Chevron Acquires Acreage in Canada's Duvernay Shale Formation

HOUSTON (Dow Jones Newswires), Feb. 9, 2011

Chevron has recently acquired about 200,000 acres of land in the Duvernay shale gas formation in Alberta, Canada.

"This has established an important core land position for Chevron Canada in shale gas," said Kurt Glaubitz, a company spokesman. Chevron is planning to commence appraisal drilling during the second half of this year, he added.

The acquisition was first announced earlier Wednesday by Gary Luquette, Chevron president for North America exploration and production in a webcast presentation.

Chevron's move underscores the growing interest of major oil companies in the potential of unconventional oil and gas reserves in North America. Chevron said in November it agreed to acquire independent natural-gas producer Atlas Energy Inc. (ATLS) for $3.2 billion, joining its larger rival Exxon Mobil in the drive to exploit vast reserves of U.S. unconventional gas.

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