of seven (7) of the 12 wells have struck oil. This is, by industry standards, an exceptional 86% success ratio. The latest successful well adjoining ACOR's PEL 112 is the Sellicks-3. The Sellicks-3 encountered 2 zones of oil shows in the lowermost sand of the Patchawarra Formation over the interval 2,153 meters to 2,155 meters. DST (1) (DeSTination) Contrast with SRC, which is an abbreviation of "source." (2) (Digital Signal Trust Company, Salt Lake City, UT, www.digsigtrust.com) An organization that sets up and manages PKI systems for companies and industry groups. #2 Recovered 85 Bbls oil over a 90 minute flow period or approximately 1,365 bopd in the upper zone. E[acute accent]Sellicks-3 may have discovered a new oil pool as the lower pay zone demonstrates oil some 8 meters deeper than the deepest oil previously encountered in the Sellicks field. This new deeper zone has not been tested, but will be tested when the rig is released. It is planned initially to perforate per·fo·rate v. 1. To make a hole or holes in, as from injury, disease, or medical procedure. 2. To pass into or through (a body structure or tissue). adj. Having been perforated. the lowermost Patchawarra sand (2,153.4 meters to 2,155.4 meters) and put this zone on an extended well test before perforating and co-mingling with production from the higher oil zone (2,139.3 meters to 2,144.3 meters). The Sellicks-3 is to be completed as a multiple zone oil producer. E[acute accent]All the wells mentioned below adjoin ACOR's working interest PEL 112 to the north and to the east. Silver Sands-1 well came in with an initial potential of 1062 BOPD Christies-1 well came in with an initial potential of 500 BOPD Christies-2 well came in with an initial potential of 1960 BOPD Christies-3 well came in with an initial potential of 2400 BOPD Christies-4 well came in with an initial potential of 653 BOPD Christies-5 well came in with an initial potential of 403 BOPD Sellicks-1 well came in with an initial potential of 1780 BOPD Sellicks-2 well came in with an initial potential of 2700 BOPD Worrior-1 well came in with an initial potential of 2800 BOPD Worrior-2 well came in with an initial potential of 2000 BOPD Worrior-3 well came in with an initial potential of 276 BOPD Worrior-4 well came in with an initial potential of 1660 BOPD E[acute accent]The current production on the adjoining area to the north of ACOR's PEL 112 is averaging a reported $33,000,000 a year. E[acute accent]The current production on the adjoining area to the east of ACOR's PEL 112 is averaging a reported $75,000,000 a year. E[acute accent]South Australia's Cooper/Eromanga Basin is exploding with new drilling activity, rewarding investors with some of the most profitable production in the area. ACOR's PEL 112 Is In The Middle Of It! E[acute accent]Why are we talking about the Wells that adjoin ACOR's PEL 112? E[acute accent]Take the smallest of the recent discoveries (276 BOPD) and multiply (x) it by $70.00 per barrel, current market price of crude oil, times (x) 30 days, times (x) 12 months and apply it to times (x) ACOR's PEL 112 working interest and see the results for yourself. Now do the same with the largest discovery that adjoins ACOR's PEL 112. Smallest Discovery so far, Worrior-3 IP 276 BOPD Largest Discovery so far, Warrior-1 IP 2,800 BOPD E[acute accent]Now you can see why ACOR management is so excited about raising the $4,500,000 to drill on PEL 112. In our opinion, any one of the recent discoveries could be a possible "Company-Maker" if discovered on PEL 112.
(1) ACOR owns 16.6665% Carried WI through the first 3 wells under PELs
108, 109, & 112. This includes the 2.834% carried working interest
held by the 3 stockholders who paid ACOR's half of the costs for
new seismic.
E[acute accent]About Australian-Canadian Oil Royalties Ltd.: E[acute accent]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. . E[acute accent]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." E[acute accent]Summary: E[acute accent]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. E[acute accent]Visit our website at www.aussieoil.com. E[acute accent]Disclaimer: E[acute accent]Except for historical information contained herein, the statements released are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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