RIMOUSKI, QUEBEC--(Marketwire - Aug. 13, 2012) - Petrolia (TSX VENTURE:PEA) is pleased to announce that, in accordance with its business plan, the company will conduct a series of stratigraphic core drills at various locations on Anticosti Island starting the week of August 12, 2012. The goal is to collect core samples, which will be sealed to preserve the hydrocarbons they contain. They will then undergo laboratory testing with the ultimate objective of characterising the Macasty Formation in terms of maturity (1), organic richness (2), porosity (3), permeability (4) and formation thickness by location. According to its President André Proulx, "Petrolia wants to understand the region's geology before undertaking any oil drilling. It will also be carrying out environmental studies to characterise the environment."
The core drill locations were selected in such a way as to avoid any tree cutting or opening of any new road. Although the work to be carried out does not require any specific permits, the Ministere des Ressources naturelles et de la Faune (MRNF) and the Ministere du Developpement durable, de l'Environnement et des Parcs (MDDEP) have been duly informed of the nature of the work involved, of the core drill locations and the methods used. At the MDDEP's request, it will receive samples of each core so that it and the Strategic Environmental Assessment Committee may conduct their own analyses.
Petrolia also plans to carry out analyses of over 500 samples taken from:
- Fifteen (15) wells already drilled on Anticosti Island, which have reached the Macasty Formation;
- Three (3) wells drilled in Ohio, in selected areas where commercial oil flows were recorded at the Utica level; and
- One (1) well drilled in the St. Lawrence Lowlands, where shale oil was recovered from the Macasty Formation.
These geological works and studies will provide a clearer idea of the oil potential of the Macasty Formation (Utica) and make it possible to compare its characteristics with those of its lateral counterparts in the St. Lawrence Lowlands and Ohio that have already produced oil. Based on the information collected, Petrolia will be able to better orient its future activities by determining:
- The level at which hydrocarbons have been generated;
- The quality and content of organic matter of the source rock as a function of its location in the area;
- The quantity of oil contained in the Macasty Formation; and
- Hydrocarbon mobility in the rock.
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 66,585,750 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 cause the actual results, economic performance or accomplishments of the Company to be materially different from those expressed or implied by Petrolia's statements. Actual events or results could be significantly different. Accordingly, a decision to invest in Petrolia's shares should at no time be based on these forward-looking statements. Petrolia disclaims all intentions and responsibilities with regard to updating 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.