Petrolia Wins License for Third Haldimand Well

Pétrolia confirmed Tuesday that the Government of Quebec has granted the company a license to drill a third well at the Haldimand oilfield. Drilling at the well site should begin as the suitable equipment will be available. This will be a horizontal well, located over an area of 9 km2, with recoverable resources estimated at nearly eight million barrels.

The horizontal trajectory of the well has been designed to intercept a network of natural fractures in the reservoir. These fractures, identified through the intensive work of Pétrolia and Québénergie in recent months, explain the production levels at the Haldimand No.1 well. According to Pétrolia's President, "with this advanced level of knowledge about the reservoir we can now anticipate commercial oil production that could justify the submission of an application for a production lease."

The well will target the sandstones of the York River Formation and it will not require any stimulation operations. The well is, therefore, not subject to the constraints stemming from the Strategic Environmental Assessment (SEA) program launched by the Quebec government last spring. The granting of this drilling license also confirms that no moratorium exists on conventional oil projects in Quebec.