Click here to close now.

SYS-CON MEDIA Authors: Dana Gardner, Elizabeth White, Liz McMillan, AppDynamics Blog, Pat Romanski

News Feed Item

Petrolia Announces the Closing of the Anticosti Transaction

QUEBEC CITY, QUEBEC -- (Marketwired) -- 04/01/14 -- Petrolia (TSX VENTURE: PEA) announces that it has closed the Anticosti transaction originally disclosed on February 13, 2014. The closing of this transaction has resulted in the creation of a limited partnership that will own and operate the interests on Anticosti Island that were previously held by Petrolia and Corridor Resources Inc. The following is a list of the limited partners and their ownership percentages:


  ------------------------------------------------------------------------
  ------------------------------------------------------------------------
                Partners                    Percentage Participation
  ------------------------------------------------------------------------
  ------------------------------------------------------------------------
  Ressources Quebec                                   35 %
  ------------------------------------------------------------------------
  Petrolia Inc.                                      21.7 %
  ------------------------------------------------------------------------
  Corridor Resources Inc.                            21.7 %
  ------------------------------------------------------------------------
  Saint-Aubin E&P (Quebec) Inc.                      21.7 %
  ------------------------------------------------------------------------

The board of directors of the general partnership is composed of one member appointed by each partner. The limited partners shall also choose an independent director in the next few weeks. Mr. Myron Tetreault will be the director appointed by Petrolia.

The board of directors has established an Operations Committee to supervise ongoing work of the Partnership, which committee will be chaired by Mr. Alexandre Gagnon, Executive Vice-President of Petrolia, as well as an advisory Technical Committee which will be chaired by Mr. Gildas Collin, Petrolia's Chief Operating Officer. The partnership has also established a Health, Safety and Environmental Committee and a Local Acceptability Committee. These committees are composed of an equal number of representatives from each partner.

Details of the transaction

For the purposes of the transaction, the value of the exploration permits has been determined to be $100 million. Ressources Quebec and St-Aubin E&P have undertaken to finance up to $100 million of exploration work, divided into two investment phases. Ressources Quebec has undertaken to invest up to $56.67 million in exchange for a 28.3% interest and St-Aubin E&P has undertaken to invest up to $43.33 million for a 21.7% interest. In order to ensure identical participation by the three public companies and a 35% participation by Ressources Quebec, Petrolia and Ressources Quebec have paid $1.9 million and $13.3 million, respectively, to Corridor Resources. Following these transactions the parties have the following interests in the Partnership: Ressources Quebec 35 %, Petrolia 21.7%, St-Aubin E&P 21.7% and Corridor Resources Inc. (CDH-TO) 21.7%.

Next Steps

The first phase of the exploration program shall begin this summer and continue for the next two years. It will initially include 15 to 18 stratigraphic survey wells, aimed at increasing understanding of the local geology. These coreholes will help identify the best locations for the three horizontal petroleum wells to be drilled in the second phase of the program, for an estimated cost of $55 million up to a maximum of $60 million.

The financial advisors for Petrolia and Corridor in this transaction were National Bank Financial. Petrolia's legal advisors were Davies, Ward, Phillips & Vineberg LLP., Colby, Monet, Demers, Delage & Crevier LLP. and ParleeMcLaws LLP. The transaction is subject to the final approval of the TSX Venture Exchange.

A Significant Advance

According to Myron Tetreault, President and CEO of Petrolia: "We are tremendously pleased to announce the completion of this transaction, which is an important step forward for our company, for the industry and for the Province of Quebec."

"The Quebec petroleum industry has been dormant for a while and the closing of this transaction represents the impetus that our sector needs to restart on a solid footing," stated Mr. Alexandre Gagnon, Executive Vice-President.

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 about 22% of the Quebec territory under lease. Petrolia is a Quebec company which ensures that development respects local communities and Quebec values. Petrolia has 70,667,372 shares issued and outstanding.

About Corridor

Corridor is an Eastern Canadian junior resource company specializing in oil and gas exploration and development onshore in New Brunswick, P.E.I. and Quebec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick and, in 2008, it discovered oil reserves in the Caledonia Field near Sussex, New Brunswick. In addition, Corridor has contingent and confirmed shale gas resources in Elgin, New Brunswick.

About Ressources Quebec

As a subsidiary of Investissement Quebec, Ressources Quebec is the gateway for companies seeking to invest in the mining and oil and gas industries. Ressources Quebec supports resource companies at every stage of their projects, from exploration and development through to processing. It offers a full range of financial products, including investments in equity, debentures and various types of loans.

About St-Aubin E&P

Saint-Aubin E&P (Quebec) Inc., a wholly-owned subsidiary of Saint-Aubin Energie SAS, is a corporation jointly founded by Maurel & Prom and MPI in 2013 in order to diversify the assets of the two founding companies. The head office of Etablissements Maurel & Prom and MPI is located in Paris. The two companies have a combined market capitalization of approximately EUR1.8 billion. They are active in the field of onshore and offshore oil and gas production in 10 countries on four continents. Their management teams are comprised of professionals with strong track records in the oil and gas industry.

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 of statements made by Petrolia. Actual events or results could be significantly different. Accordingly, the decision to invest in shares of Petrolia should at no time be based on such 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enter...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
T-Mobile has been transforming the wireless industry with its “Uncarrier” initiatives. Today as T-Mobile’s IT organization works to transform itself in a like manner, technical foundations built over the last couple of years are now key to their drive for more Agile delivery practices. In his session at DevOps Summit, Martin Krienke, Sr Development Manager at T-Mobile, will discuss where they started their Continuous Delivery journey, where they are today, and where they are going in an effort ...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers ...