Anticosti Hydrocarbons LP
TSX VENTURE : PEA
TSX : CDH

August 23, 2016 08:30 ET

Anticosti Hydrocarbons LP: Preparation of Drilling Sites Set to Begin Soon

QUÉBEC CITY, QUÉBEC--(Marketwired - Aug. 23, 2016) - Anticosti Hydrocarbons LP (TSX VENTURE:PEA)(TSX:CDH)(EPA:MAU) announces that the Anticosti Hydrocarbons LP board has approved the start of the drilling site preparation campaign.

Land-clearing work and drilling site preparation, that is site levelling and compacting, are set to begin soon. Drilling sites, of an initial dimension of 200 by 100 metres that can be enlarged to 200 by 200 metres, will all be prepared according to the same plan. The wells will be located a minimum of 100 metres from the nearest roads. Above ground tanks will be added this summer to store the water required during drilling and completion work (hydraulic fracking).

The exact location of the drilling sites was chosen based on the combined results of seven (7) stratigraphic surveys performed in 2015 and five (5) surveys made in 2014. Site locations were presented during the public consultation held in Port-Menier last January. The construction will be subjected to a rigorous control process, in part due to the environmental authorization certificates obtained from the Ministère du Développement Durable, de l'Environnement et de la Lutte aux Changements Climatiques last June.

As with all previous work performed, the company will use the best health, safety and environmental protection policies. Drilling sites will be prepared according to the highest industry standards and by taking into account the needs expressed by the Anticosti community during the public consultation.

Finally, it should also be noted that the work performed on the island in 2015 and 2014 created jobs for 90 individuals and the local purchase policy injected more than 2,7 M$ in the local economy and 8,6 M$ overall in that of Eastern Quebec. The project operator, Petrolia Anticosti, intends to maintain this priority for local purchases in the future.

About Anticosti Hydrocarbons L.P.

Anticosti Hydrocarbons L.P. ("Anticosti LP") is a partnership owned by Ressources Québec Inc. (35%), Investissements PEA Inc. (a subsidiary of Pétrolia Inc.) (21.67%), St-Aubin E&P (Québec) Inc. (21.67%), and Corridor Resources Inc. (21.67%). Anticosti LP holds 38 permits for hydrocarbon exploration totalling 6,195 km² on Anticosti Island. The first objective of Anticosti LP will be to demonstrate the commercial viability of hydrocarbon resources on Anticosti Island. The board of directors of Anticosti LP consists of one representative from each of the partners of Anticosti LP and one independent director. The Partnership has formed four committees made up of an equal number of representatives from each of the partners. The purpose of these committees is to help ensure the success of the project on the technical, economic, environmental, and social levels. The combined expertise of the partners of Anticosti LP will allow it to implement the exploration program, employing the highest industry standards, in full safety and with respect for the environment.

Disclaimer

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Anticosti Hydrocarbons LP partners 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 Anticosti Hydrocarbons partners. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Anticosti Hydrocarbons LP disclaims any intention or 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.

Contact Information