Stuart Petroleum Paying Big Bucks for Rights to Explore Offshore Gippsland Basin Permit VIC/P53 on ACOR's ORRI.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 Cooper/Eromanga Basin producer Stuart Petroleum has moved into its first offshore venture and its first venture outside South Australia, teaming up with Cue Petroleum, Exoil and Moby Oil & Gas to tackle the Bazzard prospect in offshore Gippsland block VIC/P53 on ACOR's ORRI ORRI Overriding Royalty Interest ORRI Orthorectified Radar Image ORRI Orlando Regional Rehabilitation Institute (Orlando, FL) . Stuart will earn a 50% interest in the relevant discovery area. It may later choose to take 50% and operatorship in the VIC/P53 permit as a whole. Stuart will begin its involvement in the block by committing to the drilling and sole funding of an exploration well, Bazzard-1, to test a four-way dip closure that the company believes could hold 30-50 million barrels of oil. The approximately 129,483 acres Bazzard 3D, recorded from early March 2005, has provided the newest dataset that Stuart used to identify and rank prospects for drilling by 2008, assuming the JV receives approval to extend year three of the permit to facilitate this. The 3D was aimed at providing finer delineation of a number of pre-existing leads, including Cod West, Updip Veilfin, Catfish, Bazzard, Spineback and Hake hake: see cod. hake Any of several large marine fishes (genus Merluccius) usually considered part of the cod family. Hakes are elongated, large-headed fishes with large, sharp teeth, two dorsal fins (one notched), and a notched anal fin. , with a secondary objective of identifying any additional Latrobe Group targets that may exist. The Approximately $180 Billion Dollar Neighborhood That Surrounds VIC/P53 When purchasing Real Estate you are always told: Location, Location, & Location. Guess what, when purchasing oil & gas ORRI's it is the same principle, Location, Location, & Location. ACOR management feels that VIC/P53 is located in a fantastic location. ACOR's ORRI under VIC/P53 consists of 182,858 gross acres. VIC/P53 is also called the "Hole of the Doughnut" as it is surrounded by 9 giant producing oil & gas fields, leaving VIC/P53 in the middle. For example, some of the very best oil production in the world is found in the Gippsland Basin in the Halibut halibut: see flatfish. halibut Any of various flatfishes, especially the Atlantic and Pacific halibuts (genus Hippoglossus, family Pleuronectidae), both of which have eyes and colour on the right side. Oil Field. The Halibut Oil Field is approx. 1.8 miles west of ACOR's VIC/P53, where the average well has produced 60,000,000 bbls of oil or $3,600,000,000 worth of oil per well, at today's prices of $60.00 per barrel. The nine giant oil & gas fields that surround ACOR's ORRI under VIC/P53 have some very impressive production figures, see below. It is important to note that the fields listed below are still producing. 1. Kingfish kingfish, common name for several fishes, among them the croaker and pompano. kingfish Any of various fishes, among them certain species of mackerel and a drum. Field was discovered in 1967 and has produced 1,100,000,000 barrels of oil or $66,000,000,000 at current market prices of $60.00 per barrel from 41 wells. 2. Bream Field started drilling in 1988 and has produced 88,000,000 barrels of oil or $5,280,000,000 at current market prices of $60.00 per barrel from 20 wells. 3. Barracouta Noun 1. barracouta - a large marine food fish common on the coasts of Australia, New Zealand, and southern Africa snoek food fish - any fish used for food by human beings Field started drilling in 1968 and has produced 1.1 TCF See Trenton Computer Festival. of gas or $2,750,000,000 at $2.50 per mcf gas prices from 10 wells. 4. Snapper snapper, name for members of the Lutianidae, a family of spiny-finned food and game fishes found chiefly in tropical coastal waters. Snappers are carnivorous, active, and voracious, with large mouths and sharp teeth. Most species travel in dense schools. Field started drilling in 1968 and has produced 630 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of gas or $1,575,000,000 at $2.50 per mcf gas prices from 23 wells. The nearest well in the Snapper Field is approx. 1 mile from ACOR's VIC/P53 lease line. ACOR's Seismic work shows a seismic high coming from the Snapper Field possibly extending over into Permit 53. The Snapper Field has produced an avg. of approximately 105 BCF of gas per well. 5. Marlin Field started drilling in 1968 and has produced 2.4 TCF of gas or $6,000,000,000 at $2.50 per mcf gas prices from 19 wells. 6. Fortesque Field started drilling in 1982 and has produced 260,000,000 barrels of oil or $15,600,000,000 at current market prices of $60.00 per barrel from 28 wells. 7. Halibut Field started drilling in 1969 and has produced 820,000,000 barrels of oil or $49,200,000,000 at current market prices of $60.00 per barrel from 14 wells. 8. Cobia cobia Swift-moving, slim marine game fish (Rachycentron canadum), the only member of the family Rachycentridae. Found in most warm oceans, this voracious predator may grow as long as 6 ft (1.8 m) and weigh 150 lbs (70 kg) or more. Field started drilling in 1983 and has produced 135,000,000 barrels of oil or $8,100,000,000 at current market prices of $60.00 per barrel from 20 wells. 9. Mackerel mackerel, common name for members of the family Scombridae, 60 species of open-sea fishes, including the albacore, bonito, and tuna. They are characterized by deeply forked tails that narrow greatly where they join the body; small finlets behind both the dorsal and Field started drilling in 1977 and has produced 450,000,000 barrels of oil or $27,000,000,000 at current market prices of $60.00 per barrel from 22 wells. VIC/P53 is considered prospective for oil and gas at the top Latrobe and also at deeper intra Latrobe levels. VIC/P53 is surrounded by the oil and gas producing fields held by EXXON/BHP. The location, adjacent to this infrastructure, and proximity to pipelines, processing facilities and major markets, offers potential advantage through infrastructure savings and gives encouragement to participation in VIC/P53. The hydrocarbons recorded at Veilfin-1 established the existence of a working petroleum system in the permit area. ACOR owns 3/20ths of 1% ORRI under VIC/P53. What is ACOR's 3/20ths of 1% ORRI possibly worth? 3/20ths of 1% may not sound like a like a lot. But, for example if ACOR had owned this same 3/20ths of 1% ORRI under the Kingfish Oil Field* (which ACOR does not own any ORRI's under the Kingfish Oil Field) and the Kingfish field produced 1,100,000,000 barrels of oil and the operator was able to sell it for an average of $60 per barrel, then ACOR's 3/20ths of 1 % would have generated in revenue approximately $99,000,000 before taxes. (*Reminder: This was merely an example, ACOR does not own any ORRI's under the Kingfish oil Field) 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 "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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