Welcome!

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.

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

Andre Proulx
President
(418) 724-0112
[email protected]
www.petroliagaz.com

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
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...