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Message: Petrolia, Junex and Gastem Complete a 3D Seismic Survey on the Haldimand Project
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Oct 07, 2008 08:51 ET
Petrolia, Junex and Gastem Complete a 3D Seismic Survey on the Haldimand Project
QUEBEC CITY, QUEBEC--(Marketwire - Oct. 7, 2008) - Petrolia (TSX VENTURE:PEA), Junex (TSX VENTURE:JNX) and Gastem (TSX VENTURE:GMR) announce that they have completed a 3D seismic survey as well as a soil geochemistry survey on a 13 km2 area adjacent to the Petrolia Haldimand #1 discovery well near the city of Gaspe on the Gaspe Peninsula. As announced on July 8, 2008, these operations form part of the program to delineate the extent of the Haldimand oil discovery.
"The completion of the 3D seismic survey is a particularly important phase of the $5 million exploration program currently underway on the Haldimand project since it will enable us to better image and understand the geology of this area. These surveys represent the last step prior to the drilling of additional wells in the Haldimand joint land and we are pleased that these operations have been completed within the timeframe previously announced" explained the partners of the project.
In addition to the seismic and geochemistry surveys, the partners also recovered the downhole pressure gauge that was installed in the discovery well in 2006. The processing, analysis and interpretation of the results from all of these operations will be conducted during the upcoming weeks, which will enable the partners to select the location of the next well in the area. The project partners hope that further drilling operations will commence prior to year-end 2008.
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licences covering 15,000 km2 (3.7 million acres), which represents about 18% of the Quebec territory under lease. These leases, the majority of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of Quebec's land-based oil potential. By forming joint ventures, Petrolia is planning to intensify its exploration program during the upcoming year. The Company has 40.7M shares outstanding and holds 2.2% of the issued shares of Gastem (TSX VENTURE:GMR) in addition to a cash position of 11 million dollars. Over the next five years, Petrolia's objective is to produce 5% of the Quebec oil consumption.
About Junex
Junex is a junior oil and gas exploration company that holds exploration rights on more than 6 million acres of land located in the Appalachian basin in the Province of Quebec. Several recent discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, whose sedimentary basin is located in a favourable geological setting for oil and gas discovery. Junex's strategy consists in entering into partnerships with other exploration companies in order to reduce exploration risks. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.0% of the issued and outstanding shares of Gastem (TSX VENTURE:GMR).
About Gastem
Gastem is a gas exploration and development company which holds exploration rights on more than 1 million acres of land in Quebec, an earn-in interest in the Joly Project with Intragaz and also various projects in the North-East United States. The company has a participation in 24 gas wells currently in production in the Amber Bank project, West Virginia. Gastem is a highly active leader in the exploration and development of the Utica Shales in the St-Lawrence Lowlands and Upstate New-York. In the coming weeks, the company expects to undertake important drilling projects in the State of New-York while leading many exploration projects in Quebec.
Forward-looking statements
This news release contains certain forward-looking statements. These statements relate to future events or future economic performance of Junex, Petrolia and Gastem, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect their respective results, economic performance or accomplishments when considered in light of the content or implications of statements made by Junex Petrolia and Gastem. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Junex, Petrolia and Gastem do not intend and undertake no obligation, to update these forward-looking statements.
"The completion of the 3D seismic survey is a particularly important phase of the $5 million exploration program currently underway on the Haldimand project since it will enable us to better image and understand the geology of this area. These surveys represent the last step prior to the drilling of additional wells in the Haldimand joint land and we are pleased that these operations have been completed within the timeframe previously announced" explained the partners of the project.
In addition to the seismic and geochemistry surveys, the partners also recovered the downhole pressure gauge that was installed in the discovery well in 2006. The processing, analysis and interpretation of the results from all of these operations will be conducted during the upcoming weeks, which will enable the partners to select the location of the next well in the area. The project partners hope that further drilling operations will commence prior to year-end 2008.
About Petrolia
Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licences covering 15,000 km2 (3.7 million acres), which represents about 18% of the Quebec territory under lease. These leases, the majority of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of Quebec's land-based oil potential. By forming joint ventures, Petrolia is planning to intensify its exploration program during the upcoming year. The Company has 40.7M shares outstanding and holds 2.2% of the issued shares of Gastem (TSX VENTURE:GMR) in addition to a cash position of 11 million dollars. Over the next five years, Petrolia's objective is to produce 5% of the Quebec oil consumption.
About Junex
Junex is a junior oil and gas exploration company that holds exploration rights on more than 6 million acres of land located in the Appalachian basin in the Province of Quebec. Several recent discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, whose sedimentary basin is located in a favourable geological setting for oil and gas discovery. Junex's strategy consists in entering into partnerships with other exploration companies in order to reduce exploration risks. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.0% of the issued and outstanding shares of Gastem (TSX VENTURE:GMR).
About Gastem
Gastem is a gas exploration and development company which holds exploration rights on more than 1 million acres of land in Quebec, an earn-in interest in the Joly Project with Intragaz and also various projects in the North-East United States. The company has a participation in 24 gas wells currently in production in the Amber Bank project, West Virginia. Gastem is a highly active leader in the exploration and development of the Utica Shales in the St-Lawrence Lowlands and Upstate New-York. In the coming weeks, the company expects to undertake important drilling projects in the State of New-York while leading many exploration projects in Quebec.
Forward-looking statements
This news release contains certain forward-looking statements. These statements relate to future events or future economic performance of Junex, Petrolia and Gastem, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect their respective results, economic performance or accomplishments when considered in light of the content or implications of statements made by Junex Petrolia and Gastem. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Junex, Petrolia and Gastem do not intend and undertake no obligation, to update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Petrolia Inc.Mrs Isabelle Proulx, Vice President
Quebec: 418-657-1966
Rimouski: 418-724-0112
[email protected]
or
Petrolia Inc.
Mr. Andre Proulx
President
418-724-0112
[email protected]
www.petroliagaz.com
or
Junex Inc.
Mr. Jean-Yves Lavoie
President
418-654-9661
or
Junex Inc.
Mr. Dave Pepin
Vice President - Corporate Affairs
418-654-9661
or
Gastem Inc.
Mr. Raymond Savoie
President
514-875-9034
or
Gastem Inc.
Mr. David Vincent
Corporate Affairs
514-875-9034
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