New Oil Field Discovery Cleansweep-1 Now Producing Approx. 120 BOPD on ACOR's Working Interest Under PEL 100 Located in the Prolific Cooper/Eromanga Basin in South Australia.CISCO, Texas -- 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 that the Cleansweep Oilfield has commenced production and is now online and producing crude oil at an initial rate of 120 barrels of oil per day with plans to possibly increase the daily production. Early production commenced using the operator's modular production facility and a low cost rental pumping system. The pumping capacity of the facility will be upgraded once the reservoir performance is established. Production rates will be monitored before completing an assessment of potential reserve additions. The New Cleansweep Oilfield is the first to commence production within ACOR's Cooper/Eromanga Basin license area PEL 100. ACOR management is excited about the new revenue stream that is now being generating from the new Cleansweep Oil Field Discovery. There are several more drilling leads identified from seismic on PEL 100. About Cleansweep-1 Well The Cleansweep-1 well spudded in October 2007. The 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. #1 was run over the interval from 6,952 feet to 6,998 feet in the Birkhead Formation and recovered approximately 444 barrels of oil on the drill stem test. The Cleansweep-1 well was targeting estimated possible oil in place potential of approximately 4.8 million barrels or approximately $480,000,000 at current crude oil prices under the structure. The Cleansweep well was be drilled to a total depth of approximately 8,694 feet. About PEL 100 PEL 100 covers approximately 145,569 gross acres and lies towards the north-east corner of South Australia on the northern margin of the Cooper/Eromanga Basin. The Keleary and Telopea Oil Fields are located immediately to the east of the block, indicating a potential migration pathway into adjacent structures. The Keleary # 2 well came in with an IP of 6,000 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot . The Keleary oil well on the adjoining lease to the east has produced 1,200,000 barrels of oil or $114,000,000 at current crude prices from one well and is still producing. The Keleary Oil Field encountered four commercial zones in three separate formations (Birkhead, Poolowanna and Tinchoo Formations), while the Telopea Oil Field encountered commercial oil in the Tinchoo Formation. The Tarragon-1 discovery well is located in PPL PPL - Polymorphic Programming Language. An interactive, extensible language, based on APL, from Harvard University. ["Some Features of PPL - A Polymorphic Programming Language", T.A. Standish, SIGPLAN Notices 4(8) (Aug 1969)]. 121, which lies in the western portion of PEL 100. The Tarragon-1 flowed 2080 BOPD from the Tinchoo and Hutton formations. ACOR owns a 1% Working Interest under the Cleansweep-1 well. ACOR has the option to pay its proportionate part to participate in any additional drilling and/or seismic work on PEL 100. 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. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion