Petrolia Inc.: Quebec Budget 2015-1016
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 03/27/15 -- Petrolia (TSX VENTURE: PEA) is pleased to note the willingness expressed by the Government of Quebec in the Leitao Budget to complete the assessment of the oil and gas potential of Gaspesie. This willingness, coupled with the new accelerated capital cost allowance for liquefied natural gas incentives, will enable the implementation of a liquefied natural gas supply chain from the producer to the Cote-Nord customer.
It is reminded that in 2012 the Government of Quebec invested $10-million in the purchase of Petrolia shares, a decision that helped the company complete the Bourque 1 and 2 wells. This in turn enabled the company to make a wet natural gas discovery in the Bourque permits located near Murdochville in Gaspesie. The potential was evaluated by Sproule at more than 1 Tcf (one thousand billion cubic feet) of volume initially-in-place of wet natural gas within the Bourque project. (ref: ). At the time, these operations generated more than $1.2-million in economic spinoffs within the Murdochville area.
Petrolia also announced an agreement last November with Tugliq Energie to create a liquefied natural gas supply chain to bring the potential gas production from Gaspesie to Cote-Nord customers (ref: ). Within the agreement, Petrolia committed to sell its future gas production at a fixed price that will also be stable over time to mining and industrial customers from the Cote-Nord and Grand-Nord.
Finally, Petrolia would like to highlight that the development of the Bourque project is supported by the city of Murdochville.
"I am pleased that the Government has acknowledged the hydrocarbon potential of Gaspesie. We believe that the elements announced in the budget will enable the link of Gaspesie with the Cote-Nord, thus building better prosperity for these two areas and all of Quebec while reducing GHG emissions", declared Petrolia President and CEO Alexandre Gagnon.
About Petrolia
Petrolia 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 Quebec 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 Petrolia holds a 21.7% interest. In order to carry out the project's operations, Petrolia Anticosti Inc., a subsidiary of Petrolia, was designated project operator. Petrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Petrolia has 80 345 195 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 Petrolia 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 Petrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Petrolia 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.
Contacts:
For more information: Alexandre Gagnon
President and Chief Executive Officer
418-657-1966
For interviews: Jean-Francois Belleau
Director of public and governmental affairs
418-657-1966
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Datum: 27.03.2015 - 16:24 Uhr
Sprache: Deutsch
News-ID 381719
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QUEBEC CITY, QUEBEC
Kategorie:
Oil & Gas
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