Gaspe: Petrolia and Quebenergie Buy All of Junex's Interests in Haldimand
(firmenpresse) - RIMOUSKI, QUEBEC -- (Marketwire) -- 12/20/11 -- Petrolia (TSX VENTURE: PEA) is very pleased to announce that, together with its partner Quebenergie, it has purchased all of the interests held by Junex in the Haldimand deposit, located in Gaspe. With this transaction Petrolia and Quebenergie have now possess 100% ownership of the deposit, whose recoverable contingent oil resources are estimated at 7.7 million barrels over an area of 9 km2. This assessment, prepared in accordance with the 51-101 directive, also indicates that the structure extends beyond the limits of the area covered by the resource estimate. In view of Haldimand's potential, Petrolia and Quebenergie are very satisfied with the outcome of the negotiation.
Petrolia and Quebenergie paid $3.1 million to acquire the 36% interest in the deposit previously held by Junex. The agreement releases Junex from the production penalties to which it was exposed by its failure to participate in recent work on the properties.
As a result of this transaction Petrolia and Quebenergie now own equal shares in the deposit and the surrounding properties. This agreement is in line with Petrolia's policy of holding at least a 50% interest in the leases where it works and in the projects that it is developing.
Petrolia and Quebenergie expect to drill a third well on this deposit as the suitable drilling equipment will be available. The horizontal drilling to be undertaken is designed to intersect a system of natural fractures. This next well could support an application for a production lease.
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
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 20.12.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 98855
Anzahl Zeichen: 0
contact information:
Town:
RIMOUSKI, QUEBEC
Kategorie:
Oil & Gas
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