QUEBEC CITY, QUEBEC--(Marketwired - April 7, 2016) - Pétrolia (TSX VENTURE:PEA) is pleased to see that the guidelines contained in the Quebec government's energy policy are in line with the action plan, announced in May 2014, which allows the government to commit to the development of the hydrocarbon sector by proceeding transparently and step by step.
The Quebec government's focus on energy transition is good news because it acknowledges the importance of hydrocarbons in Quebec's energy profile. It also acknowledges that hydrocarbons, which could eventually be produced here in Quebec, can play a positive role during the period of energy transition.
The adoption of the Water Withdrawal and Protection Regulation (WWPR) in August 2014 and the publication of the conclusions of the strategic environment assessments slated for spring 2016 are part of the process leading the government towards the adoption a law on hydrocarbons. As such, the government is setting the foundations for the establishment of a Quebec hydrocarbon industry.
It is perfectly reasonable for the government to rely on local hydrocarbon production to foster the energy transition set forth in the energy policy guidelines. Basing this transition on the consumption of locally-produced hydrocarbons would reduce the environmental footprint of Quebeckers' overall hydrocarbon consumption.
The local production and consumption of hydrocarbons will be governed by far stricter environmental standards than under certain foreign jurisdictions producing some of the hydrocarbons consumed here.
It is a safe bet that local hydrocarbon production in Quebec will allow for a sound energy transition, with substantial economic benefits being kept at home, while at the same time reducing the GHG footprint of the various hydrocarbons consumed here. As a Quebec company headquartered in Quebec City, Pétrolia has always embraced the ideal of energy self-sufficiency and the creation of wealth for Quebeckers.
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 almost 23% of the Québec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Québec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 92 420 195 shares issued and outstanding.
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