Marketwire
QUEBEC CITY, QUEBEC--(Marketwired - Nov. 20, 2013) - Pétrolia Inc. (TSX VENTURE:PEA) (the "Company") is pleased to provide the following corporate update relating to the commercialization of its oil and gas properties on Anticosti Island and in the Gaspé region of Quebec.
Anticosti Project
Based on an review of the laboratory analysis of core samples taken from three core holes drilled in 2012, Sproule Associates Limited, an independent Calgary-based petroleum consulting firm, has reconfirmed its 2011 resource assessment of the undiscovered Total Petroleum-Initially-In-Place (TPIIP) in the Macasty Formation on Anticosti Island.
Sproule's best estimate (P50) of the TPIIP on Pétrolia's land holdings on Anticosti Island, which cover more than 5,700 km2 (1.4 million acres), is 30.9 billion barrels of oil equivalent (Bboe). The probability that the Total Petroleum Initially-In-Place exceeds 19.8 billions of barrels is 90% (low estimate) and the probability that the Total Petroleum Initially-In-Place exceeds 48.2 Bboe is 10% (high estimate). These estimates are reported as barrels of oil equivalent (Bboe).
Pétrolia and its partner, Corridor Resources Inc. (CDH-TSX), are currently in discussions with industry participants possessing the technical expertise and financial capacity to carry out the proposed work program for the project.
Haldimand Project
Pétrolia and the Town of Gaspé have mutually agreed to adjourn a motion filed with the Superior Court of Quebec and to continue with negotiations aimed at resolving the impasse on Haldimand so that work can resume on the project.
In addition, as a result of the Quebec government's decision to carry out its own hydrogeological study of the area, Pétrolia has agreed to transfer to the Ministère du Développement durable, de l'Environnement, de la Faune et des Parcs (MDDEFP) all of its rights and obligations relating to the 14 observation wells drilled for its own hydrogeological study. The Company has also provided the MDDEFP with access to all data that it has collected to date.
An interim report on the hydrogeological study will be prepared for the MDDEFP in December 2013 and the final report released by March 31, 2014.
La Verendrye Project
Pursuant to an agreement announced on July 19, 2013 between Pétrolia and Saint-Aubin Énergie S.A.S. (a joint investment vehicle of which 1/3 is held by Etablissements Maurel et Prom SA and 2/3 by MPI SA), the two partners completed drilling of the first core hole in a section of the unorganized territory of Lake Casault. This initial work forms part of a broader plan to develop the licenses acquired in 2013 in the Lower St. Lawrence and the Gaspé, in which both partners hold a 50% interest.
The stratigraphic drilling reached a depth of 1,416 meters and confirmed the presence of gas in Silurian sandstone, further validating the results of the core log taken from a former well drilled nearby. Over the coming months the core samples will be analyzed as to their permeability and porosity in an effort to determine the reservoir characteristics of this sandstone.
Bourque Project
Pétrolia's analysis of the drilling results from Bourque 1 and 2 is ongoing. A work program has been established to confirm the project's economic potential as a liquids-rich natural gas play. Various options are being evaluated for developing the potential resources of the prospect, estimated by Sproule at more than 1 TCF (trillion cubic feet) of wet natural gas.
Pétrolia is currently in discussions with energy companies possessing the technical expertise and financial capacity to carry out a potential work program for the project.
About Pétrolia
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents about 22% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 71% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 70 652 372 shares issued and outstanding.
Forward-looking statements
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.