RIMOUSKI, QUEBEC — (Marketwired) — 04/10/13 — Petrolia (TSX VENTURE: PEA) is pleased to disclose the results of a resource evaluation carried out by Sproule Associates Limited (Sproule) which estimates more than 1 Tcf (one thousand billion cubic feet) the volume initially-in-place of wet natural gas of four prospects within the Bourque project. This project is located in forested Crown land, where Petrolia drilled two wells in 2012. This independent evaluation, was carried out at Petrolia–s request, for the purpose of evaluating the Company–s resource volumes according to the Canadian Oil and Gas Evaluation Handbook (COGEH) reserve and resource definitions that are consistent with the standards of National Instrument 51-101.
During drilling and testing operations, wet natural gas and traces of light oil have been recovered. This wet natural gas is rich in liquid petroleum gases (propane and butane), condensate (pentane, hexane, etc.). Log evaluation indicates the presence of a reservoir with vuggy type porosity associated with open fracture networks (30 January 2013 press release). Analyses of the tests show a conventional low permeability carbonate reservoir (tight gas carbonate reservoir). Carbonates of the Forillon Formation, which extend over large areas, and located close to major faults, such as the North West Arm Fault, constitute for Petrolia a promising exploration play in the Gaspe Peninsula.
To carry out its estimation, Sproule conducted an analysis of the petrophysical properties measured in both wells, and reviewed the interpretation of Petrolia–s 3D seismic data. Sproule also generated various 3D seismic attribute volumes in order to identify possible zones of hydrothermal alteration “prospective” for porosity development. The territory between wells Bourque 1 and Bourque 2 has not, for the time being, been considered in the resource estimate carried out by Sproule.
Resources of four prospects in the low permeability carbonates of the Forillon Formation have been evaluated. Results for each of these prospects are shown in the following table. The report indicates that the data do not allow an estimation of the liquid hydrocarbon volumes (condensate and light oil) whose commercial value is higher than that of dry gas.
Petrolia is presently in the process of preparing a production test program for these two wells, based on Sproule–s recommendations. The objective of these production tests will be to quantify the production characteristics of the Forillon Formation and better delineate the in-place resources and potential recoverable volumes.
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 68 002 800 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.
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Contacts:
Isabelle Proulx
VP, Business Development
Quebec City: (418) 657-1966
Andre Proulx
President
(418) 724-0112