Petrolympic Ltd V.PCQ

Alternate Symbol(s): PCQRF

Energy Oil & Gas E&P

Petrolympic Ltd. is a Canada-based gold and lithium mining company. The Company is focused on its lithium exploration assets in the James Bay region, Basserode and Fourniere in Abitibi region as well as its gold exploration assets at Vauquelin and Rayon d’Or in the Val d’Or region, all in the Province of Quebec, Canada. The Li-1 and Li-2 Properties are in the James Bay - Eeyou Itschee area, approximately 125 kilometers (km) north of the town of Chibougamau. The Basserode and Fourniere Lithium Properties are in the Abitibi-Temiscamingue region, southwest of the Val d’Or mining camp, Quebec. Belcourt Property consists of 125 claims distributed in four blocks (Belcourt North, South, Central and West blocks), all proximal to one another and covering a total of 5,479 hectares. Its Rayon d’Or and Vauquelin Gold Properties are located within a gold mining camp in Northwestern Quebec. The Company also owns St. Lawrence Lowlands, Gaspe and Evangeline Lake Property.

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Petrolympic Ltd

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Post by sunnyday1on Jul 18, 2008 10:16pm

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Post# 15308760

From : Canacod Morning Coffee

Junex* (JNX : TSX-V : $3.45), Net Change: 0.03, % Change: 0.88%, Volume: 208,850

Gentlemen, start your engines. After an exponential run-up in late Spring, the majority of junior shale gas players in Canada have seen their stock price cut in half (or more) during the past month or so. It is now time for the Quebec shale gas players to deliver on the huge potential speculated to exist in the basin. With the large quantity of drilling and testing to be completed over the summer in this area, the news flow and high expectations should bring back excitement. On Wednesday, Junex started things off by announcing that it has recently commenced its 2008-09 exploration program that foresees the investment of about $10 million in the St. Lawrence Lowlands over the next 18 months. The exploration operations undertaken by Junex are aimed at evaluating the natural gas potential of shales in the Lorraine and Utica formations as well as the natural gas potential of the Trenton-Black River. Currently, Junex is drilling the St. Antoine-sur-Richelieu No. 1 well near Contrecoeur, 55 km northeast of
Montreal. The well is now at a depth of 471 m and the anticipated total depth of the well is 1,200 m. The company is partnering with Denver-based Forest Oil (FST), which will later decide whether to spend another $4 million on drilling. Junex is also currently drilling the St-Augustin-de-Desmaures #1 well that is situated about 20 km from Quebec City to test shale deposits.
Back on May 29 of this year, a Bay Street brokerage officially weighed in on the potential of the shale gas plays in the St. Lawrence Lowlands of Quebec, stating, “We believe the Utica, if proven commercially viable, has the potential to be one of the largest resource plays in Canada.” An analyst added that with 1.2 million net acres, Junex is by far the largest landholder in the St. Lawrence Lowlands, noting the company has three key properties in the heart of the play and boasts several joint-venture arrangements including one very important partnership with Forest Oil. Could the company be sitting on up to 1.25 trillion cubic feet of natural gas?