QUÉBEC CITY, QUÉBEC--(Marketwired - June 16, 2016) - Pétrolia (TSX VENTURE:PEA) is pleased
to announce that Ressources Québec Inc. ("Ressources Québec"), acting as agent for the Quebec government, is
investing an additional $8.5 million in the Bourque Project.
The investment involves a direct participation in the project through the joint venture created after the first investment
phase.
Today's investment announcement combined with that of our partner Tugliq Energy S.A.R.F. ("Tugliq Energy"),
completes the financing for the planned work. Pétrolia will thereafter hold 51% of the joint venture and assume the role of
operator.
Subject to obtaining the requisite permits and authorizations, work on the first phase of the resource confirmation program
should begin within a few weeks. This program will allow Pétrolia, in partnership with Tugliq Énergie, to implement a pilot
project on the extraction and liquefaction of natural gas (LNG).
So far, Pétrolia has invested just under $22 million in the Bourque Project and the undiscovered natural gas initially in
place (P50) is estimated at more than 1 TCF in four reservoir zones (Sproule 2013).
The investments are subject to the usual conditions governing such investments, most notably due diligence, the signing of
certain binding agreements, and the procurement of the requisite authorizations or approvals. The terms and conditions of this
agreement remain to be finalized and will be based on the prevailing standards of the oil and gas industry.
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.
Disclaimer
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 or
statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not
place undue reliance on forward-looking statements. Pétrolia disclaims any intention or 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.