Drilling Report - The Pecos-1 Well Has 1st Gas Show - Could Give Additional Evidence of Hydrocarbon Migration West on ACOR's 13.83% W.I. under PEL 112 in the Prolific Cooper/Eromanga Basin in South Australia.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) is pleased to announce that the operator states the Pecos-1 has already encountered a gas show above the main targeted payzones. Gas was encountered at approximately 1706 feet. The Pecos-1 is drilling ahead and the current well depth is approximately 3200 feet. The Pecos-1 well is being drilled on C-26 structure which was identified by seismic shot by ACOR. The geophysicist that did that work helped discover the giant 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]. adjoining ACOR's PEL 112 such as the Worrior, Sellicks, Christies & Callawonga oil fields. He has vast experience and knowledge analyzing the seismic data and regional geology in the Cooper/Eromanga Basin. This same geophysicist and his team are currently on the Pecos-1 drilling site analyzing the drilling samples and are expected to be there for any (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. test) 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. . The Pecos-1 well will be drilled to a total depth of approximately 6,000 feet and will take approximately 12-14 days to reach TD. The Pecos-1 well is part of a three (3) well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described program. The primary payzone of the Pecos-1 well is the Hutton Sandstone, but five (5) more possible additional payzones may occur in the CadnaOwie, Namur, Birkhead, Murta and Poolawana sandstones. The Tantana Oil Field is the closest oil field to PEL 112 and has produced approximately 7,300,000 barrels of oil from twelve (12) wells. At today's crude prices that equates to approximately $701 Million Dollars or approximately $58 Million per well. Click on link below to see the photo of the Hunt drilling rig #2 and the C-26 structure http://www.aussieoil.com/site/acor-map.htm. About PEL 112 PEL 112 covers approximately 818,904 gross acres, and has never been drilled (no dry holes). ACOR and partners have completed a new seismic survey on PEL 112 at a cost of approximately $1,100,000. The new seismic survey has discovered two large seismograph highs as well as 19 smaller ones. ACOR and partners have invested approximately 6 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 13.83% 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. With all the giant oil discoveries that adjoin PEL 112 to the North and to the East listed below, the operator is thinking positively about a possible successful oil well being discovered from the Pecos-1. The operator has already purchased the casing equipment needed to complete a successful oil well. Giant Oil Discoveries Immediately Adjoining ACOR's PEL 112 The following wells listed below all immediately adjoin PEL 112 to the North or immediately adjoin PEL 112 to the East: Silver Sands-1 well came in with an initial potential of 1062 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot 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 2685 BOPD Sellicks-3 well came in with an initial potential of 1365 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-5 well came in with an initial potential of 250 BOPD Worrior-6 well came in with an initial potential of 2300 BOPD Callawonga-1 well came in with an initial potential of 2400 BOPD Callawonga-2 well came in with an initial potential of 4992 BOPD Callawonga-3 well came in with an initial potential of 5660 BOPD Parsons-1 well came in with an initial potential of 3362 BOPD The Operator of PEL 112 has agreed to drill and complete three exploratory wells in the northern section of PEL 112. All the wells are approximately 6,000 feet deep and cost around $2.5 million dollars each to drill and complete. ACOR's carried working interest in the 1st three wells will exclude ACOR from all exploration and completion costs. After the third well is drilled, ACOR will pay its proportionate part to participate in any additional drilling and/or seismic work on PEL's 108, 109 & 112, as needed as needed prn. See prn order. . ACOR owns a 13.83% Carried W.I. through the first 3 wells under PELs 108, 109, & 112. 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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