Bank of America (BAC) Overseeing Nexen (NXY) Shale Gas Partner Search

Nexen (NYSE:NXY) has enlisted Bank of America (NYSE:BAC) to help them search for a joint venture partner for its Horn River, Cordova and Liard projects in British Columbia.

while natural gas prices are subdued now, Nexen, along with others, are positioning themselves for when the inevitable price rebound begins, as gas prices appear to have bottomed out; although they could remain level for some time.

CEO Marvin Romanow said, "We anticipate that the process could take anywhere from being completed this summer to being completed late in the year."

The Horn River and Cordova properties have an estimated range of 5-14 trillion cubic feet of natural gas, while the Liard Basin could even have more reserves.

A deal could be for one or any combination of the three, said Romanow.

Nexen was trading in New York at $24.43, down $0.17, or 0.70 percent, as of 1:28 PM EST.