Penny Stocks News
Jul 28, 2008 9:00:00 AM
VANCOUVER, July 28 /PRNewswire-FirstCall/ - Park Place Energy Corp. ("Park Place" or "the Company") is pleased to announce the company has acquired 100% interest in approximately 1280 acres of land in the Alberta Landsales on July 16, 2008. The land is located within the Company's defined core exploration area surrounding its producing Eight Mile property in North Eastern British Columbia on the Alberta and British Columbia border.
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 one of the major producers has reported production from the Nordegg formation, with one well having produced over 3.6 billion cubic feet of natural gas. Additionally, there is evidence from well logs that the area has potential in the Montney, Dunvegan and Charlie Lake formations.
The "Nordegg" Member is described as an organic-rich mudstone/marlstone that ranges from 15 to 30 m thick and extends over an area of 90,000 km sq in northeastern BC and adjacent parts of Alberta. The Nordegg is an important petroleum source rock in some areas and in other areas has gas shale potential.
David Johnson, Park Place President and CEO 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. This exciting acquisition fits into Park Place's core business model, using our experience and expertise in the area to discover and develop blue-sky potential properties."