RIMOUSKI, QUEBEC — (Marketwire) — 05/15/12 — Petrolia (TSX VENTURE: PEA) announces it just obtained from the Ministry of Natural Resources and Wildlife two new drilling permits in Gaspesia. The two wells target conventional prospects of the Bourque reef complex, which is located between the towns of Murdochville and Grande Vallee.
Well Bourque 1, which will reach the depth or 3 200 meters, will penetrate the reef structure in order to verify its oil potential. On the other hand, well Bourque 2, located 2 km from the previous well, will reach a depth of 2 850 m and aims to evaluate the oil potential of a Pinnacle type target. Both targets have been located on the basis of a 3D seismic survey.
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 55,056,698 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.
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Contacts:
Isabelle Proulx
Vice-President
Quebec City: (418) 657-1966
Andre Proulx
President
(418) 724-0112