Notes
"Australian-Canadian Oil Royalties, Ltd. (AUCAF) engages in the purchase, hold, and sale of oil and gas royalty interests in Australia, Canada, and the United States. It primarily holds over-riding royalty interests in the Cooper/Eromanga Basins that cover parts of Queensland and South Australia. These over-riding royalties total 508,685 net royalty acres under 15,440,116 gross surface acres in 15 concessions. The company also owns 2,210 net royalty acres under 553,430 gross acres in the Bass Strait of the Gippsland Basin located offshore of the state of Victoria, Australia. In addition, it has working interests in five concessions, of which four are located in the Cooper/Eromanga Basin and one is in the Bass Strait of the Gippsland Basin. Further, the company has a 1/8th working interest in the Park City Field prospect in Edmonson County, Kentucky. Australian-Canadian Oil Royalties was founded in 1997 and is based in Cisco, Texas."There are two associated Web sites:
http://www.aussieoil.com/site/index.htm
http://www.acorltd.com/
This company's stock trades over-the-counter, usually for less than $1. It has peaked at over $1 on occasion.
Wikipedia entry for Ely Sakhai, director and former president of AUCAF,
and father of current president, Andre Sakhai
http://en.wikipedia.org/wiki/Ely_Sakhai
"On March 4, 2004, Sakhai was charged with eight counts of fraud. He
was again released on bail. He may face 20 years in prison."
Lest there be any doubt, here is the SEC filing from 2005 which specifies that president and director Ely was "involved in" the New
York art gallery business:
http://sec.edgar-online.com/2005/04/14/0001061288-05-000004/Section15.asp
Here is the DOJ link reporting the president's conviction:
http://www.usdoj.gov/usao/nys/pressreleases/July05/sakhaisentence.pdf
Here is the Forbes profile of the current CEO
>24 years old
>ANDRE SAKHAI, attended Arizona State University, which included a curriculum of
>financial accounting and microeconomics, as well as money and banking
In other words, he didn't finish college.
>Mr. Sakhai is a licensed real estate salesperson in the State of New York and has other experience in computer functions
In other words, he has never had a real job
> Web Site: http://www.acorltd.com
A do-nothing search-portal. No doubt this is the CEO's "experience in computer functions."
And a report by an Australian organization, Nobody outside of Australia seems to have made the connection between the notorious art forger and this company:
http://www.smh.com.au/news/Business/Strait-man-paints-dubious-oil-picture/2004/11/30/1101577487627.html?from=moreStories
Notice that in the story he says "Of course I'm not guilty." while in reality he pleaded guilty less than a month later.
17OCT07 - $0.50
Last annual report:"We have received a going concern opinion from our independent auditors report accompanying our December 31, 2006 and December 31, 2005 financial statements. The independent auditor's report accompanying our December 31, 2006 and 2005 audited financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The consolidated financial statements have been prepared "assuming that the Company will continue as a going concern." Our ability to continue as a going concern is dependent on raising additional capital to fund our operations and ultimately on generating future profitable operations. There can be no assurance that we will be able to raise sufficient additional capital or eventually have positive cash flow from operations to address all of our cash flow needs. If we are not able to find alternative sources of cash or general positive cash flow from operations, our business and shareholders will be materially and adversely affected."
Here are the statements of the auditor:
"... The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control over financial reporting. Accordingly, we express no such opinion....
"The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 13 to the financial statements, the Company has suffered recurring losses from operations and its limited capital resources raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also discussed in Note 13. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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