Calgary-based AEC Oil & Gas secured an anchor land positionin the gas exploration fairway of the Mackenzie Delta in theNorthwest Territories. The acquired lands give the partnership ofAEC West Ltd. and Alberta Energy Company Ltd. rights to more than400,000 net acres.

“While a new area for AEC, this land complements AEC’s earlierinitiatives into the Northwest Territories. It gives us tremendousexploration upside that ensures AEC has a significant presence inCanada’s new natural gas frontier,” said Randy Eresman, AEC Oil& Gas president.

The AEC lands are within the area where the Inuvialuit RegionalCorp. recently announced plans to offer development concessions onmore than one million acres in six blocks near Inuvik andTuktoyaktuk where the Mackenzie River enters the Beaufort Sea.

“The timing for taking this land position is excellent, at theforefront of renewed interest in the Mackenzie Delta. Our newposition is in an area where land claims have been settled and itenables us to pursue our interests in concert with Northernresidents who have signaled a desire to join with energy producersin responsibly developing the resources of the North. There is alsogrowing consensus on pipeline infrastructure, and we know themarkets exist for these northern resources, all of which isintegral to that development objective.”

Eresman said the new land position in the northern portion ofthe Territories complements AEC’s current oil exploration programin the central Territories where the partnership has acquiredrights to more than 400,000 net acres in two exploration licensesin the Sahtu region close to Norman Wells. AEC has two rigsdrilling in this region and plans up to five wells this year. AECowns 60% and Renaissance owns the remaining 40% interest.

AEC ranks first in gas sales in Canada and sixth largest inNorth America. AEC is also a major gas storage developer and apipeline transporter of conventional, synthetic and heavy oil inNorth America. AEC’s vision is to build a global super-independentwith growing international investments including Ecuador,Argentina, Australia, and the Caspian Sea.

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