RIMOUSKI, QUEBEC and PARIS, FRANCE — (Marketwired) — 07/19/13 — Petrolia (TSX VENTURE: PEA), along with Maurel & Prom (MAU-FR0000051070) and MPI (MPI – FR0011120914), are pleased to announce that they have signed a 50/50 partnership agreement for developing 13 oil and gas exploration licenses totaling 1,892 km2 owned by Gastem in the Gaspe Peninsula, Quebec.
For the purposes of the partnership, Maurel & Prom and MPI used the Saint-Aubin Energie S.A.S. corporation, a joint investment vehicle, of which 1/3 is held by Maurel & Prom and 2/3 by MPI. This acquisition boosts Petrolia–s interests in Quebec to nearly 16,000 km2.
The partners are also continuing their discussions on extending their collaboration to other areas in Quebec where Petrolia holds interests. Exploration will target unconventional reservoirs as well as traditional deposits.
Over the next few months, technical teams from Petrolia and Maurel & Prom will focus their efforts on developing a new exploration program to cover the acquired licenses over an area of 1,892 km2 in the Gaspe.
They will pool their technical exploration and production expertise, and Petrolia will initially be responsible for carrying out the work.
About Saint-Aubin Energie
Saint-Aubin Energie is a corporation jointly founded by Maurel & Prom and MPI in 2013 in order to diversify the assets of the two founding companies. The head office of Etablissements Maurel & Prom and MPI are in Paris. The two companies have a combined market capitalization of EUR1.8 billion. They are active in the field of onshore and offshore oil and gas production in 10 countries on four continents. Their management teams are comprised of professionals with strong track records in the oil and gas industry.
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 about 19% 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 71% of the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 69 431 372 shares issued and outstanding and has a working capital of $ 4,000,000.
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:
Isabelle Proulx
VP, Business Development
Québec City: (418) 657-1966
Andre Proulx
President
(418) 724-0112