Welcome!

News Feed Item

Petrolia Responds to Government of Quebec Announcement

QUEBEC CITY, QUEBEC -- (Marketwired) -- 06/02/14 -- Petrolia (TSX VENTURE: PEA) is strongly reassured by the Government of Quebec's chosen approach to the oil and gas industry. In our opinion, it is a balanced approach that will enable the government to ultimately implement a legislative and regulatory framework that is sustainable and predictable for our industry, and play its role in ensuring social acceptability.

"We are extremely pleased that things are now clear for the industry. We are satisfied with the government's desire to play a greater role in ensuring social acceptability," said Petrolia President and CEO Alexandre Gagnon.

The Company is equally satisfied with the government's confirmation that it will respect the agreement signed on March 31st of this year. This agreement resulted in the creation of Anticosti Hydrocarbons L.P., a partnership consisting of Ressources Quebec (representing the Government of Quebec; 35%), Petrolia (PEA-TSVX; 21.7%), St-Aubin E&P (21.7%), and Corridor Resources Inc. (CDH-TO; 21.7%).

Strategic environmental assessment (SEA)

The Government regulation and monitoring under this approach will help Petrolia demonstrate that it can carry out its operations, including drilling with hydraulic fracturing, in a manner that is safe for the environment and the citizens. Regarding this matter, Mr. Gagnon stated, "We are happy to contribute to the strategic environmental assessment, and we believe that the results will support the findings acquired through other studies and assessments, and allow the Quebec government to improve the people of Quebec's knowledge of our industry."

Adoption of the water protection regulation

Petrolia is pleased with the government's desire to quickly adopt a regulation regarding safe distances between drilling sites and private water wells. We believe that the recent publication of results of a hydrogeological study conducted by the Quebec government, as well as the announcement of the adoption of the water protection regulation, will help reassure Gaspe residents and allow Petrolia to resume drilling at Haldimand 4 as soon as possible.

Anticosti project

Petrolia is satisfied that the government has given the green light to the Anticosti Island project. The first phase of this project will consist of a core drilling program, and the second will entail the drilling of three oil wells, as planned in the previously announced exploration program. In light of the results of the roughly 70 studies in the previous SEA and thanks to the thorough regulation planned by the government, Petrolia is extremely confident that it will be able to proceed with the drilling program in the summer 2015, with a view to answering the important economic and environmental questions posed by the government. If drilling does not occur in summer 2015, the government will not have answers to all these questions. Petrolia, as operator of Anticosti Hydrocarbons L.P., is ready to tackle the challenge set forth by the government in order to demonstrate that Quebec can establish a profitable oil industry that benefits society and respects the environment and citizens.

Social acceptability

The approach announced today clearly allows the government to play its role in ensuring social acceptability. As a partner in the Anticosti project, the Quebec government now has the means and tools it needs to create a positive climate that will allow our hydrocarbon projects to move forward and, ultimately, contribute to Quebec's economic and social development.

"Petrolia wants to contribute to Quebec's economic development and the collective wealth of Quebecers. We believe that our projects could promote this development and help build this wealth," asserted Mr. Gagnon.

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 almost 23% of the Quebec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Petrolia holds a 21,7% interest. In order to carry out the project's operations, Petrolia Anticosti Inc., a subsidiary of Petrolia, was designated project operator. Petrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Petrolia has 74,667,372 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 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.

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
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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 develo...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.