ATP-299 Strikes Oil on ACOR's ORRI - Five (5) More Oil Wells Completed on The Tintaburra Oil Field with Estimated Oil Reserves of approximately 84 Million Barrels of Oil or approximately $4.6 Billion Dollars at Current Market Prices.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 that the Endeavour 40 oil well, the Endeavour 26 oil well, the Endeavour 34 oil well, the Endeavour 39 oil well and the Endeavour 17 oil well have all been cased and suspended as future oil production wells on ACOR's ORRI ORRI Overriding Royalty Interest ORRI Orthorectified Radar Image ORRI Orlando Regional Rehabilitation Institute (Orlando, FL) on ATP ATP: see adenosine triphosphate. ATP in full adenosine triphosphate Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. 299 located in the prolific Cooper/Eromanga Basin in Queensland Australia. The Rig PDI-735 spudded the Endeavour 40 well on December 31st 2006. Oil shows were encountered in the Westbourne and Birkhead Formations. Wireline logs indicate a total of approximately 13 feet of net oil pay. The well has been cased and suspended as a future oil production well. The Rig PDI-724 spudded the Endeavour 26 well on January 3rd. Good oil shows were encountered while drilling in the Birkhead Formation and evaluation of the wireline logs indicated approximately 26 feet of net oil pay. The well has been cased and suspended as a future oil production well. The Rig PDI-735 spudded the Endeavour 34 on January 6th. Oil shows were encountered in the Birkhead Formation, and wireline logs indicate approximately 20 feet of net oil pay. The well has been cased and suspended as a future oil production well. The Rig PDI-724 spudded the Endeavour 39 oil well on Jan 12th. Oil shows were encountered in the Birkhead Formation. Two 29 foot cores were cut out and recovered over the Birkhead reservoir interval. The well has been cased and suspended as a future oil production well. The cores will be used in reservoir studies. The Rig PDI-735 spudded Endeavour 17 on January 16th. Good oil shows were encountered in the Birkhead Formation and wireline logs indicated approximately 16 feet of net oil pay. The well has been cased and suspended as a future oil production well. Heavy rains in the Cooper/Eromanga Basin have curtailed current operations this week. Results of the 2006 Drilling Program on ATP 299 on ACOR's ORRI: The 2006 drilling results are considered to be a great success as the drilling program averaged an overall 75% success ratio. See below. [TABLE OMITTED] The proposed 2007 Drilling Program on ATP-299 on ACOR's ORRI: The JV partner is so pleased with the 2006 drilling results that they have announced an additional 81 wells are planned to be drilled in 2007 on ATP-299 on ACOR's ORRI, although the program may vary depending on results. The breakdown of the 81 wells planned to be drilled on ATP-299 are as follows: * Endeavour Oil Field - 22 Wells * Mulberry Oil Field - 20 Wells * Talgeberry Oil Field - 9 Wells * Gimboola Oil Field - 2 Wells * Chancett Oil Field - 1 Well * Tintaburra Oil Field - 27 wells About The Tintaburra Oil Field: The Tintaburra drilling program on ACOR's ORRI is the largest continuous oil development and exploration drilling program ever undertaken in Australia with two (2) modern rigs drilling and casing wells at around ten (10) days per well. The wells to be drilled 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 the well came in with an initial potential of approximately 600 barrels of oil per day. ATP-299 is located in the prolific Cooper/Eromanga Basin. The Mulberry, Endeavour, Talgeberry, Gimboola & Chancett Oil Fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. are all 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 $4,600,000,000, 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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