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Champlain Resources Inc. to negotiate the acquisition of Marcellus shale gas leases
Champlain Resources Inc. to negotiate the acquisition of Marcellus shale gas leases
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"Champlain Resources Inc. to negotiate the acquisition of Marcellus shale gas leases\n\n\n\nChamplain Resources Inc. to negotiate the acquisition of Marcellus shale gas leases \n\nCalgary, Alberta CANADA, June 05, 2008 /FSC/ - 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\", is pleased to announce that it is negotiating on approximately 10,000 acres of Marcellus shale gas leases in southern New York State and southwestern Pennsylvania. \n\nThe leases are for terms of between two and five years, and are highly prospective for Marcellus shale gas deposits. Gary Lash, professor of geosciences, SUNY Fredonia, has conservatively estimated that the Marcellus shale contains 168 trillion cubic feet of natural gas in place and optimistically suggests that the amounts could be as high as 516 trillion cubic feet.\n\nThe Marcellus shale formation runs from the southern border of New York State, 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. \n\nChamplain will be executing on its newly developed strategy to explore for unconventional gas nearest to its final marketing points. \"With this new strategy of exploring for unconventional gas in the USA we will be able to employ technologies developed by first tier service companies to exploit this vast resource of tight gas,\" says Troy Mochoruk, Chairman & CEO of Champlain. \"The USA annually produces approximately 30 trillion cubic feet of gas and we have this in an area of the Marcellus shale very close to the end user that may contain enough gas to service the entire USA for two plus years.\"\n\nChamplain also announces the issuance of 1,465,000 options in the company to directors and consultants at a price of $0.10 per share for a period of 5 years. \n\nThis press release contains certain forward-looking statements. These statements are based on Rochester'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...