- Published: 17 October 2008
- Written by Editor
Champlain Resources Inc., Update on Leasing Acres of Marcellus Shale in Pennsylvania, Texas, Louisiana and Wyoming
Champlain Resources Inc. ("Champlain" or the "Corporation") (TSX-V: CPL.H) provides this update on its Marcellus shale leases. Champlain has identified over 25,000 acres of Marcellus shale primarily in Pennsylvania and southern New York State. The current leases, which range from two to five years and vary from paid-up to annual rentals, are ready to be finalized and transferred to Champlain upon closing.
Champlain has held meetings with Halliburton of Houston, Texas to act as project manager for Champlain's Marcellus shale program. Halliburton would be engaged to provide logistics, drilling, fracing, and completing these Marcellus gas wells. "I have spent a great deal of time in Houston meeting with Halliburton to better understand the fracing and completion process for the Marcellus shale; clearly Halliburton has the best fracing, completions, shale experts team and proprietary systems to complete these Marcellus shale gas wells," said Troy Mochoruk, Champlain's Chairman & CEO.
Champlain is reviewing other strategic areas for shale gas in the continental United States; areas of review include Texas & Louisiana Haynesville Shale and the Mowry Shale in Wyoming. These discussions range from early-stage to offers having been made in Louisiana and Wyoming.
The state of the capital markets will influence the timelines to complete and close these transactions for shale gas properties. Champlain is evaluating conventional gas production in western Canada to complement the shale gas opportunities we have identified. "It looks like a good time to take advantage of a gas acquisition in western Canada to provide near-term cash flow stability for Champlain," said Troy Mochoruk, CEO. "I'm reviewing attractive gas acquisitions and have submitted an offer for an additional property in Alberta."
On September 25, 2008, Champlain held its annual & special meeting of shareholders. Troy Mochoruk, Morgan F. Tingle, Mike Aitken and Christopher Gulka where elected as directors for next year. Shareholders approved Collins Barrow LLP as auditors and a stock option plan. The share consolidation was not passed and therefore no share consolidation will be completed.
Champlain will be active in closing on its shale gas projects and possibly completing a conventional gas acquisition in Alberta in the next few weeks, depending on capital market conditions.
The Marcellus shale runs from the southern tier of New York, through the western portion of Pennsylvania into the eastern half of Ohio and through West Virginia. In Pennsylvania, the formation extends from the Appalachian plateau into the western valley and ridge.
This press release contains certain forward-looking statements. These statements are based on Champlain's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, regulatory, industry, market and business conditions, fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of growth projects; imprecision of reserve estimates; environmental risks; and competition from other industry participants. Also affecting the accuracy of any forward-looking statement is the availability of capital required to implement future operational plans, uncertainties resulting from potential delays or changes in plans, among others.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information contact: Mr. Troy D. Mochoruk Chairman & CEO Tel: (403) 618-8989 E-mail: Email Contact
SOURCE: Champlain Resources Inc.