SOURCE: Champlain Resources Inc.

July 17, 2008 12:31 ET

Champlain Resources Inc. Announces Incorporation of US Subsidiary Champlain Resources, LLC to Acquire and Explore Marcellus Shale in Pennsylvania

CALGARY, AB--(Marketwire - July 17, 2008) - Champlain Resources Inc. ("Champlain" or the "Corporation"), listed on the NEX board of the TSX Venture Exchange under the trading symbol "CPL.H" (TSX-V: CPL.H), has recently incorporated a US subsidiary, Champlain Resources, LLC in Pennsylvania, to acquire the Marcellus shale leases previously announced. The 100% owned US subsidiary will acquire the US leases and will then begin an aggressive exploration program.

The Marcellus shale runs from the southern tier of New York, through the western portion of Pennsylvania into the eastern half of Ohio and through West Virginia. In Pennsylvania, the formation extends from the Appalachian plateau into the western valley and ridge. Independent sources, such as Terry Englander, a geoscience professor at Pennsylvania State University, and Gary Lash, a geology professor at the State University of New York at Fredonia, have made public estimates that the Marcellus shale might contain an estimated undiscovered resource of more than 500 trillion cubic feet of natural gas (Source: Geology.com).

This press release contains certain forward-looking statements. These statements are based on Champlain's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, regulatory, industry, market and business conditions, fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of growth projects; imprecision of reserve estimates; environmental risks; and competition from other industry participants. Also affecting the accuracy of any forward-looking statement is the availability of capital required to implement future operational plans, uncertainties resulting from potential delays or changes in plans, among others.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • For further information contact:
    Mr. Troy D. Mochoruk
    Chairman & CEO:
    Tel: (403) 618-8989

    E-mail: Email Contact
    www.champlainresources.com

    Champlain Resources Inc.
    Suite #2806, 505 - 6th Street SW
    Calgary, Alberta, T2P 1X5
    Tel: 403-618-8989
    Fax: 1-866-256-9719