Bennett Jones Reps Mitsubishi In $850M Gas Deal

Law360, New York (August 24, 2010, 2:47 PM EDT) -- Mitsubishi Corp. announced Tuesday plans to pay Penn West Energy Trust $850 million for a 50 percent stake in a joint venture geared toward accelerating development of the Canadian oil and gas exploration company's shale gas assets in northeastern British Columbia.

Initial results from drilling in the Cordova Embayment area have been promising, Penn West told the U.S. Securities and Exchange Commission, and the transaction will see Tokyo-based Mitsubishi acquire a stake in 550,000 acres of land, including 120,000 acres targeting shale gas.

Mitsubishi will create...
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