Petrolia Inc.:The Honourable Judge Castonguay Recognizes the Blockage
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 07/25/16 -- Petrolia Inc. (TSX VENTURE: PEA) as well as its subsidiaries, Petrolia Anticosti (operator for the Anticosti Hydrocarbons limited partnership (AHLP)) and Investissements PEA Inc. (an AHLP partner) wish to comment on the judgment rendered by the Honourable Judge Castonguay in the action filed to force its partners Ressources Quebec and Saint-Aubin E&P (Quebec) Inc. (Saint- Aubin) to fulfil their contractual commitments.
First, Petrolia notes with satisfaction that the Honourable Judge Castonguay has acknowledged the clear obligation of Ressources Quebec and Saint-Aubin to finance the exploration program and has made orders to that effect.
The judgment recognizes to that effect that the financial needs of the operator and orders, more specifically, that Ressources Quebec and Saint-Aubin provides monthly for the administrative and current expenses of Petrolia Anticosti until May 2017.
In addition to these orders, the Court has also taken note of the commitment of Ressources Quebec and Saint-Aubin to finance, starting now, the construction of the drilling platforms.
Finally, the judgement orders the partners to proceed with the appointment of an independent director within the next 30 days.
Given the preliminary state of the process, the Honourable Judge Castonguay has moreover decided not to rule at this stage on the applications concerning the completion of the three wells planned for 2016.
Despite the unfavourable declarations made by the Premier of Quebec about the Anticosti project, Petrolia and its subsidiaries have done everything in their power to complete the work planned and to honour contractual commitments. Before seeking court orders, Petrolia made many attempts to seek compromises and accommodations with other partners to complete the drilling work planned for 2016.
In light of the above, Petrolia is reviewing all of its options for the appropriate next steps.
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 97 049 881 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:
Alexandre Gagnon
President and CEO
418-657-1966
Jean-Francois Belleau
Director of Public and Governmental Affairs
418-657-1966
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Datum: 25.07.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 1448649
Anzahl Zeichen: 3400
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