From the Wires
Petrolia: Pursuit of Haldimand 4 Drilling is Temporarily Deferred
By: Marketwired .
Jan. 24, 2013 01:40 PM
RIMOUSKI, QUEBEC -- (Marketwire) -- 01/24/13 -- Petrolia (TSX VENTURE:PEA) announces its decision to temporarily defer drilling in Haldimand 4. This decision has been made in order to allow discussions between the stakeholders in this matter to proceed in a more serene climate involving more rationality than emotions.
The Company maintains its rights, permits and work program in the Gaspe Peninsula. During this pause, Petrolia will continue its efforts to promote its other projects, notably on the Bourque and Anticosti projects.
The Company wishes nevertheless to keep the drill and the main equipment in the Gaspe area. However, a number of rented equipments will need to be temporarily demobilised to other drilling locations in Canada.
To Petrolia, the possibility to demonstrate the conventional production potential of the Haldimand reservoir is of strategic importance. This field contains close to eight million barrels of oil, it also represents a key in the interpretation of petroleum systems in the Gaspe Peninsula, which will lead to other discoveries in this area. It also paves the way for an axis of economic development which could prove important for the local workforce.
Petrolia reiterates its opinion that the municipal regulation adopted on December 19 of last year exceeds the powers of the municipality, and that it therefore thwarts the rights legitimately obtained by the Company. It appears to us that the line taken by the town of Gaspe deprives the inhabitants of Gaspe of a development potential of which all sectors could benefit. "The juridical way offers without a doubt the possibility to clarify the juridical dimension of the issue, but it will not allow dampening of the tensions. By choosing to defer our works, we wish to offer the Authorities some time to identify a more constructive approach, in the best interest of all parties. Authorities at all levels may rest assured of our openness to discussion, and full cooperation" explained Petrolia's President, Mr Andre Proulx.
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km2 (3.5 million acres), which represents about 17% of the Quebec territory under lease. The leases, the majority of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 67 682 300 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 of 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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