Petrolia Inc, Rimouski, Québec PEA- TSX-V, is an oil and gas exploration company solidly positioned in Quebec’s hydrocarbon industry. As a result of its acquisition of exploration rights and its partnership agreements, the Company now holds an interest in 18% of all of the exploration permits issued in Quebec.
Pétrolia is presently conducting most of its activities in the Gaspé area and on Anticosti Island, which are considered the most favourable regions on land for the discovery of hydrocarbons in Quebec.
The Company’s growth is closely linked to its ability to prove that Quebec’s subsoil contains hydrocarbons in significant quantities and that their development is financially profitable.
The leader in petroleum exploration in Quebec, Pétrolia is also a company actively involved in regional development. As well, its operations are carried out with the greatest possible respect for the environment
A specific objective: 5% of Quebec’s consumption
Since its creation, Pétrolia has been one of the leaders in oil exploration in Quebec. Through its acquisitions and agreements, the Company now holds around 70% of the exploration licences for areas with oil potential. At this stage in its development, Pétrolia is now working towards definiting the next steps in its growth, maintaining its ultimate goal of producing, within five years, 5% of the oil consumed in Quebec.
This goal may seem ambitious, since it means producing around 20,000 barrels per day. However, the potential and extent of the territory covered by Pétrolia's permits make this goal achievable. The Company has made this objective the focus of its corporate strategy.
Strengthening its position
Throughout the year 2008, Pétrolia has managed to strengthen its position through partnership and financing agreements as well as intensive exploration work. This year has been a crucial acquisition and progress phase for Pétrolia, which will allow it to play a major role in the issues of tomorrow. At the dawn of 2009, the Company’s ultimate goal is now all the more meaningful: to become a producer.
To achieve a goal of this scale, it is important to establish effective, concerted strategies. The territory to be explored is vast, and time is limited. Throughout the world, large exploration companies are joining forces to create momentum and thus increase their chances of success. Pétrolia understood that it too could only benefit from joining forces with other companies to achieve its goal. However, it has set its sights on maintaining a minimum interest of 30% in each of these projects.
In 2007, Pétrolia assembled a qualified, experienced, multifunctional team. In 2008, other specialists were integrated and the team pursued the development of several projects.
These projects represent the cornerstone of Pétrolia’s success, and each stage of exploration helps to clarify their respective potential. The Company is now able to develop concepts and perform technical studies on various aspects of its project, giving it an advantage in negotiations with its partners.
André Proulx, M.A., President and Chief Executive Officer :
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