Anglo Canadian Oil Corp. (“Anglo” or the “Company”) entered 2010 focused on exploration activities,
after improving its financial position in 2009. The Company secured a significant land position in the
Grande Prairie, Alberta region at recent sales. A total of 68,832 net hectares (approximately 269 net
sections) of land, prospective for Nordegg oil shales as well as Bluesky and Gething sands, was
secured.
The shaley Nordegg is a known organic-rich petroleum system that Anglo has targeted for fractured
oil development utilizing multi-staged horizontal fracture technology. Ranging in thickness from 25 to
45 meters on the Company’s lands, the Nordegg is suited to fractured oil shale exploitation. A
thorough evaluation of this potential oil resource on the recently purchased lands will commence after
spring breakup and will include well logging and coring programs. Anglo expects to complete the first
horizontal multi-stage frac on the Nordegg prior to year end.
As previously announced, Anglo has issued 8,333,334 units, at
.18 per unit, and 17,500,000 flow
through common shares, at a price of
.20 per flow through share, for total gross proceeds of
$5,000,000, by way of a brokered private placement. Each unit consists of one common share and
one half common share purchase warrant. Each full common share purchase warrant is exercisable
to acquire one common share at
.25 per share until 12 months after the closing date, of May 11,
2010. Anglo has also issued 7,627,783 units, at
.18 per unit, and 5,635,000 flow- through common
shares, at a price of
.20 per flow through share, for total gross proceeds of $2,500,000, by way of a
non-brokered private placement. Each unit consists of one common share and one half common
share purchase warrant. Each full common share purchase warrant is exercisable to acquire one
common share at
.25 per share until 12 months after the closing date, of May 19, 2010