CISCO, Texas, Australian-Canadian Oil Royalties Ltd. (OTCBB: AUCAF) ("ACOR" or the "Company") is pleased to announce the closing of the acquisition of working interests in the Surat basin, onshore Australia, as previously announced on November 21, 2011.
The Company is also pleased to announce the closing of the second tranche of financing at US$0.35 per share and provide guidance on current and future operations in Australia.
Surat Basin Acquisition
ACOR has acquired a 100% working interest in PL 18, PL 40, and a 50% working interest in PL 280, located in the Bowen/Surat Basin in Queensland Australia. This basin was home to the first oil discovery in Australia, and is currently the focus of significant coal-seam gas exploration and production activity by others.
The Sacramento Bee
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