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Petrolia Inc: Important Quantities of Hydrocarbons Trapped in a Reservoir in Bourque 1
Published : January 30, 2013
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Keywords :   Canada | Fmi | Market | Oil |

RIMOUSKI, QUEBEC--(Marketwire - Jan. 30, 2013) - Pétrolia (News - Market indicators) confirms that results of analyses on well Bourque 1, drilled in summer 2012, reveal the presence of a reservoir containing important quantities of hydrocarbons, some of which is oil. This result justifies the mandate given by Petrolia to an independent expert, Sproule Associates, to evaluate the hydrocarbon volume initially in place in this reservoir. Located in the Forillon Formation, it is characterised by the presence of numerous vugs which can reach large sizes, up to several tenths of centimeters and which are associated with open fracture zones.

The analysis of an imaging log (FMI) by Schlumberger Canada confirms the presence of a reservoir of good capacity. The analysis demonstrates that the Bourque 1 well penetrated numerous zones where this type of (vuggy) porosity develops, between the depths of 1465 m and 1820 m (355 meters interval).

This result adds to those obtained during drilling, when two tests carried out on part of this interval have demonstrated the presence of hydrocarbons, including oil. One of these tests (at the top of the interval) recovered very light oil (53° API) whereas the second one (in the centre of the interval) yielded an initial flow of 1.4 million cubic feet per day of wet gas (see October 31, 2012 press release).

Vuggy porosity cannot be detected during analysis of the drill cuttings (one to two millimeters in diameter) because of the large size of the vugs (up to several tenths of centimeters). In carbonates, this porosity is often associated with weathered zones located close to main faults, such as the North-West Arm fault which transects the Bourque structure.

The regional context suggests that weathered zones containing this type of reservoir could be present along the North-West Arm fault, which extends over more than 60 km length. Acreage located along this fault thus becomes an interesting target in the search for hydrocarbons.

Considering these results, Petrolia has chosen to develop a production test program in order to properly evaluate the porous interval discovered in the Bourque 1 well. Production tests are also planned in the deeper section of the Bourque 1 well, as well as in the Bourque 2 well.

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 67 682 300 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
Companies Mentionned : Petrolia | Reliance |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Petrolia

EXPLORATION STAGE
CODE : PEA.V
ISIN : CA7166851021
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Petrolia is a producing silver and copper company based in Canada.

Petrolia holds various exploration projects in Canada.

Its main exploration properties are HALDIMAND WELL, GASPE MINE and ANTICOSTI MACASTY in Canada.

Petrolia is listed in Canada. Its market capitalisation is CA$ 16.9 millions as of today (US$ 12.9 millions, € 11.5 millions).

Its stock quote reached its highest recent level on June 30, 2011 at CA$ 2.90, and its lowest recent point on January 22, 2016 at CA$ 0.18.

Petrolia has 84 420 000 shares outstanding.

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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
8/13/2015Another step towards drilling for Bourque
1/6/2015Haldimand 4: drilling is completed
11/25/2014Pétrolia begins drilling in Gaspé
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
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6/16/2016CORRECTION FROM SOURCE-Petrolia Inc./Issuance of Certificate...
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6/19/2013Announces $1.0 Million Bought Private Placement
4/24/2013Files a Superior Court Motion Against the Town of Gaspe
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12/10/2012Announces $3 Million Financing
12/10/2012Announces $3 Million Financing
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12/10/2012Announces $3 Million Financing
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10/31/2012Hydrocarbons Over a 1,850 m Interval in Bourque No. 1 Well
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2/17/2011Unaware of any Material Change
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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
3/29/2006Haldimand #1 well produces 156 barells of oil in preliminary...
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