Pétrolia has signed an agreement with Junex under which it will now own a 100% interest on the 150 km2 area surrounding the Haldimand discovery. This agreement gives Pétrolia full control over the projected extensions of the Haldimand structure. Seismic surveys have shown that the structure extends beyond the 9 km2 area covered by the initial agreement. The Company continues to hold a 65% interest on the 9 km2 where exploration work has indicated a significant oil discovery. Apart from the fact that the ground now acquired ensures full coverage of the Haldimand structure, it also has potential for new discoveries, since it is extensively underlain by the York River Formation, the Company's priority target in this region.
The Company's President, Mr. André Proulx, is pleased with the completion of this agreement and the opportunities now available to Pétrolia. "This acquisition finally gives us the opportunity of controlling the pace of development on the Haldimand Project. Pétrolia now has an unrestricted ability to speed up the process of bringing the project into production. The development of the first oilfield in Québec represents a decisive step in reaching Pétrolia's objective: to produce 20,000 barrels of oil per day by 2014," he noted.
Haldimand has similarities with the unconventional Bakken oilfield in North Dakota and Montana. In the Haldimand Project the York River Formation constitutes the preferred target. Pétrolia also owns a 100% interest over a huge (8,534 km2) area in the Gaspé region where this formation is found.
In return, Junex will take over Pétrolia's interest on the property surrounding the Galt lease, which also covers 150 km2. Pétrolia has moreover transferred to Junex its 10% interest on a license located in the Saint Lawrence Lowlands.
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