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Champlain Resources Inc., Update on leasing Acres of Marcellus Shale in Pennsylvania, Texas, Louisiana and Wyoming
Champlain Resources Inc., Update on leasing Acres of Marcellus Shale in Pennsylvania, Texas, Loui...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"Champlain Resources Inc., Update on leasing Acres of Marcellus Shale in Pennsylvania, Texas, Louisiana and Wyoming\n\n\n\nChamplain Resources Inc., Update on leasing Acres of Marcellus Shale in Pennsylvania, Texas, Louisiana and Wyoming\n\n\nCalgary, Alberta CANADA, October 16, 2008 /FSC/ - Champlain Resources Inc. (CPL.H - TSX Venture), listed on the TSX Venture Exchange under the trading symbol \"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.\n\nChamplain 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. \n\nChamplain 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.\n\nThe 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.\"\n\nOn September 25, 2008, Champlain held its annual & special meeting of shareholders. Troy Mochoruk, Morgan...