Article in Les Affaires newspaperPetrolia indicated that they are progressing in the signing of an exploration agreement with Junex and with their 10 million financing with European investors. Isabelle Proulx of Petrolia didn't want to advance a date but Jean-Yves Lavoie president of Junex said that he would like to get this deal signed by the end of September or early October. Mr Lavoie indicated that the works on the Haldimand oil field could start in the spring of 2008 if they can get a deal signed before year end.
Petrolia is pursuing its discussions with European investors and plans to issue the stocks at 1$ even if the trade now trades around 0.40$. They want many investors so that not one of them purchases the company. They said the delay in the financement annonced in October 2006 was due to the failure of one of the initial investors to find the necceary funds.