Shell Canada Acquires Significant Land Position in British Columbia
Shell Canada has acquired approximately 58,000 acres of land in northeastern British Columbia offering exploration and development prospects in the deep basin area.
The lands were acquired in today's B.C. land sale for a total price of $85 million, providing Shell Canada a 100 per cent interest in 12 parcels. In 2004, Shell established an initial land position to the east of this area in Alberta and drilled four wells. Drilling on the newly acquired lands is planned for next winter.
Ian Kilgour, Senior Vice President of Exploration and Production, Shell Canada said, "Shell Canada sees the foothills portion of the deep basin as an exciting opportunity to exploit its core technical strengths in deep structured plays. This additional land doubles our basin-centered gas landholdings and gives us a platform to step up our exploration and development efforts in this area. Building a strong position in the deep basin is in line with Shell's strategy to expand its Western Canada gas production".
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