|By Marketwired .||
|January 30, 2013 07:30 AM EST||
RIMOUSKI, QUEBEC -- (Marketwire) -- 01/30/13 -- Petrolia (TSX VENTURE:PEA) confirms that results of analyses on well Bourque 1, drilled in summer 2012, reveal the presence of a reservoir containing important quantities of hydrocarbons, some of which is oil. This result justifies the mandate given by Petrolia to an independent expert, Sproule Associates, to evaluate the hydrocarbon volume initially in place in this reservoir. Located in the Forillon Formation, it is characterised by the presence of numerous vugs which can reach large sizes, up to several tenths of centimeters and which are associated with open fracture zones.
The analysis of an imaging log (FMI) by Schlumberger Canada confirms the presence of a reservoir of good capacity. The analysis demonstrates that the Bourque 1 well penetrated numerous zones where this type of (vuggy) porosity develops, between the depths of 1465 m and 1820 m (355 meters interval).
This result adds to those obtained during drilling, when two tests carried out on part of this interval have demonstrated the presence of hydrocarbons, including oil. One of these tests (at the top of the interval) recovered very light oil (53 degrees API) whereas the second one (in the centre of the interval) yielded an initial flow of 1.4 million cubic feet per day of wet gas (see October 31, 2012 press release).
Vuggy porosity cannot be detected during analysis of the drill cuttings (one to two millimeters in diameter) because of the large size of the vugs (up to several tenths of centimeters). In carbonates, this porosity is often associated with weathered zones located close to main faults, such as the North-West Arm fault which transects the Bourque structure.
The regional context suggests that weathered zones containing this type of reservoir could be present along the North-West Arm fault, which extends over more than 60 km length. Acreage located along this fault thus becomes an interesting target in the search for hydrocarbons.
Considering these results, Petrolia has chosen to develop a production test program in order to properly evaluate the porous interval discovered in the Bourque 1 well. Production tests are also planned in the deeper section of the Bourque 1 well, as well as in the Bourque 2 well.
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 67 682 300 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 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.
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