Anglo Canadian Oil Corp.

Anglo Canadian Oil Corp.

April 30, 2012 08:00 ET

Anglo Canadian Oil Corp. Provides Operations Update

CALGARY, ALBERTA--(Marketwire - April 30, 2012) - Anglo Canadian Oil Corp. ("Anglo" or the "Corporation") (TSX VENTURE:ACG) is pleased to provide an update on the process to enhance shareholder value announced of February 13, 2012. Anglo has engaged in dialogue with a number of potential partners and anticipates this process will continue until a suitable transaction has been completed.

The Board of Directors has determined that the company's shares trade at a significant discount to the underlying assets; given Anglo's potentially productive land base in the oil producing regions of Alberta and Saskatchewan, approximately $4 million in working capital, and no debt.

In addition, Anglo continues to develop a number of low-risk drilling plays on their Saskatchewan lands that may or may not require a farm-in or JV partner.

In light of recently reduced activity levels, Anglo has also taken measures to reduce G&A costs by reducing staff numbers and contractor hours.

Anglo owns rights to 172,160 acres (269 sections) of potential Nordegg oil bearing lands in West Central Alberta as well as 89,919 acres (140 sections) of potential oil bearing lands in Central Alberta, with multi-stacked formation potential. In addition Anglo holds rights to 17,640 acres (27 sections) of potential Bakken and Mannville oil bearing lands in Southwest Saskatchewan. In the vast majority of these lands, the Corporation holds a 100% working interest.

Anglo is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum. The Common Shares are listed on the TSX Venture Exchange under the trading symbol "ACG".


Certain statements contained herein may constitute forward-looking statements Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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