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Anglo Canadian Oil Corp.
November 30, 2010
Anglo Canadian Provides Operations Update, Grants Incentive Stock
Anglo Canadian Oil Corp. ("Anglo" or the "Corporation") has successfully performed a propane frac on its vertical Sturgeon Lake South 5-10 potential oil well. A total of 60 tonnes of sand was placed into the Nordegg zone. Propane was used as a carrier fluid to ensure minimal formation damage. A full well evaluation is being conducted while flow-back operations continue.
In addition, to support Anglo's ongoing efforts to commercialize the Nordegg oil shale play, Daron S. Torrens P.Eng. has joined the Corporation as V.P. Operations. Mr. Torrens brings to Anglo a wealth of experience in well operations in the western Canadian sedimentary basin, and has designed and managed a number of vertical and horizontal multi-stage fracturing operations in tight oil and gas formations for various oil and gas operators in Western Canada.
The Corporation intends to grant options, under its stock option plan, to certain directors, officers, employees and consultants to acquire up to an aggregate of up to 4,450,000 common shares at an exercise price of $0.27 per share, being the closing price of the common shares as at today's date. Options are generally exercisable for 10 years and vest as to 1/3 per year over 3 years.
Anglo is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Common Shares are listed on the TSX Venture Exchange under the trading symbol "ACG".
For further information please visit the Anglo website at http://www.anglocanadianoil.com/ or contact:
James R. Ehret
Steve McGuire (Teatyn Capital Corp.)
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.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
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.
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