Mitsubishi, PWE to form Canadian shale gas joint venture

08/30/2010
Penn West Energy Trust (PWE) agreed to form a 50-50 joint venture with Mitsubishi Corp. to develop PWE's shale gas assets in the Cordova Embayment area and some of its conventional gas assets in the Wildboy area of northeastern British Columbia.PWE will sell Mitsubishi 50% of its working interest in its Wildboy conventional gas assets including current production of 30 MMscfd of natural gas.Mitsubishi also will acquire 550,000 acres of land including 120,000 acres targeting shale gas in the Cordova Embayment, the Wildboy gas processing facility, a sales gas pipeline from the area to the TransCanada gathering system in Alberta, and associated systems.Mitsubishi will pay PWE $250 million fo...
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