|By Marketwired .||
|May 26, 2014 09:38 AM EDT||
QUEBEC CITY, QUEBEC -- (Marketwired) -- 05/26/14 -- Petrolia (TSX VENTURE:PEA) is pleased to announce the findings of the hydrogeological characterization study on the Haldimand sector conducted by the Institut national de la recherche scientifique - Centre Eau Terre Environnement (INRS-ETE). The purpose of the study was to have independent experts examine the risk of groundwater quality degradation linked to oil and gas exploration and extraction. The study showed that Petrolia's activities at Haldimand have had no impact on the quality of water samples in the area, and confirmed that the risk of drinking water contamination is low and can be mitigated by the use of standard measures. The study also showed that the proposed drilling of the Haldimand 4 well already meets the requirements set out in the draft Regulation respecting water usage and protection released by the Ministere du Developpement durable, de l'Environnement et de la Lutte contre les changements climatiques on May 15, 2013.
Petrolia has already introduced a number of measures to mitigate the environmental risk. The company installed observation wells in the bedrock aquifer to carefully monitor the condition of the groundwater layer and also installed a watertight membrane under the drilling site at Haldimand 4 to limit the risk of liquid escaping to the surface. The well casings are the best way to limit the environmental risks, and the process for verifying the integrity of the cement holding them in place is subject to strict quality controls by our technical team and government authorities. In keeping with its safety and environmental commitments, Petrolia will also ensure careful management of its drilling fluid transport, transfer, and storage operations. A toxicological study commissioned by Petrolia and released in February 2013, on products that will be used in the drilling fluids at Haldimand 4 showed that none of the products presented a toxicity risk. The study is available online at www.petrolia-inc.com.
Alexandre Gagnon, executive vice president of Petrolia, stated that "The proposed Haldimand 4 well is a conventional well for the extraction conventional oil, performed with standard equipment and without hydraulic fracking." The objective of the work is to show the commercial potential of oil and gas resources from the Haldimand deposit. Sproule and Associates has estimated the amount of potentially recoverable oil at 7.7 million barrels. This project alone could represent $800 million in revenue, which would produce numerous economic spinoffs for the Gaspe region, and create high quality jobs. The project could also generate nearly $200 million in royalties for the Quebec government.
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 Hydrocarbons Anticosti LP, 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 74,667,372 shares issued and outstanding.
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.