CISCO, Texas, March 29, 2004 (PRIMEZONE) -- Australian-Canadian Oil Royalties Ltd. (ACOR) (OTCBB:AUCAF), a 2% Carried Working Interest holder through the first well in PEL 100, is pleased to announce that the Operator, Cooper Energy NL (Cooper Energy) let a contract to OD&E Drilling Services for drilling the Acacia Grove-1 exploration well, which is expected to spud on approximately April 15, 2004.
The Acadia Grove-1 structure is a four-way dip closure with an estimated most likely oil-in-place of 1.0 million barrels in the basal Jurassic Poolawanna Formation and 1.6 million barrels in the Triassic Tinchoo Formation - a total of 2.6 million barrels in place. Acacia Grove-1 is being drilled up-dip of Walkillie-1, a well drilled in 1984 which had minor shows at numerous levels. Acacia Grove-1 is close to the Keleary Field and the Telopea Field, which have produced 1.5 million barrels from the Poolawanna Formation and 0.6 million barrels from the Tinchoo formation, respectively.
Recent seismic processing and interpretation demonstrates that the Walkillie-1 was drilled off the crest of the Acacia Grove structure, which is the target for the Acacia Grove-1. The Acacia Grove-1 is the first well of Cooper Energy's 2004 national drilling program.
ACOR has great expectations of drilling results on PEL 100. If you need any information on ACOR please contact Investor Relations at (254) 442-2638 or 1-800-290-8342. You may access our website at www.acorltd.com and our e-mail address is acor@classicnet.net.
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.