Petronas Enters North American Shale Gas Market in $1.09-Billion Deal

Petronas says it will partner with Progress Energy Resources (Calgary, AB) to develop shale-gas assets in the Montney shale plays of northeastern British Columbia. Petronas will acquire 50% of Progress’s interest in the three areas for C$1.07 billion ($1.09 billion). The assets will be operated by Progress and include about 150,000 gross working-interest acres of land with an estimated contingent gas resource of more than 15 trillion cu feet. The deal is expected to close in the third quarter of 2011.   The two companies have also agreed to collaborate...

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