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Chevron Increases the Landholdings in Duvernay Formation

Source: www.gulfoilandgas.com 8/1/2013, Location: North America

Chevron Canada Limited (CCL) announced the signing of an agreement to acquire all interests from Alta Energy Luxembourg S.a.r.l. and affiliates in the Duvernay shale formation in west-central Alberta. The acquired interests cover 67,900 net acres. The purchase price was not disclosed.

“This agreement further strengthens our land position in the core part of this prospective wet shale gas play, where we have exploration leases totaling more than 250,000 acres,” said Jeff Lehrmann, Chevron Canada president.

Chevron Canada in the second half of 2011 commenced a multiwell exploration program for unconventional resources in the Duvernay formation. Initial production was achieved in 2012 on these 100-percent-owned and operated leases.

“To date, we have been encouraged by the reservoir data and production performance from our exploration drilling program on our Kaybob Duvernay leases,” said Lehrmann. “We are pleased to add to our acreage in this play as we advance our program to evaluate the potential for full-field commercial development.”

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