RIMOUSKI, QUEBEC — (Marketwire) — 06/06/12 — Petrolia (TSX VENTURE: PEA) and Quebenergie confirm that they have received the well permit from the Ministere des Ressources naturelles et de la Faune to drill the Haldimand No. 4 well in Gaspe. This well is designed to demonstrate that the petroleum resources of the Haldimand deposit, which have been estimated at 7.7 million barrels, can support an economic production operation. On completion of this well, Petrolia and Quebenergie intend to estimate the reserves and to initiate production as quickly as possible, in line with their joint objective. Under the partnership agreement, Quebenergie will be responsible for the majority of the costs.
The Haldimand No. 4 well is expected to reach a final depth of 1,085 metres. Below 500 metres it will be progressively deviated to achieve a near-horizontal trajectory. The total length of the well will be 2,650 metres. The location and direction of the well, its total length, and the type of completion have been selected in order to:
The 2012 summer drilling campaign in Gaspe will begin with the drilling of the Bourque No. 1 and No. 2 wells, and ends with the drilling of Haldimand No. 4. These activities should begin around mid-July and will not involve hydraulic fracturation.
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 66 148 250 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.
Contacts:
Isabelle Proulx
Vice-President
Quebec City: (418) 657-1966
Andre Proulx
President
(418) 724-0112