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Petrolympic Comments on New Provisions Supporting the Oil and Gas Industry Announced by the Quebec Government During the Speech of the Budget
|By Marketwired .
|June 10, 2014 06:08 PM EDT
TORONTO, ONTARIO -- (Marketwired) -- 06/10/14 -- Petrolympic Ltd. (TSX VENTURE: PCQ) ("Petrolympic" or the "Company") is pleased to announce that the Quebec Finance Minister, M. Carlos Leitao, confirmed during the Quebec budget speech the creation of an investment fund in the amount of $1.25 billion for the development of the hydrocarbon and mining sectors in the province of Quebec.
This new fund will be managed by Ressources Quebec, a division of Investissement Quebec. Of the $1.25 billion, $500 million will be reserved for the development of the Northern Plan and $750 million will be made available to support the development of the hydrocarbon and mining sectors in southern Quebec. The Minister also announced the creation of a vast program to switch from the use of heavy oil to cleaner natural gas and he also said the Province intends to develop the use of LNG on large scale.
The Minister of Energy and Natural Resources, M. Pierre Arcand, further stated that exploration for hydrocarbons in the province of Quebec is economically and environmentally sensible and must be encouraged considering that the province imports more than $14 billion worth of oil and gas every year.
Mendel Ekstein, president of Petrolympic, commented: "We are really pleased and believe those announcements show the real will of the Quebec government to develop a strong and sustainable industry in the province and we are convinced we can be part of it with our conventional plays."
As stated in a previous press release dated April 11, 2014 and April 14, 2014 the discovery by Petrolympic and its partner Squatex Energy and Resources Inc. of a conventional natural gas reservoir on Squatex' property in the Lower St. Lawrence, is encouraging and confirms the hydrocarbon potential of the area.
Petrolympic and its partner are now designing a drill program to delineate the three hydrocarbon-bearing zones identified in the Masse No.1 core hole and are preparing an exploration program to further document and validate other prospective structures identified within the Property based on the same proprietary seismic dataset, in a climate favorable to the hydrocarbon exploration in Quebec.
Petrolympic also owns a 100% interest in two exploration permits in the same area, referred to as the Matapedia and the Mitis properties. Several conventional plays and exploration leads have been identified in these permits.
About Petrolympic Ltd.
Petrolympic Ltd. is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company has oil production asset in the prolific Maverick Basin of Texas, USA. The Company also holds an interest in a total of 754,216 hectares (1,863,668 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands consist of a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Squatex Energy and Resources Inc. ("Squatex"), a 12% interest in 8,000 hectares (19,768 acres) through the Farmout Agreement with Canbriam Energy Inc., and a 100% interest in 56,622 hectares (139,913 acres) located over the Lowlands shallow carbonates platform on the south shore of the St. Lawrence River, less than 30 kilometers southwest of Montreal. These properties represent a major position in the Utica Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspe and Lower St. Lawrence regions, including a 30% interest in 431,339 hectares (1,065,839 acres) through a joint venture with Squatex and a 100% interest in a block of exploration permits totalling 40,885 hectares (101,029 acres) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil.
About Squatex Energy and Resources Inc.
Squatex Energy and Resources Inc. ("Squatex") is an oil and gas exploration company created on April 12, 2002 under the Canada Business Corporation Act having its main office located at 7055, Boul. Taschereau, suite 500, Brossard (Quebec) J4Z 1A7. Squatex is a reporting issuer only in the province of Quebec. Its shares are not traded on any formally organized stock exchange market. The main objective of Squatex is, as the operator, to carry out exploration work in order to evaluate the oil and gas potential of a territory under leases covering 656,093 hectares. Squatex owns in the St. Lawrence Lowlands a 70% interest over 217,370 hectares under a joint venture agreement with Petrolympic and a 28% interest over 8,000 hectares that were farmed out to Canbriam Energy Inc. Squatex also owns a 70% interest over 431,339 hectares in the Lower St. Lawrence under its joint operation agreement with Petrolympic.
This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Petrolympic documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Petrolympic. The forward-looking information contained herein is Petrolympic's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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