CALGARY, Aug. 1, 2013 /CNW/ – Chevron Canada Limited (CCL) announced
today the signing of an agreement to acquire all interests from Alta
Energy Luxembourg S.à.r.l. and affiliates in the Duvernay shale
formation in west-central Alberta. The acquired interests cover 67,900
net acres. The purchase price was not disclosed.

“This agreement further strengthens our land position in the core part
of this prospective wet shale gas play, where we have exploration
leases totaling more than 250,000 acres,” said Jeff Lehrmann, Chevron
Canada president.

Chevron Canada in the second half of 2011 commenced a multiwell
exploration program for unconventional resources in the Duvernay
formation. Initial production was achieved in 2012 on these
100-percent-owned and operated leases.

“To date, we have been encouraged by the reservoir data and production
performance from our exploration drilling program on our Kaybob
Duvernay leases,” said Lehrmann. “We are pleased to add to our acreage
in this play as we advance our program to evaluate the potential for
full-field commercial development.”

About Chevron Canada

Chevron Canada Limited is an indirect subsidiary of Chevron Corporation.
Since 1938, Chevron Canada has been involved in exploring, developing,
producing and marketing crude oil, natural gas and natural gas liquids
in Canada. The company focuses its exploration and production
activities in Atlantic Canada, Northern Canada, the Athabasca oil sands
and unconventional resource plays in Western Canada. Recently Chevron
Canada acquired a 50 percent operating interest in the proposed Kitimat
liquefied natural gas (LNG) project and proposed Pacific Trail Pipeline
(PTP), and a 50 percent interest in approximately 644,000 acres of
petroleum and natural gas rights in the Horn River and Liard Basins in
British Columbia, Canada.

Some of the items discussed in this press release are forward-looking
statements about Chevron Canada Limited. Words such as “agreement to
acquire,” “anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,”
“budgets,” “outlook” and similar expressions are intended to identify
such forward-looking statements. The statements are based upon
management’s current expectations, estimates and projections; are not
guarantees of future performance or events; and are subject to certain
risks, uncertainties and other factors, many of which are beyond the
company’s control and are difficult to predict, such as closing
conditions in the acquisition agreement. The reader should not place
undue reliance on these forward-looking statements, which speak only as
of the date of this press release. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.

SOURCE Chevron Canada Limited