June 26, 2008
Champlain Resources Inc. Update on Lease Negotiations on 10,000 Acres of Marcellus Shale in Pennsylvania
Champlain Resources Inc. ("Champlain" or the "Corporation"), listed on the NEX board of the TSX Venture Exchange under the trading symbol (TSX-V: CPL.H), provides this update on the initial 10,000 acres of Marcellus shale leases. Champlain has started the curative process on the oil & gas titles, which is the last step before Champlain would register the lease in the county in which the lease is held.
As previously reported, these leases are from two to five years in duration, and vary from a yearly rental to a paid-up term lease. The competition is very intense in southwestern and south central Pennsylvania, and it is to the credit of V.P. Land - Thomas Lonero and Senior Landman - Andy McCullough for successfully competing against gas producers and securing leases for Champlain. "I'm very pleased that in a very short time we have been able to secure significant lease acreage of prospective Marcellus shale for Champlain; the credit is given to a very experienced land acquisition team," says Troy Mochoruk, Chairman & CEO, Champlain Resources Inc.Champlain is negotiating the final terms and conditions on an additional 15,000 acres of lease land. "Mr. Lonero has pushed further into south western Pennsylvania to establish another prospect area for Champlain. From a standing start, in less than one month, Champlain has acquired highly valuable leases prospective for Marcellus shale, a land acquisition team, and establishment of an office in Pennsylvania; this is a remarkable accomplishment for our company," says Troy Mochoruk.
The Marcellus shale runs from the southern tier of New York, through the western portion of Pennsylvania into the eastern half of Ohio and through West Virginia. In Pennsylvania, the formation extends from the Appalachian plateau into the western valley and ridge. Independent sources, such as Terry Englander, a geoscience professor at Pennsylvania State University, and Gary Lash, a geology professor at the State University of New York at Fredonia, have made public estimates that the Marcellus shale might contain an estimated undiscovered resource of more than 500 trillion cubic feet of natural gas (Source: Geology.com).
This press release contains certain forward-looking statements. These statements are based on Champlain's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, regulatory, industry, market and business conditions, fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of growth projects; imprecision of reserve estimates; environmental risks; and competition from other industry participants. Also affecting the accuracy of any forward-looking statement is the availability of capital required to implement future operational plans, uncertainties resulting from potential delays or changes in plans, among others.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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For further information contact: Mr. Troy D. Mochoruk Chairman & CEO Tel: (403) 618-8989 E-mail: Email Contactwww.champlainresources.com Tony Nunziata Media Contact Tel: (403) 560-7040
SOURCE: Champlain Resources Inc.