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RIMOUSKI, QUEBEC--(Marketwire - Dec. 19, 2012) - Pétrolia (News - Market indicators) announces that the drilling of the Bourque 2 well has been completed. This well, which reached a total depth of 2,680 metres, has revealed the existence of two zones, of approximately 300 metres thick each, displaying reservoir characteristics. Two of the three drill-stem tests that were carried out recovered gas and condensates. The well has been temporarily suspended in order to complete detailed analyses and to identify the appropriate tests that should be conducted.
In the shallowest interval, the drilling confirmed the existence of a fractured zone 325 metres thick, already identified at Bourque 1 well. The preliminary results from the Bourque 2 well are very encouraging, since they suggest that hydrocarbon-saturated open fracture networks extend for a distance of over 2 kilometres between the Bourque 1 well and Bourque 2. The regional geological context suggests that these fracture networks cover a much larger area, since the fracture zones are associated with the Northwest Arm regional fault, which extends eastwards for more than 60 kilometres. Therefore this fractured zone could extend eastwards along a corridor, on either side.
In the deepest section of the well, the logs and the drill-stem test show a 270-metre-thick hydrocarbon-saturated zone, with low permeability and low primary porosity. During the operations, we recovered an 18 metres core sample, as well as several sidewall cores. These core samples are now being analyzed in laboratory. These analyses are essential for determining what type of tests will be conducted. The tests will be carried out on both the Bourque 1 and Bourque 2 wells.
The drilling equipment is gradually being moved to the Haldimand 4 site, located in Gaspé.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km² (3.5 million acres), which represents about 17% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 66 645 750 shares issued and outstanding.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.