Petrolia Inc.
TSX VENTURE : PEA

Petrolia Inc.

February 06, 2012 11:08 ET

Petrolia Inc.: Increased Production from the Haldimand No. 1 Well

RIMOUSKI, QUEBEC--(Marketwire - Feb. 6, 2011) - Pétrolia (TSX VENTURE:PEA) is pleased to confirm that it has successfully completed the injectivity test at Haldimand No.1 well. Designed to measure the rock's mechanical properties, the test has also enabled Pétrolia to boost the well's production from 10 to 40 barrels per day. The increase confirms that the production from the field is supported by a network of natural fractures present in the reservoir and that, as a result, it is important to optimize the trajectory for the next well. That trajectory will make it possible to intercept the greatest possible number of natural fracture zones in the reservoir and maximize production. The result can also be interpreted as a correction to the damage to the well, resulting from the injectivity test.

At the same time, the partners have completed construction of the static 3D model of the Haldimand reservoir. Based on previously acquired knowledge, the model has made it possible to optimize the trajectory for the next well. After that next well is drilled, a dynamic 3D model will be completed and used to model the flow of hydrocarbons in the reservoir. It will also be used to calculate reserves and draw up a plan for developing the oil field.

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 53.8 million 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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