Petrolia Receives License to Drill in Haldimand
(firmenpresse) - RIMOUSKI, QUEBEC -- (Marketwire) -- 12/13/11 -- Petrolia (TSX VENTURE: PEA) is pleased to confirm that the Government of Quebec has granted the company a license to drill a third well at the Haldimand oilfield. Drilling at the well site should begin as the suitable equipment will be available. This will be a horizontal well, located over an area of 9 km2, with recoverable resources estimated at nearly eight million barrels.
The horizontal trajectory of the well has been designed to intercept a network of natural fractures in the reservoir. These fractures, identified through the intensive work of Petrolia and Quebenergie in recent months, explain the production levels at the Haldimand No.1 well. According to Petrolia's President, "with this advanced level of knowledge about the reservoir we can now anticipate commercial oil production that could justify the submission of an application for a production lease."
The well will target the sandstones of the York River Formation and it will not require any stimulation operations. The well is, therefore, not subject to the constraints stemming from the Strategic Environmental Assessment (SEA) program launched by the Quebec government last spring. The granting of this drilling license also confirms that no moratorium exists on conventional oil projects in Quebec.
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km2 (3.5 million acres), which represents about 17% of the Quebec territory under lease. The leases, the majority of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 53.8 million 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 o 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:
Isabelle Proulx
Vice-President
Quebec City: (418) 657-1966
Andre Proulx
President
(418) 724-0112
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Datum: 13.12.2011 - 14:51 Uhr
Sprache: Deutsch
News-ID 96469
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contact information:
Town:
RIMOUSKI, QUEBEC
Kategorie:
Oil & Gas
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