ACOR Wins Judgment In Kentucky
CISCO, Texas, June 22, 2011 /PRNewswire/ — Australian-Canadian Oil Royalties Ltd. (herein called ACOR) (OTCBB: AUCAF) is pleased to announce that ACOR wins in a percentage (3.5%) of a judgment in the amount of $23,619,000.00 against Atmos Energy Corporation relating to their malfeasance in operating the gas plant in the Park Cities Kentucky field.
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ACOR’s share is approximately $454,665.75 after legal fees.
Atmos has made no settlement offer. Seventeen points of error during the trial were raised on appeal by Atmos. Atmos has posted the large appeal bond of $30,000,000.00.
There is no method to determine if or when the Company will receive these funds for damages. Excellent expert testimony resulted in this judgment. Further reports will be issued as the appeal process proceeds.
This is a very important victory for the Company and Shareholders.
Click on link below to see more information on ACOR’s assets.
http://www.aussieoil.com/site/acor-map.pdf
About Australian-Canadian Oil Royalties Ltd.:
ACOR management draws no cash salary. ACOR has NO LONG-TERM DEBT. ACOR’s principal assets consist of approximately 15,440,116 gross surface acres of overriding royalty interest and approximately 8,561,007 gross acres of working interests. One of ACOR’s main working interest assets is ATP-582, located in Queensland Australia with part of this giant oil & gas concession located in the Georgina Basin and part in the prolific Cooper/Eromanga Basin. The permit area covers approximately 6,716,000 gross acres and has the potential of an unconventional “look-a-like” Bakken Shale Oil Play.
The operator directly adjoining west to ACOR’s ATP-582 states that their 3rd party independent study estimates approx. 27 Billion bbls of resources. This operator has just announced a $US 32 million dollar drilling program which includes drilling 3 horizontal wells and 3 vertical wells to test the Arthur Creek formation and to be stimulated using multi-fracing techniques. It is believed to be the 1st time ever to use these techniques onshore in Australia. The operator directly adjoining east to ACOR’s ATP-582 states that their 3rd party independent study estimates approx. 5 Billion bbls of resources and approx. 33 TCF of gas. ACOR owns a 50% carried working interest under approx. 6,716,000 gross acres of ATP-582.
Visit our website at www.aussieoil.com.
Disclaimer:
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as “probable” (P90), and “mean risked reserves,” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our Form 10K, Form 10Q and other filings with the SEC available from us at 1301 Ave M, Cisco, Texas 76437. You can also obtain this information from the SEC on-line at www.sec.gov or by calling 1-800-SEC-0330.
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
SOURCE Australian-Canadian Oil Royalties Ltd.