Three Well Nockatunga Drilling Program Successful

Australian-Canadian Oil Royalties Ltd. says that the operator of ATP-267, PL 33, & 51 advises that following the identification of multiple appraisal and development well locations and near-field exploration prospects by the Nockatunga 3D seismic survey conducted over parts of ACOR's ORRI under PL 33, PL 51 and adjacent ATP 267P, a three well drilling program commenced. Two appraisal wells were drilled in the PL areas 51 & 33 and one exploration well was drilled in the adjacent ATP 267P area. All three wells were successful on ACOR's ORRI. ATP 267, including PL 33, 50 & 51 consists of 220,800 gross acres, located in Queensland Australia in the prolific Cooper/Eromanga Basin.

The Muthero-3 appraisal well is located in the Petroleum Lease 51 of the Cooper/Eromanga Basin on ACOR's ORRI. Muthero-3 was drilled to a total depth of 1430 meters. Oil shows were encountered in the Birkhead Formation and Murta Member during drilling. Three DSTs were conducted. DST-1 over the upper Birkhead Formation interval 1316-1327 meters was a mis-run due to mechanical failure. DST-2 over the same interval as DST-1 flowed oil on final flow at 1030 BOPD through a 1/2" choke at 25 psi. Muthero-3 was cased and suspended as a future Birkhead oil producer.

Muthero-3 was completed for production from the upper Birkhead oil zone and is expected to flow after cleanup at a free-flow rate of around 500 BOPD. It is planned to place the well on artificial lift within four months and to increase the production rate to around 1000 BOPD. The Muthero field surface facilities are being upgraded to accommodate the increased production rates.

The Nockatunga joint venture spudded the Currambar-1 exploration well in ATP 267P in the Cooper-Eromanga Basin of south west Queensland. The well, located some 3.7 km southeast of the Dilkera-2 oil well, reached a total depth of 1388 meters. Moderate to fair oil shows were recorded in the Murta Member, with fair to poor shows in the Westbourne Formation. Two DSTs were conducted over the interval 1043-1052 meters in the Murta Member, but both failed due to mechanical problems. The well was cased and suspended as a future Murta oil producer. The well is expected to be a typical Murta producer and flow initially at an average rate of around 100 BOPD after fracture stimulation.

The Winna-4 appraisal well spudded in Petroleum Lease 33 and reached a total depth of 1367 meters. The primary objective Murta Member reservoir of the Cooper-Eromanga Basin sequence was encountered as predicted with good oil shows. Winna-4 was cased and suspended as a future Murta oil producer. The well is expected to be a typical Murta producer and flow initially at an average rate of around 100 BOPD.

Additional Drilling in 2006

The operator supports the acceleration of further development drilling to increase production from the Nockatunga oil fields to take advantage of the current high world oil prices. The Nockatunga joint venture is planning to undertake further development and appraisal drilling during the second half of calendar 2006.

ACOR owns 17.15% of 1% ORRI under ATP 267 which include PL 33, 50, & 51.

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.

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