Australian-Canadian Oil Royalties Ltd. announced the completion of a definitive farm-out agreement with Terra Nova Minerals Inc. on the exploration of its Australian Cooper Basin holdings. The Farm-Out, which was made effective May 11, 2012, set out terms by which Terra Nova may earn a 55% working interest in ACOR's PEL 112 and PEL 444 concessions by funding seismic acquisition and a six well drilling program on the properties. On May 11, 2012, Terra Nova closed an equity financing for gross proceeds of $10,652,000, and has transferred first AUD 4,700,000 payable under the Farm-Out.