Chelsea Oil Australia Pty., Ltd., an Australia-based wholly-owned subsidiary of Australian-Canadian Oil Royalties, Ltd. (ACOR), has entered into an agreement with Delbaere Associates Pty., Limited (DAPL) and Brisbane Petroleum, Ltd (BPL), to acquire 100% working interest in petroleum leases 18 and 40 (PL18 & PL40) located at Surat Basin in Queensland, Australia.