Devonian layer shale and limestone layers don’t stop at our border with Canada. In fact, some of the Utica Shale lies north of the border, in Quebec. The problem in Canada, as in New York State, is that the government largely prevents active shale drilling. However, a sliver of sanity poked through in Quebec and in July a “junior” oil and gas exploration company, Junex, announced they’ve been granted a permit to drill their first horizontal well in a rural area 20 kilometers (12.4 miles) from the town of Gaspé. The well targets the Forillon Formation–a limestone formation in the Devonian layer (where the Marcellus and Utica are found). Apparently the “junior” Junex thinks they may have a tiger by the tail, because their board has just adopted a shareholder rights plan that puts a speed bump on any attempts at a hostile takeover of the company…
