Petrolia Inc.

Petrolia Inc.

May 20, 2010 08:30 ET

Petrolia and Corridor to Drill Four Oil Exploration Wells on Anticosti Island

RIMOUSKI, QUEBEC AND HALIFAX, NOVA SCOTIA--(Marketwire - May 20, 2010)Petrolia (TSX VENTURE:PEA) and Corridor Resources Inc. (CDH-TSX) announced today that they have entered into a joint venture agreement to conduct a four-well joint exploration drilling program on Anticosti Island this summer, commencing in late June.

The primary objective of the program is to explore the oil potential of the Trenton/Black River (TBR) carbonates in the central and southeastern parts of the Island. The planned exploration wells are designed to follow-up on oil shows encountered in wells previously drilled on the Jupiter and Chaloupe prospects. The TBR formation in these four wells is to be directionally drilled using an underbalanced light weight drilling fluid designed to permit oil to be recovered at restricted rates during flow testing. Drilling and testing of these wells is expected to be completed by late September. Petrolia and Corridor will work jointly on the operations throughout the program.

Corridor and Petrolia hold working interests and funding obligations of 75% and 25% respectively in the planned Jupiter and Saumon exploration wells and 50% each in the remaining two planned exploration wells at Chaloupe and either Bell or Macaire (location to be finalized upon site visit).

A map is available at the following address:

About Pétrolia

Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 15,000 km2 (3.7 million acres), which represents about 18% of the Québec territory under lease. These 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 Québec's land-based oil potential. Pétrolia has 48,874,787 shares issued and outstanding.

About Corridor

Corridor is a junior resource company engaged in the exploration for and 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 reserves of natural gas at only one property, the McCully Field near Sussex, New Brunswick. In June 2007, Corridor completed the construction of a field gathering system, a gas plant and a pipeline lateral connecting the McCully Field to markets through the Maritimes & Northeast Pipeline.

The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.

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 relating to joint exploration drilling program of Corridor and Petrolia, which includes drilling and testing four wells on Anticosti Island.

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. These factors include, but are not limited to: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, issuance of debt, variations in exchange rates and hedging. Further information regarding these factors may be found under the heading "Risk Factors" in Corridor's annual information form for the year ended December 31, 2009 and its most recent management's discussion and analysis. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. 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, Petrolia and their respective shareholders. 

Forward-looking statements are based on Corridor and Pétrolia's current beliefs as well as assumptions made by, and information currently available to, Corridor and Pétrolia concerning anticipated financial performance, business prospects, strategies, regulatory developments, future oil and natural gas commodity prices, exchange rates, future oil and natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market oil and natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. The forward-looking statements contained in this press release are made as of the date hereof and neither Corridor nor Petrolia do 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.

Contact Information