|By Marketwired .||
|March 7, 2014 11:15 AM EST||
QUEBEC CITY, QUEBEC -- (Marketwired) -- 03/07/14 -- Petrolia (TSX VENTURE:PEA) is disappointed with the decision of the City of Gaspe to appeal the court decision relating to the validity of its municipal by-law.
Since last November, Petrolia has worked with the Mayor of Gaspe in a joint effort to avoid having to rely on the courts. This included a deferral of the hearings that were originally scheduled for November to allow the Government of Quebec to proceed with the adoption of a Regulation relating to the protection of water. Unfortunately, the Government of Quebec did not respond to this joint request from Petrolia and the City of Gaspe. We believed that the adoption of this regulation by the Government of Quebec would render the municipal regulation null and void. Petrolia even offered several times to enter into an agreement with the City of Gaspe what would allow the harmonious development of the petroleum industry within its territory.
Petrolia shares the objective of the City of Gaspe to protect its drinking water while allowing the development of the oil industry in Gaspe, in a manner that respects its citizens and the environment. We are convinced that we have demonstrated our good faith in working with the City to accomplish this.
For Petrolia, the next step in Gaspesie is the drilling of the Haldimand 4 well. Despite the fact that hydrogeological experts confirmed that the City's drinking water could not be affected by this well, we agreed to wait for the hydrogeological report commissioned by the Government of Quebec. We have also confirmed, on many occasions, that this well does not involve hydraulic fracking. Haldimand 4 is a conventional horizontal well in which none of the substances used will present any issues of toxicity (toxicity study, press release dated February 26, 2013). As well, Petrolia highlights that the distance between this well and the closest water well is greater than that required by the most stringent regulations in North America, including the draft regulation proposed by the Government of Quebec.
The Canadian petroleum industry is amongst the most advanced in the world. In 2013, approximately 11,000 wells were drilled in Canada, of which over 90% were horizontal or directional wells. It is unfortunate that one conventional drilling project has attracted so much attention. The decision is particularly disappointing, given the fact that the City of Gaspe would have received the answers to all of its questions relating to drinking water with the issuance of the hydrogeological study in March.
At the time of issuance of this release, Petrolia is examining all of its available options.
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 that ensures its developments are done with respect for the communities in which it operates and in accordance with Quebec values, notably in regards to the protection of the environment. Petrolia has 70 667 372 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.
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