Petrolia Inc.
TSX VENTURE : PEA

Petrolia Inc.

October 31, 2012 08:30 ET

Petrolia Inc.: Hydrocarbons Over a 1,850 m Interval in Bourque No. 1 Well

RIMOUSKI, QUEBEC--(Marketwire - Oct. 31, 2012) - Pétrolia (TSX VENTURE:PEA) announces that drilling at Bourque No. 1 well is now complete. A tubing was installed with a view to carry out at a later stage, a sustained production test over a 900 m open hole interval between the depths of 1,832 and 2,746 m in order to verify if commercial flow rates can be achieved over this interval. The well's measured depth is 3,140 m, with a true vertical depth of 2,921 m. Wet gas shows containing condensate (C3 to C7+) in concentrations of up to 20% were registered over a 1,850 m interval between 995 and 2,852 m.

During operations, eight (8) drill stem tests were conducted on 20-30 m intervals. These tests all yielded gas to surface with condensate. The most promising test delivered a maximum flow of 1.4 million cubic ft. of gas per day. A small amount of light petroleum was also recovered in the drilling mud. These test results are currently undergoing further analysis.

Starting at a depth of 1,465 m, in the cased section of the well, drilling penetrated a massive interval for which electric logs indicate porosity over a thickness of more than 100 m. This zone is characterized by abundant calcite from fractures and localized high-temperature dolomite. All drill cutting samples from this zone displayed fluorescence when cut with a solvent, an indicator of oil in the rock. In addition, a substantial show of gas was recorded at the top of the interval in a fractured zone, and light oil (53° API) was recovered in the sample chamber. This result leads to add oil as an objective for well Bourque No. 2.

The drilling equipment has been mobilized to the Bourque No. 2 site.

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 66 645 750 shares issued and outstanding.

Forward-looking statements

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.

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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