Quebec superior court suspends bill 21 - Jan. 26, 2024 May 17, 2016 A major reassessment of resources for the eastern part the Mass structure performed independently by Sproule Associates Limited ("Sproule"). The Mass structure is located in the Lower St. Lawrence permits, some 25 km southeast of Mont-Joli, in the Appalachian Basin of Quebec. Squatex owns a 70% interest in 656,093 hectares (1,621,241 acres) of exploration permits in Quebec over which it is the operator under a joint operation agreement with Petrolympic (30%).
The resources reassessment reported by Sproule includes an authentication of in depth analyzes performed by the Squatex's technical team on the Mass No.2 well logs.
The potential resources evaluated by Sproule are related to porous levels in the St. Leon and Sayabec Formations encountered in the wells drilled in the eastern part of the Mass structure. The results of the study point out to a potential of 53.6 BCF of gas and 52.2 million barrels of oil over a probable average area of 5.2 km2, an oil equivalent total of 61.1 million barrels (MMBOE).