AUCAF--Wilpinnie-4 Well Spuds on PEL 115 on ACOR's ORRI Updip from Wilpinnie-3 IP 785 BOPD Discovery
Wednesday January 10, 10:55 am ET
CISCO, Texas--(BUSINESS WIRE)--Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB:AUCAF - News) is pleased to announce that the PEL 115 Joint Venture advises that the Wilpinnie-4 has spudded on ACOR's ORRI and was drilling ahead in 10 5/8 inch hole at approximately 866 feet.
The Tomcat Prospect as mapped by the PEL 115 JV covers an area of approximately 1.1 miles with 63% of the prospect present within the northern portion of PEL 115 on ACOR's ORRI and 37% present within the adjoining PPL 93. The Tomcat Prospect is interpreted from seismic data to have the potential to contain recoverable oil in the range of 3.5 million barrels to 5.6 million barrels, if oil is present.
Wilpinnie-4 is being drilled approximately 656 feet northwest and up dip of the Wilpinnie-3 well which on an open hole drill stem test of the mid Namur sand interval from 4855-4901 feet measured depth flowed 45 degree API oil to surface on a one half inch choke at an initial rate of 785 barrels of oil per day. Wilpinnie-3 lies in the northern portion of PPL 93 and was drilled in 1993.
The PEL 115 JV partners interprets that Wilpinnie-3 was drilled close to the oil-water contact of the interpreted Tomcat Prospect closure. Wilpinnie-4 which has been sited to be up dip to Wilpinnie-3 could test a greater oil column than encountered in Wilpinnie-3, if the seismic interpretation of the Tomcat Prospect is valid.
The Tomcat Prospect is interpreted as a tilted fault block with a stratigraphic component with the crestal culmination at the mid Namur horizon within PEL 115 and up dip and .68 miles north of Wipinnie-3.
About PEL 115
PEL 115 on ACOR's ORRI consists of 273,297 gross acres and is divided into six (6) separate tracts. PEL 115 surrounds the oil & gas producing fields at Dullingari, Toolachee, Strzelecki, Della, and Kidman with cumulative recoverable reserves of approximately 104 million barrels of oil and approximately 2.5 TCF of gas or approximately $12.6 Billion dollars using current market prices for crude oil and $US2.50 per mcf for gas.
About Australian-Canadian Oil Royalties Ltd.:
ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT. ACOR's principal assets consist of 15,440,116 gross surface acres of overriding royalty interest 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 OTC Bulletin Board 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 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.
Contact:
Australian-Canadian Oil Royalties Ltd.
Investor Relations, 254-442-2638
acor@classicnet.net
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Source: Australian-Canadian Oil Royalties Ltd.
