QUEBEC CITY, QUEBEC — (Marketwire) — 02/21/12 — Petrolia Inc. (TSX VENTURE: PEA) is pleased to reveal the results of a petrophysical study done by Schlumberger Canada Ltd. which shows that the Anticosti Macasty can be compared advantageously with the Utica shale in Ohio. The rock parameters of both formations are very similar, including with respect to thickness, total organic carbon (TOC), clay content and hydrocarbon saturation. The porosity of the Macasty shale in the Petrolia Chaloupe well averages 4 to 6 percent, which compares favorably to the Ohio shales with an average of 3 to 5 percent. This factor, together with the permeability analysis carried out earlier, is a positive indicator of the potential for oil and gas production of the Macasty shale.
The study compares the petrophysical properties of the Utica shale in the Ohio Geological Survey CO2 No. 1 well with those of the Macasty shale (a lateral equivalent of the Utica shales) in the Petrolia/Corridor Chaloupe No. 1 well on Anticosti Island, Quebec.
Three Chesapeake horizontal wells located between 65 and 80 km northeast of the OGS CO2 No. 1 have tested between 3.1 and 9.5 MMscf/d of gas and between 980 and 1425 b/d of petroleum liquids (Chesapeake Press Release, September 28, 2011). Corridor and Petrolia control more than 1.5 million acres of prospective Macasty lands on Anticosti Island.
Comparison of Petrophysical Properties of the Macasty and the Utica
Dr. Tom Martel, Chief Geologist for Corridor Resources, is making a presentation about this subject entitled “A Comparison of Two Utica Shales: Eastern Ohio Versus Anticosti, Quebec” at the Houston NAPE International Forum on Wednesday, February 22 at 3:00 PM.
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 54.8 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