Champlain Resources Inc. to negotiate the acquisition of Marcellus shale gas leases
Calgary, 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.
The 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.
The 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.
Champlain 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."
Champlain 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.
This 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 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.
For further information contact:
Mr. Troy D. Mochoruk
Chairman & CEO:
Tel: (403) 618-8989
E-mail: [email protected]
Champlain Resources Inc.
Suite #2806, 505 - 6th Street SW
Calgary, Alberta
T2P 1X5
Tel: (403) 619-8989
Fax: 1-866-256-9719
Source: Champlain Resources Inc. (CPL.H - TSX-V)
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