Petrolia Undertakes Exploration Work in New-Brunswick
Petrolia Inc. announced that it will undertake exploration work to verify the natural gas potential of its Dalhousie property, in New-Brunswick. All the current studies indicate that a giant structure underlies the property. The Society will initially spend an estimated 1 million dollars to evaluate the natural gas potential of the structure.
In 2007, while studying a core sample from a well located south of the property, Petrolia identified the presence of reservoir rocks, made up of a dense network of open fractures, within a formation that was affected by hydrothermal fluids. Although unconventional, this type of reservoir could hold large quantities of natural gas and exhibit exceptional production capacities. Petrolia believes that there are good probabilities to meet the reservoir at significant depth, within the giant structure.
A 2005 study, commissioned by the Geological Survey of Canada, concluded that the area located at the head of Chaleur Bay in New-Brunswick contains formations favorable for the preservation of natural gas. Another study indicated the presence of an excellent source rock, which has generated a large quantity of hydrocarbons. Based on these studies, Petrolia acquired new exploration licenses covering a total of 682 km2 (168 434 acres). The city of Dalhousie, which is located near the structure, represents a potential natural gas market with its thermal power generating station.
The exploration work, including a 60 km seismic survey, should confirm the geological concepts and should lead to the choice of a drilling location.
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