Petrolia, Quebenergie Pump First Oil at Haldimand
|Monday, December 20, 2010
Pétrolia and Québénergie announced their partnership to bring the Haldimand oilfield into production. To consolidate its role within the province, SCDM Énergie, through its subsidiary SCDM Investcan, created a Quebec‑based subsidiary by the name of Québénergie. This presence demonstrates the company's long-term commitment to Quebec and will contribute to improving synergies with Pétrolia.
In return for a $15M investment, of which $6.5M has been paid to Pétrolia and $8.5M will be dedicated to exploration activities, Québénergie acquires 50% of Pétrolia's interest in the Haldimand discovery and in the 13 surrounding licenses (2 500 km2). In addition to a solid financial base, Québénergie will contribute additional technical expertise toward bringing the Haldimand oilfield into production.
Subsequently, the costs will be shared equally between the partners. In the coming week, the partners will finalize the 2011 work program. Pétrolia will act as operator during the exploration phase, and Québénergie will take over this role in the commercial production phase.
"We begin today the decisive stage in bringing the field into production. While also making it possible to advance the project, this agreement reflects Pétrolia's desire to play a major role in the project's development. Both partners share a common vision for the project, which must proceed with significant consideration given to the local environmental and social context," stated Pétrolia's president André Proulx. "Québénergie's proposal for an agreement establishing a parity of interest between the partners ended up being a deciding factor for us, since it respected our wish to have a Quebec company play an important role in the development of the project."
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