Petrolia Inc.
TSX VENTURE : PEA

Petrolia Inc.

December 01, 2011 14:45 ET

Corridor and Petrolia Announce Updated Anticosti Analysis

Results indicate highly prospective oil & gas production potential

RIMOUSKI, QUEBEC--(Marketwire - Dec. 1, 2011) - Corridor Resources (TSX:CDH) and Petrolia (TSX VENTURE:PEA) reported today that they have acquired new analytical data from a cored interval of the Macasty shale in the Petrolia Corridor Chaloupe #1 well that was drilled during the summer of 2010 on Anticosti Island, Quebec. This data updates the analytical results previously disclosed by Corridor and Petrolia in a joint press release dated February 9, 2011. The analyses were conducted within the lab facilities of a major, independent E&P company, with extensive shale experience. These results indicate highly prospective oil and gas production potential for the Macasty shale.

The highlight of the analyses is the permeability, which ranges between 197 and 739 nanoDarcies and averages 479 nD. In addition, the analyses indicate that the total hydrocarbon saturation of the rock is approaching 70%, which is positive for shale productivity. The Total Organic Carbon (TOC) results average 4.34% and, finally, the new data also shows a higher Tmax value (a proxy for maturity). These exceptional shale permeabilities, combined with the relatively high hydrocarbon saturation and TOC results, are positive factors toward the goal of attaining economic production from the Macasty shale formation.

Corridor and Petrolia, control more than 1.5 million acres of prospective Macasty lands on Anticosti Island. The Macasty shale is the lateral equivalent of the Utica shale that is found in Ohio. This data would suggest that the rock properties of the Macasty shale are similar to that of the Utica shale in Ohio where a number of companies are active.

Parameters Macasty Oil Shale
Minerology (Average %) Quartz 35, Plagioclase 7, Carbonate 10, Clays 28, Other 20
Gross Thickness 40 m (130 ft)
Total Porosity 2.4 to 5.1% (Ave 3.6%)
Oil Saturation 25.0 to 31.3% (Ave 27.8%)
Gas Saturation 37.5 to 45.9% (Ave 40.9 %)
Water Saturation 25.2 to 38.1% (Ave 31.3%)
Permeability 197 to 739 nD (Average 479 nD)
Total Organic Carbon 2.38 to 5.74 wt% (Ave 4.34 wt%)
Maturity 8.9 (Ro %) (Calculated from Tmax)

About Pétrolia

Pétrolia 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 Québec territory under lease. The leases, the majority of which are located on the Gaspé 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 Québec. Pétrolia has 53.8 million shares issued and outstanding.

About Corridor

Corridor is an Eastern Canadian junior resource company engaged in the exploration for development and production of petroleum and natural gas onshore in New Brunswick, Prince Edward Island and Québec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas reserves and production in the McCully Field near Sussex, New Brunswick and discovered crude oil reserves in the Caledonia Field near Sussex, New Brunswick in 2008. In addition, Corridor has contingent resources and discovered resources of shale gas in Elgin, New Brunswick.

Forward-looking statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to business plans, goals and strategies, the characteristics of the Macasty shale and the potential for economic production from the Macasty shale formation.

Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders.

Forward-looking statements are based on Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning the characteristics of the Macasty shale formation, the analytical data from the cored interval from the Macasty shale in the Petrolia Corridor Chaloupe #1 well, business prospects, strategies, regulatory developments, future commodity prices, future production levels, the ability to obtain equipment in a timely manner to carry out exploration activities, the ability to market oil successfully. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Unknown risks and uncertainties include, but are not limited to risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, risks may not be insurable and reserves and resources estimates. Further information regarding these factors and additional factors may be found under the heading "Risk Factors" in Corridor's Annual Information Form for the year ended December 31, 2010 and the risks identified in each of Corridor's and Pétrolia's most recent management discussion and analysis, copies of which are available at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Corridor and Pétrolia do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

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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