QUEBEC CITY, QUEBEC--(Marketwired - Dec. 12, 2016) - Pétrolia (TSX VENTURE:PEA) wishes to highlight the adoption of Bill 106: law regarding the implementation of the 2030 Energy Policy and amending various legislative provisions adopted at the National Assembly. The adoption of this bill concludes the debate on the lack of regulatory oversight of our activities and returns stability and certainty to the oil industry in Quebec.
"This law, the first of its kind in Quebec, enables us henceforth to plan the development of our exploration activities, because for the first time, Pétrolia will be able to advance its business plan in a stable and foreseeable legislative and regulatory environment. It represents an important step in the orderly development of a Quebec oil and gas industry, which allows us to enhance our collective resources," stated Mr. Martin Bélanger, Chief Executive Officer of Pétrolia.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licences covering 16,000 km² (4 million acres), which represents almost 23% of the Québec 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 Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 103,177,460 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 Pétrolia 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 Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia disclaims any intention or obligation to update these forward-looking statements.
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