Petrolia, Partner Granted Permit to Drill Gaspe Well
Petrolia and Quebenergie have received the well permit from the Ministere des Ressources naturelles et de la Faune to drill the Haldimand No. 4 well in Gaspe, Quebec. This well is designed to demonstrate that the petroleum resources of the Haldimand deposit, which have been estimated at 7.7 million barrels, can support an economic production operation. On completion of this well, Petrolia and Quebenergie intend to estimate the reserves and to initiate production as quickly as possible, in line with their joint objective. Under the partnership agreement, Quebenergie will be responsible for the majority of the costs.
The Haldimand No. 4 well is expected to reach a final depth of 3,560 feet (1,085 meters). Below 1,640 feet (500 meters) it will be progressively deviated to achieve a near-horizontal trajectory. The total length of the well will be 8,694 feet (2,650 meters). The location and direction of the well, its total length, and the type of completion have been selected in order to:
The 2012 summer drilling campaign in Gaspe will begin with the drilling of the Bourque No. 1 and No. 2 wells, and ends with the drilling of Haldimand No. 4. These activities should begin around mid-July and will not involve hydraulic fracturation.
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