July 31, 2008
Park Place Energy Acquires Shale Gas Property in Alberta Land Sales
Park Place Energy, an oil and gas company, has acquired 100% interest in approximately 1,280 acres of land in the Alberta land sales. The company has said that this acquisition fits into its core business model, using its experience and expertise in the area to discover and develop blue-sky potential properties.
The land is located within the company's defined core exploration area surrounding its producing Eight Mile property in northeastern British Columbia on the Alberta and British Columbia border.
According to the company, AJM Petroleum Consultants have been conducting due diligence on a number of quality shale gas opportunities on behalf of the company and identified the acquired land as having blue sky potential.
Through the due diligence process AJM Petroleum Consultants found that within the immediate area as key producer, and has reported production from the Nordegg formation, with one well having produced over 3.6 billion cubic feet of natural gas.
The 'Nordegg' member is described as an organic-rich mudstone/marlstone that ranges from 15 to 30 meters thick and extends over an area of 90,000sqkm in northeastern British Columbia and adjacent parts of Alberta.
David Johnson, president and CEO of Park Place Energy, said: "The company is aggressively positioning itself as a producing junior oil and gas explorer in the border area of north east British Columbia and Alberta. The land acquired this week in Alberta builds on our solid foundation in one of the hottest resource plays in North America."