Deals
Mitsubishi, Penn West Sign Canada Shale Gas Agreement
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Mitsubishi Corp., Japan’s largest trading house, signed a C$250 million ($237 million) deal to buy a stake in the Cordova shale-gas project in Canada from Penn West Energy Trust.
Mitsubishi will form a unit, Cordova Gas Resources Ltd., to acquire the 50 percent project stake from the Calgary-based oil and gas producer, the trading company said in a statement to the Tokyo Stock Exchange today. Mitsubishi will pay C$200 million of Penn West’s exploration costs as part of the transaction, according to the statement.