Petrolia Inc.

Petrolia Inc.

March 27, 2015 12:24 ET

Petrolia Inc.: Quebec Budget 2015-1016

QUÉBEC CITY, QUÉBEC--(Marketwired - March 27, 2015) - Pétrolia (TSX VENTURE:PEA) is pleased to note the willingness expressed by the Government of Quebec in the Leitao Budget to complete the assessment of the oil and gas potential of Gaspésie. This willingness, coupled with the new accelerated capital cost allowance for liquefied natural gas incentives, will enable the implementation of a liquefied natural gas supply chain from the producer to the Côte-Nord customer.

It is reminded that in 2012 the Government of Quebec invested $10-million in the purchase of Pétrolia shares, a decision that helped the company complete the Bourque 1 and 2 wells. This in turn enabled the company to make a wet natural gas discovery in the Bourque permits located near Murdochville in Gaspésie. The potential was evaluated by Sproule at more than 1 Tcf (one thousand billion cubic feet) of volume initially-in-place of wet natural gas within the Bourque project. (ref: April 10th 2013 press release). At the time, these operations generated more than $1.2-million in economic spinoffs within the Murdochville area.

Pétrolia also announced an agreement last November with Tugliq Énergie to create a liquefied natural gas supply chain to bring the potential gas production from Gaspésie to Côte-Nord customers (ref: November 19th 2014 press release). Within the agreement, Pétrolia committed to sell its future gas production at a fixed price that will also be stable over time to mining and industrial customers from the Côte-Nord and Grand-Nord.

Finally, Pétrolia would like to highlight that the development of the Bourque project is supported by the city of Murdochville.

"I am pleased that the Government has acknowledged the hydrocarbon potential of Gaspésie. We believe that the elements announced in the budget will enable the link of Gaspésie with the Côte-Nord, thus building better prosperity for these two areas and all of Québec while reducing GHG emissions", declared Pétrolia President and CEO Alexandre Gagnon.

About Pétrolia

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 almost 23% of the Québec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Québec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 80 345 195 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 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.

Contact Information