Petrolia Aims Big With the Haldimand Corridor Project
posted on Apr 28, 2009 09:08AM
Quebec’s leader in oil and gas exploration.
|April 28, 2009|
|Petrolia Aims Big With the Haldimand Corridor Project|
|QUEBEC CITY, QUEBEC--(Marketwire - April 28, 2009) - Petrolia (TSX VENTURE:PEA) is proud to announce that it expects to advance to the drilling stage for the Haldimand Corridor Project during 2009. Wholly owned by Petrolia, the project lies to the northwest and the southeast of Haldimand. The Haldimand Corridor is a priority project in which the Company invested $1.2 M in exploration work in 2008.
The geophysical, soil-geochemistry, and surface geology work carried out in 2008 has form a valuable data for Petrolia. The results of the geochemical analyses of soil samples (absorbed gases) confirm the presence of highly atypical concentrations of hydrocarbons near the surface. These results suggest the presence of numerous zones with the potential to contain petroleum. Based on these results, Petrolia undertook, last December, an 83 km seismic acquisition campaign.
The seismic results show that the Haldimand Corridor contains significant number of potential traps. The focus is currently on two exploration approaches:
1) Southern Haldimand Fairway: The southern portion is the natural extension of the geologic setting in which the Petrolia-Haldimand well was discovered. By combining the results of the 2-D seismic survey with the surface geology work and the results of an airborne magnetic survey, two drilling targets were defined within a maximum depth of 1,500 m.
2) Northern Haldimand Fairway: Petrolia has identified the presence of reef-type traps here. This type of target has proven quite prolific in the Western Canadian Sedimentary Basin, as well as in Ontario and Michigan. The vintage seismic data combined with the new data obtained by Petrolia in 2008 should allow a drilling target to be confirmed in this sector. A well approximately 2,000 m deep will need to be drilled to evaluate this target.
"What we have learned since the discovery of the Petrolia-Haldimand well has opened the door wide to future finds. Geologically-speaking, an oilfield discovery is not generally an isolated incident," emphasizes Andre Proulx, president of Petrolia. "We believe that the results obtained from this exploration work more than justify Petrolia's financial engagement which will be managed by the Company."
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. Petrolia foresees its 2009 drilling projects as a major exploration milestone. The Company has 41 M shares outstanding and holds 1,7 degrees % of the issued shares of Gastem (TSX VENTURE:GMR) in addition to a cash position of 6.9 million dollars. Over the next five years, Petrolia's objective is to produce 5% of the Quebec oil consumption.