Petrolia Defers Haldimand Drilling

Pétrolia announced Thursday that it would temporarily defer drilling in Haldimand 4. This decision has been made in order to allow discussions between the stakeholders in this matter to proceed in a more serene climate involving more rationality than emotions.

The company maintains its rights, permits and work program in the Gaspé Peninsula. During this pause, Pétrolia will continue its efforts to promote its other projects, notably on the Bourque and Anticosti projects.

Pétrolia wishes nevertheless to keep the drill and the main equipment in the Gaspé area. However, a number of rented equipments will need to be temporarily demobilised to other drilling locations in Canada.

To Pétrolia, the possibility to demonstrate the conventional production potential of the Haldimand reservoir is of strategic importance. This field contains close to eight million barrels of oil, it also represents a key in the interpretation of petroleum systems in the Gaspé Peninsula, which will lead to other discoveries in this area. It also paves the way for an axis of economic development which could prove important for the local workforce.

Pétrolia reiterated its opinion that the municipal regulation adopted on Dec. 19 of last year exceeds the powers of the municipality, and that it therefore thwarts the rights legitimately obtained by the Company. It appears to us that the line taken by the town of Gaspé deprives the inhabitants of Gaspé of a development potential of which all sectors could benefit.

"The juridical way offers without a doubt the possibility to clarify the juridical dimension of the issue, but it will not allow dampening of the tensions. By choosing to defer our works, we wish to offer the Authorities some time to identify a more constructive approach, in the best interest of all parties. Authorities at all levels may rest assured of our openness to discussion, and full cooperation" explained Pétrolia's President, Mr André Proulx.

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