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Message: Petrolia, Junex and Gastem Announce the Next Well for the Haldimand Project
| February 19, 2009 |
| Petrolia, Junex and Gastem Announce the Next Well for the Haldimand Project |
| QUEBEC, QUEBEC CITY--(Marketwire - Feb. 19, 2009) - Petrolia (TSX VENTURE:PEA), Junex (TSX VENTURE:JNX) and Gastem (TSX VENTURE:GMR) announce that they have completed the interpretation of the 3D seismic data acquired last October and have selected the next well location on the Haldimand petroleum project. This new well will be drilled with the following main objectives: 1. to evaluate the Devonian sandstones encountered at depths between 950 and 1,100 meters in the Petrolia Haldimand #1 discovery well but in a position structurally higher than at the discovery well. 2. to evaluate the two sandstone beds encountered at depths between 710 and 830 meters in the Petrolia Haldimand #1 discovery well. Oil shows were recorded in these two sands during the drilling of the discovery well however these zones were not tested. Results to date indicate that these sandstones could represent a second, shallower oil reservoir. This new well is forecasted to be drilled to a total depth of 1,100 metres subject to results from the drilling operations. A surface lease has been signed with the land owner and site construction should start soon. The partnership forecasts that drilling operations at this well will commence after spring break-up, subject to the receipt of necessary authorizations, surface access and availability of a drilling rig. These operations are part of the delineation program of the Haldimand oil discovery as announced on July 8, 2008. A major phase of this program was the completion of a 13 km2 3D seismic survey in October 2008. These seismic data were acquired on a grid covering and centered on the Petrolia Haldimand #1 light oil discovery well. A surface soil geochemical survey, involving the analysis of 200 soil samples, was performed on the same grid and was completed in October 2008. In parallel with these two surveys, a detailed petrographic study of the Gaspe Sandstones was presented to the project partners. All of this new data was processed, integrated and interpreted during the months of November and December 2009. 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. Petrolia foresees its 2009 drilling projects as a major exploration milestone. The Company has 41 M shares outstanding and holds 1,7 % 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. 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. The company is in the heart of the Utica Shale gas discovery located in the Ste Lawrence Lowlands. As of December 31 2008, Junex has a working capital of 28 million dollars. 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). In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations. 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 mainly active and is a leader in the exploration and development project of the Utica Shales in the St-Lawrence Lowlands and the Appalachians in the State of New-York. |
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