RIMOUSKI, QUEBEC — (Marketwired) — 05/01/13 — Petrolia (TSX VENTURE: PEA) confirmed that the parties have an agreement in principle to publically release the terms and conditions of the consideration Hydro-Quebec received for transferring the rights and interests it held on Anticosti Island to Petrolia. The details will be unveiled on or around September 1, 2013.
Petrolia CEO Andre Proulx said that he was very pleased about the agreement in principle, particularly as it fulfills a wish that has been expressed many times in the past. Andre Proulx also indicated that the information covered by the agreement “could be disclosed earlier if business conditions permit.”
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 67 682 300 shares issued and outstanding.
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
VP, Business Development
(418) 657-1966
Andre Proulx
President
(418) 724-0112