Sep 25, 2012 8:30:00 AM
Close Ad
CISCO, Texas, Sept. 25, 2012 /PRNewswire/ -- Australian-Canadian Oil Royalties Ltd. (OTCBB: AUCAF) ("ACOR" or "the Company") is pleased to announce that its wholly-owned subsidiary Cooper-Eromanga Oil Inc. ("CEO") has received a renewal from the Queensland Department of Natural Resources and Mines for Authority To Prospect Number 582 ("ATP 582").
(Logo: http://photos.prnewswire.com/prnh/20120301/DA62510LOGO)
ATP 582 covers more than 5.0 million acres in the South Georgina and Simpson Desert Basins in Queensland, Australia. The South Georgina Basin has recently received considerable industry attention with the drilling of the first horizontal multi-stage fracture stimulation wells in the Northern Territory. One of the wells to be tested is immediately offsetting the boundary of ATP 582. These wells are designed to test the Arthur Creek "Hot Shale," which has technical similarities to tight unconventional hydrocarbon reservoirs in the United States and Canada. The results of these wells are anticipated by the end of this year will assist in establishing the prospectivity and resource potential of ATP 582.
More than 20 wells have been drilled on, and in the vicinity of ATP 582 in both Queensland and the Northern Territory, which establish the regional configuration of the South Georgina Basin and the depositional trends of the formations within it. Mirrica-1, drilled on ATP-582 in 1980, encountered a much thicker Arthur Creek Formation, including a thicker "Hot Shale," than the original Owen-2 well, drilled in 1990, and currently being re-drilled immediately adjacent to ATP 582 on the Northern Territory portion of the basin. This overall basinward thickening of the Arthur Creek over ATP 582 is thought to substantially improve its hydrocarbon potential. ATP 582 is also basinward of the Ethabucka-1 well, drilled in 1974,which tested 200 mscf per day (approximately 30 barrels of oil equivalent per day) of dry gas from a shallower zone. This well was abandoned due to drilling problems before reaching the Arthur Creek shale and represents the only well, to date, to successfully recover hydrocarbons in the South Georgina Basin.
The renewal term is for a period of 4 years, expiring July 31, 2016. ACOR has initiated the design and planning for the first period seismic program, which it expects to acquire in the first and second quarters of 2013. The results of this seismic program will determine the locations of the first two wells, which the Company currently anticipates drilling in the third and fourth quarters of 2013.
We seek safe harbor.
For further information on ACOR, please visit our website at www.aussieoil.com, e-mail acorltd@suddenlink.net or call:
1-254-442-2638 (Office)
1-800-290-8342 (Toll Free in the United States)
Forward-looking statements
Certain of the information contained in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions.
Barrels of Oil Equivalent Disclaimer
Barrels of Oil Equivalent ("BOE") are derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil (6 Mcf : 1 bbl). BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
SOURCE Australian-Canadian Oil Royalties Ltd.
Recent PFC News
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 11/18/2024 04:29:23 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 11/15/2024 03:09:47 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 11/01/2024 06:18:27 PM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 10/23/2024 09:04:48 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/22/2024 08:19:22 PM
- Premier Financial Corp. Announces Third Quarter 2024 Results • Business Wire • 10/22/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/27/2024 05:51:44 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/23/2024 04:13:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 04:43:23 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/15/2024 02:34:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 07:58:57 PM
- Kuehn Law Encourages MORF, PFC, WSBC, and ACNB Investors to Contact Law Firm • PR Newswire (US) • 07/31/2024 01:02:00 PM
- Rowley Law PLLC is Investigating Proposed Acquisition of Premier Financial Corp. • PR Newswire (US) • 07/26/2024 10:43:00 PM
- WesBanco, Inc. Announces Transformative Merger with Premier Financial Corp. • Business Wire • 07/26/2024 12:54:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/26/2024 12:25:31 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 07/26/2024 12:23:56 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/26/2024 12:21:29 PM
- Premier Financial Corp. Announces Second Quarter 2024 Results and Strategic Merger with Wesbanco, Inc. • Business Wire • 07/26/2024 12:20:00 PM
- WesBanco, Inc. Announces Transformative Merger with Premier Financial Corp. • PR Newswire (US) • 07/26/2024 12:10:00 PM
- Premier Financial Corp. to Release Second Quarter Earnings on July 30 and Host Conference Call and Webcast on July 31 • Business Wire • 07/09/2024 05:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/16/2024 10:10:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/15/2024 03:56:36 PM
- Premier Financial Corp. Announces First Quarter 2024 Results • Business Wire • 04/23/2024 08:15:00 PM
- Premier Financial Corp. to Release First Quarter Earnings on April 23 and Host Conference Call and Webcast on April 24 • Business Wire • 04/03/2024 05:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:07:19 PM
FEATURED Are we about to see a comeback? Steakholder Foods Charges Forward with New Commitments from Multiple International Players as it Transitions to Revenue Generation • Nov 18, 2024 11:56 AM
FEATURED North Bay Resources Announces Production of Gold Concentrate and Refinery Shipment at Bishop Gold Mill, California • Nov 18, 2024 9:00 AM
One World Products Sets New Standards in Sustainability With Strategic Hemp Innovations • OWPC • Nov 18, 2024 7:54 AM
Kona Gold Beverage, Inc. Updates Multi-Million Dollar Merger and Posts Over $1.2 Million in Q3 Revenues • KGKG • Nov 15, 2024 10:36 AM
HealthLynked Corp. Announces Third Quarter and Year-to-Date 2024 Results with Strategic Restructuring, Third-Party Debt Repayment, and Core Technology Focus • HLYK • Nov 15, 2024 8:00 AM
Alliance Creative Group (ACGX) Releases Q3 2024 Financial and Disclosure Report with an increase of over 100% in Net Income for 1st 9 months of 2024 vs 2023 • ACGX • Nov 14, 2024 8:30 AM