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Champlain Resources Inc., Announces Private Placement Offering, Proposed Land Acquisition and Marcellus Shale Update
Champlain Resources Inc., Announces Private Placement Offering, Proposed Land Acquisition and Mar...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\nChamplain Resources Inc., Announces Private Placement Offering, Proposed Land Acquisition and Marcellus Shale Update\n\n\n Jun. 9, 2009 (Filing Services Canada) -- Champlain Resources Inc. (CPL.H - TSX Venture), (\"Champlain\" or the \"Corporation\"), listed on the NEX board of the TSX Venture Exchange under the trading symbol \"CPL.H\", announces a private placement offering of up to 9,000,000 units at a price of $0.05 per unit; each unit consists of one (1) common share and one (1) common share purchase warrant exercisable for one year at a price of $.10 cents. The private placement is for up to $450,000 gross proceeds and is subject to applicable regulatory approvals. There is no minimum for the private placement. The private placement offering will be made on a non-brokered basis; however the Corporation may pay a commission of up to 10% in cash and warrant coverage to finders or agents who are at arm's length to Champlain.Champlain intends to use the proceeds of this private placement to acquire land in Pennsylvania, Montana and Wyoming prospective for both shale gas and Bakken light oil and for general working capital.The Bakken formation is part of the Williston Basin covering approximately 520,000 square kilometers in parts of Montana, North Dakota and Saskatchewan. An April 2008 United States Geological Survey (USGS) report estimated the amount of technically recoverable oil in the Bakken formation to be 3.0 to 4.3 billion barrels (680,000,000 m3); with a mean of 3.65 billion barrels. The most prolific of these fields in Montana is thought to be the Elm Coulee Oil Field in Richland County. At the Elm Coulee Field in Montana, the Bakken is approximately 45 feet (15 m) thick and lies at depths of 8,500 to 10,500 feet (2,600 - 3,200 m), recent horizontal wells have penetrated depths of 3,000 to 5,000 feet (900 - 1,500 m) of the Bakken formation. Champlain has the opportunity to acquire over 2,500 acres in Richland County and a further 22,000 acres in Dawson, Petroleum, Stillwater and Powder River Counties of Montana. Management believes these leases are prospective for both light oil and natural gas. Champlain must complete the acquisition of the Richland County Lease by July 1st with the proceeds of the proposed private placement. This financing is anticipated to be the first of four private placement financings planned...