RIMOUSKI, QUEBEC — (Marketwire) — 09/21/11 — Petrolia (TSX VENTURE: PEA) has announced that it will soon begin field work for the preliminary evaluation prior to putting the Haldimand deposit into production. With this goal it obtained the well modification and completion licences required to carry out the preparatory work for developing the Haldimand No. 1 and Tar Point wells, from the Quebec Ministry of Natural Resources and Wildlife on September 19, 2011. This work will be performed as soon as a service rig is identified.
Petrolia also noted that it has submitted an application for a drilling licence for a new well in the Haldimand territory.
Petrolia is currently completing geological analyses of the deposit, based on which it will establish the deposit–s reserves and prepare the technical and economic viability studies, in order to apply for a production lease.
The president of Petrolia is also very pleased that Petrolia–s securities have been listed among the companies on the S&P/TSX Venture 30 Index as of August 19. 2011. Mr. Proulx commented that this index is based on the value of the companies– market capitalization and allows the performance of companies listed on the TSX Venture Exchange to be measured. This demonstrates how much attention Petrolia is attracting on the markets, he concluded.
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 15,000 km2 (2.7 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 million shares issued and outstanding. Petrolia–s securities are included in the S&P/TSX Venture 30 Index.
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