Petrolia Inc.: Quebec Government Launches Bourque Project
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 09/01/15 -- Petrolia (TSX VENTURE: PEA) is pleased to announce that a letter has been signed confirming that Ressources Quebec Inc. ("Ressources Quebec") intends to invest, as an agent of the Quebec government, in Petrolia's share capital with a private placement totalling $3.8 million for the first phase of the project. This investment is made up of a private equity investment in Petrolia's share capital or, as the case may be, in the Bourque Project via a joint venture. This investment will be combined with the interest shown by our partner Tugliq Energy Corporation ("Tugliq Energy") in directly investing $2.7 million in the Bourque Project via a joint venture.
Work on the first phase of the resource confirmation program, namely completing Bourque 1 and conducting some additional drilling, is set to begin within the next few weeks. The program will allow Petrolia to alongside Tugliq Energy to carry out a liquid natural gas (LNG) extraction and liquefaction pilot project that will generate revenue for Petrolia.
This announcement is the first step in the Tugliq project to put in place an LNG distribution chain to replace the diesel used by Cote-Nord industries with natural gas. These industries will benefit economically and environmentally. The Bourque project will also generate jobs and significant economic spinoffs for the Gaspe region, set to be the starting port for LNG shipping routes.
Petrolia CEO Alexandre Gagnon said, "With this double investment of the Investissement Quebec partnership on Anticosti, I feel that we have the support of the Quebec government to go beyond exploration and start production of hydrocarbons that can finally be labeled Made in Quebec."
Tugliq's capital participation would make it a partner in both gas distribution and extraction.
"Thanks to the support of the Quebec government and Tugliq Energy, this work program will enable us to launch a gas delivery pilot project starting next year that could generate the first revenue for Petrolia. I'm very excited for our company and proud of our gas distribution partnership with Tugliq Energy," said Petrolia president and CEO Alexandre Gagnon.
These investments are subject to the standard conditions for such investments, particularly due diligence, the signing of applicable agreements, and the necessary approval from institutions including the TSX Venture Exchange. The price of securities to be purchased by Ressources Quebec will be negotiated. The terms and conditions of this agreement remain to be finalized and will comply with oil and gas industry standards. The $3.8 million investment from Ressources Quebec will keep its participation in Petrolia under the 20% share capital threshold.
About Petrolia
Petrolia is a junior oil and gas exploration company that owns interests in a 16,000 km2 (4 million acres), representing close to 23% of the land in Quebec under permit. A partnership with Anticosti Island led to the creation of Anticosti Hydrocarbons LP, in which Petrolia has a 21.7% stake. In order to streamline operations, Petrolia Anticosti Inc.-a subsidiary of Petrolia-was put in charge. Petrolia is a Quebec company that aims to produce 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 of 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 service 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 further information:
Alexandre Gagnon
President and Chief Executive Officer
418-657-1966
For interviews:
Jean-Francois Belleau
Director of Public and Government Affairs
418-657-1966
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Datum: 01.09.2015 - 13:30 Uhr
Sprache: Deutsch
News-ID 417300
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QUEBEC CITY, QUEBEC
Kategorie:
Oil & Gas
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