News Feed Item

Petrolia: Status of Exploration Activities Underway in the Gaspe Peninsula and on Anticosti Island

RIMOUSKI, QUEBEC -- (Marketwire) -- 09/24/12 -- Petrolia (TSX VENTURE:PEA) would like to issue a progress report on its activities currently underway in the Gaspe Pensinsula and on Anticosti Island.

Gaspe Peninsula - Bourque No. 1

Drilling of the Bourque No. 1 well, located halfway between Murdochville and Grande-Vallee, has been underway since late July. To date, the well has reached a depth of over 2,400 meters and is approaching the West Point Formation, where two separate targets are scheduled for assessment. In all, the well will reach a total estimated vertical depth of 3,200 meters.

In the formations underlying the objective, the test well revealed numerous hydrocarbon shows that justified a number of further short term production tests. These tests are currently being evaluated to determine the size of these zones in terms of exploration. Findings have already shown that the petroleum system is operational in this part of the Gaspe Peninsula.

Drilling of the Bourque No. 1 well is slightly behind our initial schedule. This delay is due to the hardness of rocks encountered and the many tests carried out on the formations underlying the objective, given the significant shows found there. Petrolia intends to take core samples for more detailed analysis, particularly at the level of the Forillon Formation when drilling the Bourque No. 2 well.

Gaspe Peninsula - Bourque No. 2

The platform for the next well is currently being finalized. Site preparation work will be carried out next week. The site will be ready for the drilling rig as soon as the Bourque No. 1 well is complete.

Gaspe Peninsula - Haldimand No. 4

Site preparation work has begun. The site has been cleared and we will proceed with the next site preparation steps starting next week. This third well is being drilled on the Haldimand structure in order to intercept, at an optimal angle, a network of natural fractures identified in the course of previous Petrolia and Quebenergie operations. Drilling is slated to begin in mid-January 2013.

In addition, work by INRS and Technorem to survey the groundwater system of the Haldimand Peninsula is proceeding as scheduled. This study is a first in eastern Quebec. Exploration activities are an opportunity to obtain scientific information on the regions targeted and Petrolia is proud to take part in them.

Anticosti - Stratigraphic tests

Petrolia and its partner Corridor Resources (CDH-TSX) have successfully completed the first stratigraphic corehole in the western sector of Anticosti Island at the Princeton Lake location. The corehole intersected 100 m of Macasty Formation, from a 850-meter depth. Core samples taken from the Macasty Formation were sent to Weatherford labs in Texas and TerraTeck labs in Calgary for testing. The purpose of the tests is to determine the main petrophysical and rock parameters of the Macasty Formation and compare them to both the Macasty Formation parameters in the Chaloupe area located on the eastern side of Anticosti Island, as well as the Utica Formation parameters in Ohio.

Equipment has been moved to the HighCliff site further east of the previous site to take core samples. This second corehole is underway and should be completed by late October.

Moreover, Petrolia has announced that it signed an agreement with INRS to carry out a groundwater study on Anticosti Island. The study will be similar to that conducted earlier in the Gaspe Pensinsula and is meant to enhance knowledge of groundwater. In all, 14 water wells will be drilled this fall as part of the study.

Andre Proulx is pleased to note that Petrolia is actively pursuing its exploration operations in Quebec and will continue to focus its efforts on finding oil.

About Petrolia

Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km2 (3.5 million acres), which represents about 17% of the Quebec territory under lease. The leases, the majority of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 66 585 750 shares issued and outstanding.

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 o 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.

Isabelle Proulx
VP, Business Development
Quebec City: (418) 657-1966
[email protected]

Andre Proulx
(418) 724-0112
[email protected]

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
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.