‘Giant gas find’ boosts EOG

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Jonathan Davis

 29 February 2008 02:41 GMT

Shares of EOG Resources surged 18% to a new high yesterday after the independent oil producer said it may have discovered one of the largest accumulations of natural gas in Canada so far.

It also raised its production forecasts, touting success in the Barnett Shale play in Texas and its lands in north-west Colorado, but did not factor in any volumes in the early-stage Canadian play.

Houston-based EOG said drilling on its acreage in north-eastern British Columbia may have uncovered 6 trillion cubic feet of natural gas, which one analyst said would rank it among the largest gas resource plays in Canada.

By comparison, three untapped gas fields in the Mackenzie Delta region of the Northwest Territories - discovered in the 1970s and now targeted for…

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