Petrolia is an exploration company that holds twelve oil and gas exploration permits in the central part of the Gaspe Peninsula in Quebec. These permits, the Gaspesia property, cover an area of 2,400 square Kms. Ten exploration leads defined by structural and seismic features have been identified using two seismic lines on the western part of the property. Sproule Associates Limited of Calgary is Petrolia's primary technical consultant.
The local stratigraphy is considered to be prospective for hydrocarbon accumulations since nearby exploration wells have encountered oil and gas. Geological structures observed on seismic profiles are encouraging, some consisting of stratigraphic rollovers in contact with well defined faults. The current 2D seismic information is not adequate to bring the structural targets to drill-ready status. Accordingly, in order to better define the targets, Petrolia proposes to conduct a 240 Km seismic survey on the western part of the Gaspesia property in mid-2005 using the funds from the recently completed financing.
The Gaspesia exploration program is a high risk venture because it is located in a basin that does not yet contain any significant quantities of oil or gas. However, the technical information obtained to date is compelling and suggests that advanced work to confirm the existence of commercially exploitable hydrocarbon reserves is well justified.
Petrolia currently has exploration capital of $ 2,700,669 and has no debt. The Company has 12,551,389 shares outstanding.
The Board of Directors of Petrolia consists of Marcel Tremblay, Chairman; Andre Proulx, President and CEO; Clement Duchesne, Chief Financial Officer; Richard Boulay and Francois Simard, directors.
Most Popular Articles