Grande Energy Inks Deal to Develop Unconventional Shale Plays

Grande Energy Exploration & Production Co. has announced a project agreement with a US-based subsidiary of Mitsubishi Corporation, which is a Japanese general trading company, and international oilfield services company, Schlumberger.

The agreement calls for financing and development of unconventional shale plays and positions Grande as an emerging resource player in North America. Based on current industry and economic conditions, Grande anticipates that the agreement could yield upwards of $250 million invested in the unconventional shale projects over the term of the agreement.

"This agreement is a win-win for all involved and brings together key players in land, energy financing and oil field services," said Robert L. Gaudin, President and CEO of Grande Energy Company. "We are thrilled to see this collaboration come to fruition."

The 10-year project agreement positions Grande to capitalize on unconventional North American shale plays that are becoming attractive, due to the rapid nature of technological developments.