Petrolia Inc.: Another Step Towards Drilling for Bourque
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 08/13/15 -- Petrolia (TSX VENTURE: PEA) announced that it has submitted a request to the Ministere de l''Energie et des Ressources naturelles for a drilling permit on its Bourque project. As a result of the combination of seismic and drilling data obtained in 2012 (), the resource confirmation program, including drilling, is now ready to be implemented. A permit application has therefore been submitted for this new program.
Some work on the existing Bourque 1 well is planned in this program, including: a reentry by means of a 1,800 m directional well in the production zone located at the top of Forillon formation in Bourque 1, the installation of equipment to initiate production (completion of the well), and 2 to 3 weeks of production tests in two Forillon zones. The Company also plans to drill Bourque 3 to extend the prospective zone with a 1,400 m directional well to be drilled in the productive zone of the Forillon formation, in the anticline located southwest of Bourque 1.
"This confirmation program, as well as our partnership with Tugliq Energy to distribute and market the gas produced from Bourque, will enable us to launch a gas delivery pilot project which could generate Petrolia''s first revenues as soon as next year. I am very pleased for our company and proud of our partnership with Tugliq Energy" declared Petrolia CEO Alexandre Gagnon.
"Today, we are taking another step toward implementing a project that will create jobs in Gaspesie by supplying Quebec companies with gas from here", commented Tugliq CEO Pierre Rivard. "With the help of Petrolia and as we have done with our wind turbine in northern Quebec, we will replace the diesel widely used in Cote-Nord with a cleaner and more environmentally-friendly energy source. Cote-Nord industries will reduce the GHG emissions and, at the same time, consolidate the jobs of their employees since our solution will help them reduce their production costs".
Petrolia and Tugliq are hereby continuing to implement the desire expressed in the 2015-2016 Quebec Budget to complete the assessment of the oil and gas potential of Gaspesie, thanks to the support of municipalities and of the economic community across Gaspesie and Cote-Nord. The Bourque project, located near Murdochville in Gaspesie, holds a potential estimated by Sproule at a volume of more than 1 Tcf (one trillion cubic feet) of wet natural gas initially-in-place ().
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km2 (4 million acres), which represents almost 23% of the Quebec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Petrolia holds a 21.7% interest. In order to carry out the project''s operations, Petrolia Anticosti Inc., a subsidiary of Petrolia, was designated project operator. Petrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Petrolia has 80 345 195 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 or 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:
Alexandre Gagnon
President and Chief Executive Officer
418-657-1966
Jean-Francois Belleau
Director of Public and Governmental Affairs
418-657-1966
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Datum: 13.08.2015 - 06:30 Uhr
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News-ID 1378865
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