Petrolia Inc.-Anticosti: Injunction Application Filed
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 07/12/16 -- Petrolia Inc. (TSX VENTURE: PEA) announces that its subsidiaries Petrolia Anticosti (operator for the Anticosti Hydrocarbons limited partnership (AHLP)) and Investissements PEA Inc. (an AHLP partner) had no choice but to file an injunction application to require Ressources Quebec (Investissement Quebec) and Saint-Aubin E&P (Quebec) Inc. (a Maurel & Prom S.A. subsidiary) to fulfil their obligation toward AHLP.
According to the terms of the agreements signed in 2014, Petrolia Inc. and Corridor Resources Inc. have transferred all their exploration permits on the Anticosti Island to AHLP in exchange for an investment of up to 100 M $ from Ressources Quebec and Saint-Aubin to finance the exploration work program.
However, Ressources Quebec and Saint-Aubin have now neglected to fulfil their obligations and pay AHLP the amount they have committed to provide.
Considering the failure to adopt the budget that would allow Petrolia Anticosti to proceed with the work as per contractual agreements, Petrolia Anticosti and Investissements PEA Inc. have no choice but to seek the assistance of the courts in order to attempt to ensure that the work scheduled for summer 2016 will begin. The failure by Ressources Quebec and Saint-Aubin puts the oil and gas exploration program at risk. This, in turn, could result in numerous job losses.
Petrolia reminds that the exploration program currently underway on Anticosti Island is to identify and validate precisely the potential of Anticosti in hydrocarbon and particularly the nature and volume of resources. This program was undertaken at the initiative of the Government of Quebec and under the terms of a decree adopted by the latter.
The three wells authorized by the Ministry of Environment and that were planned to be carried out in the summer of 2016 will be drilled on 0.06 square kilometer of territory, roughly representing 0.00075 % of the total area of the Island of Anticosti.
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 92 420 195 shares issued and outstanding.
Disclaimer
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 disclaims any intention or 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:
Petrolia Inc.
Alexandre Gagnon
President and CEO
418-657-1966
Petrolia Inc.
Jean-Francois Belleau
Director of Public and Governmental Affairs
418-657-1966
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.07.2016 - 07:30 Uhr
Sprache: Deutsch
News-ID 1446459
Anzahl Zeichen: 1220
contact information:
Contact person:
Town:
QUEBEC CITY, QUEBEC
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 155 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Petrolia Inc.-Anticosti: Injunction Application Filed
"
steht unter der journalistisch-redaktionellen Verantwortung von
Petrolia Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
