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OilWeek Magazine: Micron Enviro Systems acquires 50% stake in Alberta oilsands properties (Micron-Oilsands)

Jan 11, 2007 9:33:00 AM MST
 
VANCOUVER (CP) _ Micron Enviro Systems Inc. has acquired a 50 per cent stake in six contiguous Athabasca oilsands properties in northern Alberta, near a package of land that Royal Dutch Shell (TSX:SHC) recently acquired for $450 million.

The acquisition is independent of the negotiations for more oilsands leases announced by Micron Enviro on Dec. 28, the company said Thursday, adding that a decision on those leases is expected before the end of January.

The six properties cover a total of about 1,540 hectares. Financial details were not revealed for the properties.

Micron is an emerging oil and gas company with exposure to five separate leases in the Athabasca oilsands and has minor production from several conventional oil and gas wells.

Micro president Bernie McDougall said the acquisition “represents the single largest ownership of any oil and gas prospect the company has attained.‘‘

The Royal Dutch Shell property is an area that‘s largely undeveloped. The Alberta Energy and Utilities Board says the area is a carbonate deposit, which means that bitumen is rapped in limestone rather than in the sand. It‘s not clear what technology Royal Dutch Shell plans to use to extract it.

Micron shares are listed on the over-the-counter bulletin board as MENV.

INDEX: BUSINESS OIL&GAS

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