Welcome!

News Feed Item

Petrolia Announces the Closing of the Anticosti Transaction

QUEBEC CITY, QUEBEC -- (Marketwired) -- 04/01/14 -- Petrolia (TSX VENTURE:PEA) announces that it has closed the Anticosti transaction originally disclosed on February 13, 2014. The closing of this transaction has resulted in the creation of a limited partnership that will own and operate the interests on Anticosti Island that were previously held by Petrolia and Corridor Resources Inc. The following is a list of the limited partners and their ownership percentages:


  ------------------------------------------------------------------------
  ------------------------------------------------------------------------
                Partners                    Percentage Participation      
  ------------------------------------------------------------------------
  ------------------------------------------------------------------------
  Ressources Quebec                                   35 %                
  ------------------------------------------------------------------------
  Petrolia Inc.                                      21.7 %               
  ------------------------------------------------------------------------
  Corridor Resources Inc.                            21.7 %               
  ------------------------------------------------------------------------
  Saint-Aubin E&P (Quebec) Inc.                      21.7 %               
  ------------------------------------------------------------------------

The board of directors of the general partnership is composed of one member appointed by each partner. The limited partners shall also choose an independent director in the next few weeks. Mr. Myron Tetreault will be the director appointed by Petrolia.

The board of directors has established an Operations Committee to supervise ongoing work of the Partnership, which committee will be chaired by Mr. Alexandre Gagnon, Executive Vice-President of Petrolia, as well as an advisory Technical Committee which will be chaired by Mr. Gildas Collin, Petrolia's Chief Operating Officer. The partnership has also established a Health, Safety and Environmental Committee and a Local Acceptability Committee. These committees are composed of an equal number of representatives from each partner.

Details of the transaction

For the purposes of the transaction, the value of the exploration permits has been determined to be $100 million. Ressources Quebec and St-Aubin E&P have undertaken to finance up to $100 million of exploration work, divided into two investment phases. Ressources Quebec has undertaken to invest up to $56.67 million in exchange for a 28.3% interest and St-Aubin E&P has undertaken to invest up to $43.33 million for a 21.7% interest. In order to ensure identical participation by the three public companies and a 35% participation by Ressources Quebec, Petrolia and Ressources Quebec have paid $1.9 million and $13.3 million, respectively, to Corridor Resources. Following these transactions the parties have the following interests in the Partnership: Ressources Quebec 35 %, Petrolia 21.7%, St-Aubin E&P 21.7% and Corridor Resources Inc. (CDH-TO) 21.7%.

Next Steps

The first phase of the exploration program shall begin this summer and continue for the next two years. It will initially include 15 to 18 stratigraphic survey wells, aimed at increasing understanding of the local geology. These coreholes will help identify the best locations for the three horizontal petroleum wells to be drilled in the second phase of the program, for an estimated cost of $55 million up to a maximum of $60 million.

The financial advisors for Petrolia and Corridor in this transaction were National Bank Financial. Petrolia's legal advisors were Davies, Ward, Phillips & Vineberg LLP., Colby, Monet, Demers, Delage & Crevier LLP. and ParleeMcLaws LLP. The transaction is subject to the final approval of the TSX Venture Exchange.

A Significant Advance

According to Myron Tetreault, President and CEO of Petrolia: "We are tremendously pleased to announce the completion of this transaction, which is an important step forward for our company, for the industry and for the Province of Quebec."

"The Quebec petroleum industry has been dormant for a while and the closing of this transaction represents the impetus that our sector needs to restart on a solid footing," stated Mr. Alexandre Gagnon, Executive Vice-President.

About Petrolia

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 which ensures that development respects local communities and Quebec values. Petrolia has 70,667,372 shares issued and outstanding.

About Corridor

Corridor is an Eastern Canadian junior resource company specializing in oil and gas exploration and development onshore in New Brunswick, P.E.I. and Quebec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick and, in 2008, it discovered oil reserves in the Caledonia Field near Sussex, New Brunswick. In addition, Corridor has contingent and confirmed shale gas resources in Elgin, New Brunswick.

About Ressources Quebec

As a subsidiary of Investissement Quebec, Ressources Quebec is the gateway for companies seeking to invest in the mining and oil and gas industries. Ressources Quebec supports resource companies at every stage of their projects, from exploration and development through to processing. It offers a full range of financial products, including investments in equity, debentures and various types of loans.

About St-Aubin E&P

Saint-Aubin E&P (Quebec) Inc., a wholly-owned subsidiary of Saint-Aubin Energie SAS, is a corporation jointly founded by Maurel & Prom and MPI in 2013 in order to diversify the assets of the two founding companies. The head office of Etablissements Maurel & Prom and MPI is located in Paris. The two companies have a combined market capitalization of approximately EUR1.8 billion. They are active in the field of onshore and offshore oil and gas production in 10 countries on four continents. Their management teams are comprised of professionals with strong track records in the oil and gas industry.

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 of statements made by Petrolia. Actual events or results could be significantly different. Accordingly, the decision to invest in shares of Petrolia should at no time be based on such 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.

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
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...