Chevron Canada Increases Duvernay Landholdings

Acquired all interests on 67,900 net acres in the Duvernay shale.

Chevron Canada Ltd. acquired all interests from Alta Energy Luxembourg S.à.r.l. and affiliates in the Duvernay shale for an undisclosed ammount.

The acquired interests cover 67,900 net acres in west-central Alberta.

"This agreement further strengthens our land position in the core part of this prospective wet shale gas play, where we have exploration leases totaling more than 250,000 acres," said Jeff Lehrmann, Chevron Canada president, in the release.

Chevron Canada in the second half of 2011 commenced a multiwell exploration program for unconventional resources in the Duvernay formation. Initial production was achieved in 2012 on these 100%-owned and operated leases.

"To date, we have been encouraged by the reservoir data and production performance from our exploration drilling program on our Kaybob Duvernay leases. We are pleased to add to our acreage in this play as we advance our program to evaluate the potential for full-field commercial development," Lehrmann said in the release.

Chevron Canada Ltd. is an indirect subsidiary of Chevron Corp. (NYSE: CVX). Chevron Canada is based in Vancouver, B.C.