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Petrolia Inc.: The Bourque 2 Well Reveals Two Reservoir Zones and the Presence of Condensates
Published : December 19, 2012
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Keywords :   Oil | Petrolia | Reliance | Total |

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.

About Pétrolia

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.

Forward-looking statements

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.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Isabelle Proulx
VP, Business Development
Quebec City: (418) 657-1966
info@petroliagaz.com
or
Andre Proulx
President
(418) 724-0112
president@petroliagaz.com
www.petroliagaz.com
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Petrolia

EXPLORATION STAGE
CODE : PEA.V
ISIN : CA7166851021
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Financings of Petrolia
9/26/2013Closes a Private Placement of $1,404,150
7/10/2013Completes Bought Deal Private Placement
5/21/2013Cancels its Engagement Letter Relating to a Private Placemen...
3/22/2011Closure of Private Subscription
11/23/2009P=E9trolia announces a non-brokered private placement for$5=...
1/15/2008Closing of a private placement of $3,000,000 with Pilatus En...
Option Grants of Petrolia
12/10/2010920,000 stock options granted to employees
7/7/2008Allocation of stock options
Project news of Petrolia
7/19/2011Acquires a Storage Site in Gaspe for Haldimand Oilfield Prod...
2/9/2011(Anticosti Macasty)and Corridor Announce Encouraging Anticosti Macasty Core
9/27/2010licences are not subject to the exploration moratorium in th...
12/16/2009(Gaspe Mine)A second petroleum discovery for Petrolia in the Gasp=E9 reg...
12/3/2008(Gaspe Mine)readies a new drilling campaign
3/7/2006Starts pumping tests on Haldimand #1
Corporate news of Petrolia
9/17/2013Implements its Succession Plan
9/5/2013Disclosure of the Agreement Petrolia-Hydro-Quebec
8/23/2013Allocation of Stock Options
7/30/2013/Anticosti: the Community Supports Oil and Gas Exploration
6/19/2013Announces $1.0 Million Bought Private Placement
5/1/2013Agreement in Principle on the Release of the Terms of the Ag...
4/24/2013Files a Superior Court Motion Against the Town of Gaspe
4/10/20131 TCF (Thousand Billion Cubic Feet) of Wet Natural Gas in a ...
3/5/2013Various Administrative Changes
2/22/2013Amendement to the Press Release Dated December 28, 2012
1/30/2013Inc: Important Quantities of Hydrocarbons Trapped in a Reser...
1/24/2013Pursuit of Haldimand 4 Drilling is Temporarily Deferred
1/14/2013Announces Positive Results of Two Anticosti Coreholes
1/14/2013Announces Positive Results of Two Anticosti Coreholes
12/28/2012Closes a First Tranche of its Private Placements of Up to $ ...
12/19/2012The Bourque 2 Well Reveals Two Reservoir Zones and the Prese...
12/10/2012Announces $3 Million Financing
12/10/2012Announces $3 Million Financing
12/10/2012Announces $3 Million Financing
12/10/2012Announces $3 Million Financing
12/10/2012Announces $3 Million Financing
12/10/2012Announces $3 Million Financing
11/7/2012Bourque 1 Generates Direct Economic Spinoffs of $2.6 Million...
10/31/2012Hydrocarbons Over a 1,850 m Interval in Bourque No. 1 Well
9/24/2012Status of Exploration Activities Underway in the Gaspe Penin...
9/22/2011No substential change
6/29/2011First Resource Assessment of Macasty Shale, Anticosti Island...
5/20/2011Allocation of Stock Options
3/2/2011Various Administrative Changes
2/17/2011Unaware of any Material Change
1/26/2011Files a Lawsuit Against Le Soleil and Ugo Lapointe
5/20/2010To drill four oil exploration wells on Anticosti Island
10/28/2009progresses and drills the Tar Point No. 1 well
9/18/2009Start of P=E9trolia's Haldimand No. 2 Well
9/3/2009P=E9trolia commits itself for two wells
7/31/2009regains control over the Haldimand Project operations
4/28/2009aims big with the Haldimand Corridor Project
3/30/2009New members for Petrolia's board of directors
2/26/2009Information to be available through Standard & Poor's Market...
9/23/2008currently planning its drilling campaign for Anticosti
8/5/2008Signs a $20 Million Farmout Agreement
7/9/2008Junex and Gastem Announce the Start of Operations at Haldima...
5/20/2008ANNOUNCES $10,000,000 Financing
1/31/2008Pilatus becomes the first shareholder of Pétrolia
1/29/2008Purchases Hydro-Quebec's Petroleum Interests on Anticosti
12/10/2007 Reassessment of the petroleum potential of the Central Gasp...
10/31/2007Closes $1,750,000 investment
10/11/2007First closing of $3 Million at $1.00 per share with European...
9/19/2007Pétrolia a bon espoir de régler deux dossiers problématiques
6/22/2007Attribution d'options d'achat d'actions
3/29/2006Haldimand #1 well produces 156 barells of oil in preliminary...
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TSX-V (PEA.V)
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