Source: [Author] Meredithw at English Wikimedia There are reports that Royal Dutch Shell [NYSE:RDS.A] [NYSE:RDS.B], even after its massive buyout of BG Group, may still consider small bolt-on acquisitions of shale players or acreage in shale plays in North America. While noting that it doesn't have a lot of spending power left, Shell seems to think cheap acreage in the Permian Basin, the Utica region, or western Canada [home to the emerging Duvernay and Montney shale plays] where it already operates would provide long-term value generation. If the deal is kept small enough, then Shell may be able to scoop up "undervalued" acreage and turn it into part of its growth runway without ruining its balance sheet. Picking up cheap shale positions/operators that offer great long-term potential is a good way to go if done properly. Plus, if Shell acquires a relatively small company [lets say $1 billion] with a debt-load that has high-yielding interest, Shell could use its financial strength to easily bring that down which would instantly enhance its purchase. We will have to see, but after Noble Energy Inc's purchase of Rosetta Resources, it looks increasing likely that some bigger players are on the prowl for cheap shale expansions. Disclosure: The author, Callum Turcan, does not own a position in any of the companies mentioned above. Always do your own due diligence before investing.