January 09, 2014 08:30 ET
QUÉBEC CITY, QUÉBEC--(Marketwired - Jan. 9, 2014) - Pétrolia (TSX VENTURE:PEA) announces the beginning of the court hearings to determine the legality of a municipal by-law of the City of Gaspé, officially adopted on December 22, 2012. This by-law governs the minimum permissible distance between drill holes and drinking water sources in the City's territory and imposes other conditions relating to drilling.
Pursuant to discussions with the City of Gaspé last November, the hearings had been postponed to allow the Quebec Government to proceed with the adoption of a provincial regulation on water sampling and protection. Pétrolia and the City of Gaspé agree that the adoption of this regulation by the Quebec Government would render the municipal by-law null and void, which would put an end to the judicial proceedings. Although Pétrolia is still pursuing discussions with government representatives, we have taken this recourse to the courts to obtain clarity on these matters.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents about 22% 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 71% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 70 652 372 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 does not intend and undertakes no 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.
Isabelle ProulxVP, Business Development(418) email@example.comMyron TetreaultPresident(418) firstname.lastname@example.org
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