PanCanadian Launches Web-Based Property Leasing Program
PanCanadian Petroleum Ltd.'s newest venture, a web page within
its Internet site dedicated to leasing and farming out some of its
undeveloped oil and natural gas rights in Western Canada, was
launched last week with its first Call for Bids centered on four
blocks on land that cover 69,000 acres in Alberta.
Bidding opened Tuesday (July 4) and will end at noon MST on Aug.
31 for the first four blocks.
The web page, LandDeal, which is found on the company's web site
at www.pancanadian.ca/landdeal, will offer details of the blocks,
including the size, location, drilling history, geology, seismic
data and terms and agreements. While title to the lands is
generally not for sale, sealed bids to lease or farm on the
undeveloped lands will be available for a specific period of time,
generally two years.
Within the site, potential bidders can view maps, schedules,
agreements and a description of the bidding process. The lease
information is available online, but the bids have to be submitted
in a traditional paper format. LandDeal's page offers the paper
forms for downloading.
"LandDeal offers industry players new information for exploring
and developing PanCanadian's extensive land base," said Gerald
Macey, PanCanadian's executive vice president for exploration.
Calgary-based PanCanadian is a major holder of more than 11
million acres of mineral rights across Canada's prairie provinces,
including ownership of more than eight million "fee" land acres,
and 3.4 million acres of "Crown" land. The first lands up for bid
are located in east central Alberta, and many of the available
sections have extensive seismic coverage, which is available for
The four Alberta blocks up for bid include Cooking Lake,
Willingdon, Killam and Leahurst. The second round of bidding, on
sites not yet announced, will begin Sept. 25 and end Nov. 30. See
the web site for specific information, or contact Carolyn Armitage
of investor relations at (403) 290-2931.
Carolyn Davis, Houston
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