|By Marketwired .||
|July 23, 2014 03:40 PM EDT||
QUEBEC CITY, QUEBEC -- (Marketwired) -- 07/23/14 -- Petrolia (TSX VENTURE:PEA) is pleased to announce the adoption of the Regulation respecting water withdrawals and water protection (RRWWWP) by the Ministere du Developpement durable, de l'Environnement et de la Lutte contre les changements climatiques (MDDELCC).
This regulation stipulates that the minimum distance between a drilling site and a groundwater well must be 500 meters. The location of the Haldimand 4 well complies with the safe distances set out in this regulation. Petrolia reiterates that this is a conventional well without hydraulic fracking.
Adoption of this regulation invalidates the municipal regulation adopted by the City of Gaspe and meets a joint request by the City and Petrolia. The RRWWWP and the hydrogeological study by the Institut national de la recherche scientifique - Centre Eau Terre Environnement (INRS-ETE) released in May should answer the questions raised by the region. Work will be carried out in compliance with the highest safety and environmental standards, with respect for the community. Before work resumes, within the next three months, activities will be planned to ensure the public is well informed.
Mr. Alexandre Gagnon, President and Chief Executive Officer of Petrolia, stated that "Petrolia is pleased to note that the Government is following its Action Plan on hydrocarbons announced last May. This plan outlines the steps that will allow the Province of Quebec and the industry to move towards production of hydrocarbons."
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.
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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