The research revealed shale formations in the province could possibly contain as much as 3,324 trillion cubic feet of natural gas, 58.6 billion barrels of gas liquids and 423.6 billion barrels of oil, Reuters reported. If the estimates prove correct, the Canadian deposits could be on par with those seen in shale plays in the United States. It also means the recent lease purchases of land in Alberta will likely prove to yield impressive production gains for oil and gas companies.
Alberta's oil sands are currently viewed as the third-largest crude deposit in the world, but the recent study shows the province has even more potential in developing natural resources, Energetic City reported. The news has captured the attention of some major developers, and companies such as Encana Corp., Chevron Corp. and Talisman Energy have expressed interest in buying land rights to unlock the oil and gas reserves.