Investcan, Petrolia to Jointly Develop Haldimand Field
Pétrolia has signed a principle agreement with SCDM Energie, through its Canadian subsidiary, Investcan Energy. Pétrolia now begins a major stage in the development of its Haldimand oilfield discovery, located near Gaspé: the best estimate of the potentially recoverable resources at Haldimand is 7.7 million barrels of oil.
"Having made a discovery, assessed its potential, and acquired the property surrounding it, we begin today the decisive stage in bringing the field into production. Beyond the technical and financial aspects, the choice of Investcan Energy is mainly based on the values and corporate culture that this Group displays," said André Proulx, Pétrolia's president. "Its management strategy is characterized by respect for the principles of sustainable development, for the environment in which it operates, and for its partners. Our decision to establish a partnership with Investcan Energy reflects our desire to make sure that the development of our energy resources goes conjointly with the interests of Quebec."
Upon signature of the final agreements and in return for its investment of $15MM, $6.5MM of which will be paid to Pétrolia as reimbursement of its incurred costs, Investcan Energy will be acquiring 50% of Pétrolia's interest in the Haldimand discovery and in the 13 surrounding licences. In addition to a solid financial base, Investcan Energy contributes additional technical expertise toward bringing the Haldimand oilfield into production.
Beyond the aforementioned amount, the costs will be shared equally between the partners. Pétrolia will act as Operator during the exploration phase, and Investcan Energy to act as Operator in the production phase.
"Investcan Energy is proud to join forces with Pétrolia. The development of the Haldimand oilfield is extremely important for the Quebec oil industry. Investcan Energy will strive to promote the commercial development of the field. The Company will support exploration efforts aiming to develop new oilfields," stated Ali Chaisson, Managing Director of Investcan Energy.
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