QUEBEC CITY, QUEBEC--(Marketwired - Sept. 2, 2016) - Pétrolia inc. (TSX VENTURE:PEA) has confirmed the existence of a functional oil reservoir comprised of natural fractures on the Haldimand property. In fact, the production test on Haldimand 4 allowed the natural production, without artificial aid, of high quality oil (API 53). During this test, which started May 18th and which included periods of production and stoppage, the well produced nearly 1200 barrels of light oil without a pump.
This test also allowed the collection of important data on the permeability and porosity of the formation. In fact, following this test, it was noted that the formation is not very permeable and that it is in fact a system of mixed porosity.
Thus, in order to improve the productivity of the formation, Pétrolia and its partner Québénergie are working on developing a stimulation program that would allow for optimal production of the Haldimand reservoir. This program will be presented to the Gaspé citizens' committee as well as representatives from the municipality.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licences 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 Quebec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 97,049,881 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 disclaims any intention or obligation to update these forward-looking statements.
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