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PanCanadian Launches Web-Based Property Leasing Program

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 purchase.

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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