RIMOUSKI, QUEBEC--(Marketwire - June 21, 2012) - Petrolia (TSX VENTURE:PEA) Petrolia has confirmed that it has retained the services of Precision Drilling to drill three wells in Gaspesie. The agreement also provides an option for Petrolia to drill three more wells under the same conditions.
Rig #501, a "triple" that can reach 3800 meters, will be mobilized from Calgary to the Bourque No. 1 site in Murdochville's area, in the upcoming days. The Bourque No. 1 site is already built, the building of the two other sites will begin shortly.
The actual drilling will begin around mid-July and will occupy the site from 18 to 30 workers during the operations. Once this initial well is completed, the equipment will be moved to the Bourque No. 2 site, then to the Haldimand No. 4 site in Gaspe.
The two Bourque wells cover two distinct targets of a reef complex, identified by a 3D seismic survey conducted in 2008 by Petrolia. In the case of Haldimand No. 4 in Gaspe, orientation and trajectory of the well were defined by Petrolia and Quebenergie (Haldimand partner) to optimize oil production from natural fractures contained in the reservoir and which has been identified by studies carried out in the past year.
Petrolia 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 Quebec territory under lease. The 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 the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 66 148 250 shares issued and outstanding.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.