Business
Champlain Resources Inc. Update on Lease Negotiations on 10,000 Acres of Marcellus Shale in Pennsylvania
Champlain Resources Inc. Update on Lease Negotiations on 10,000 Acres of Marcellus Shale in Penns...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"Champlain Resources Inc. Update on Lease Negotiations on 10,000 Acres of Marcellus Shale in Pennsylvania\n\n\n\nChamplain Resources Inc. Update on Lease Negotiations on 10,000 Acres of Marcellus Shale in Pennsylvania\n\nCalgary, Alberta CANADA, June 26, 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\", provides this update on the initial 10,000 acres of Marcellus shale leases. Champlain has started the curative process on the oil & gas titles, which is the last step before Champlain would register the lease in the county in which the lease is held. \n\nAs previously reported, these leases are from two to five years in duration, and vary from a yearly rental to a paid-up term lease. The competition is very intense in southwestern and south central Pennsylvania, and it is to the credit of V.P. Land - Thomas Lonero and Senior Landman - Andy McCullough for successfully competing against gas producers and securing leases for Champlain. \"I'm very pleased that in a very short time we have been able to secure significant lease acreage of prospective Marcellus shale for Champlain; the credit is given to a very experienced land acquisition team,\" says Troy Mochoruk, Chairman & CEO, Champlain Resources Inc.\n\nChamplain is negotiating the final terms and conditions on an additional 15,000 acres of lease land. \"Mr. Lonero has pushed further into south western Pennsylvania to establish another prospect area for Champlain. From a standing start, in less than one month, Champlain has acquired highly valuable leases prospective for Marcellus shale, a land acquisition team, and establishment of an office in Pennsylvania; this is a remarkable accomplishment for our company\" says Troy Mochoruk.\n\nThe 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. Independent sources, such as Terry Englander, a geoscience professor at Pennsylvania State University, and Gary Lash, a geology professor at the State University of N...