Petrolia Inc.: Update on Haldimand 4
(firmenpresse) - QUEBEC CITY, QUEBEC -- (Marketwired) -- 09/02/16 -- Petrolia inc. (TSX VENTURE: PEA) has confirmed the existence of a functional oil reservoir comprised of natural fractures on the Haldimand property. In fact, the production test on Haldimand 4 allowed the natural production, without artificial aid, of high quality oil (API 53). During this test, which started May 18th and which included periods of production and stoppage, the well produced nearly 1200 barrels of light oil without a pump.
This test also allowed the collection of important data on the permeability and porosity of the formation. In fact, following this test, it was noted that the formation is not very permeable and that it is in fact a system of mixed porosity.
Thus, in order to improve the productivity of the formation, Petrolia and its partner Quebenergie are working on developing a stimulation program that would allow for optimal production of the Haldimand reservoir. This program will be presented to the Gaspe citizens'' committee as well as representatives from the municipality.
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licences 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:
For more information:
Martin Belanger
President and CEO
418 657-1966
For information:
Jean-Francois Belleau
Director of Public and Governmental Affairs
418 657-1966
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Datum: 02.09.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 1455856
Anzahl Zeichen: 11197
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QUEBEC CITY, QUEBEC
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Oil & Gas
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