Murphy Oil Expands Acreage in British Columbia
Murphy Oil Corporation reported that its Calgary based, wholly-owned subsidiary, Murphy Oil Company Ltd., was the successful bidder on three land parcels in the December 12, 2007 British Columbia land sale. These three parcels account for 65.2 sections or 41,742 acres. Murphy acquired these tracks by exposing C$224.6 million.
"We are very pleased with our success in the recent British Columbia land sale. This position adds to the acreage purchased earlier in 2007 in an emerging tight gas sands play," said Claiborne P. Deming, President and Chief Executive Officer of Murphy Oil Corporation. "We now have 125 sections in this play constituting almost 80,000 acres that we believe have the potential to yield over 2 trillion cubic feet of natural gas. Our Board of Directors has sanctioned phase one of this development and drilling is now underway with targeted first production in the fourth quarter of 2008," he further added.
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