RIMOUSKI, QUÉBEC--(Marketwire - Jan. 14, 2013) - Petrolia (TSX VENTURE:PEA) is pleased to announce initial results for the Macasty shale Formation oil cores taken from the Princeton Lake and Highcliff coreholes on Anticosti Island by Pétrolia and Corridor Resources in fall 2012. These new results, better than those previously used in resource calculations, lead to a revision of these estimations.
The results of the geochemical analyses compare favorably with results from Chaloupe 1 well drilled on Anticosti in 2010 with results from Ohio where shale oil production is already underway. The Macasty Formation is the lateral equivalent of the Utica Formation in Ohio. Petrolia and Corridor hold licenses covering more than 6,000 km2 (1.5 million acres) on Anticosti Island.
In both cores, samples were taken at 50 cm spacing across the Macasty Formation. The results reveal a remarkable average of 4.0% total organic carbon (TOC) across the entire thickness of the Macasty Formation, i.e., 91.5 m for Princeton Lake and 57 m for Highcliff. The Macasty Formation is located within the oil window. The S1 results (free hydrocarbons) indicate a very positive potential for hydrocarbon production from the Macasty Formation (4.48 mg/g at Princeton Lake and 3.20 mg/g at Highcliff). The analyses were carried out by Weatherford and TerraTek labs.
At both coreholes, a 10 m section shows higher TOC values, i.e. 5.9% for Princeton Lake and 5.5% for Highcliff, and an average S1 of 5.71 mg/g and 4.59 mg/g respectively.
This information will also help determine future drilling sites.
| ||Anticosti|| ||USA - Ohio|
|Coreholes||Chaloupe|| ||Princeton Lake|| ||Highcliff|| ||Production wells|
|Drilling year||2010|| ||2012|| ||2012|| || |
|Properties analyzed|| || || || || || || |
|Macasty thickness||40 m|| ||91.5 m|| ||57 m|| ||40 m|
|Average TOC(1)||4.34%|| ||4.02%|| ||3.99%|| ||Between 2% and 4%|
|(including best 10 m interval(2))||5.90%|| ||5.50%|| |
|Average S1(3)||3.08 mg/g|| ||4.48 mg/g|| ||3.20 mg/g|| ||> 2 mg/g|
|(including best 10 m interval)||5.71 mg/g|| ||4.59 mg/g|| |
(1) TOC stands for total organic carbon.
(2) This 10m interval is a part of the Macasty Formation where the TOC values and S1 are the highest. The value presented in the table is an average.
(3) S1 is the amount of hydrocarbon present in the rock.
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 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 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 o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.
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