QUEBEC CITY, QUEBEC--(Marketwired - Jun 15, 2016) - Pétrolia (TSX VENTURE:PEA) is proud to see a new step forward in the Anticosti project. Pétrolia Anticosti, a subsidiary of Pétrolia Inc., which was appointed as operator by the partners of Anticosti Hydrocarbons L.P., is pleased to announce that the ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques (MDDELCC) has issued all of the certificates of authorization necessary, including the permit for hydraulic fracking, in order to proceed with the exploration program contemplated by the agreements that led to the creation of Anticosti Hydrocarbons L.P.
It should be remembered that Pétrolia Anticosti was mandated by the Board of Directors of Anticosti Hydrocarbons to prepare the application for certificates of authorization, as well as all required documentation and studies relating thereto. In addition, it was responsible for monitoring the progress of the application with the appropriate authorities.
This resounding success on the regulatory front is essentially due to the work of Petrolia, accompanied by the experts at SNC-Lavalin for technical aspects. "As partner and operator since February 2014, we are particularly pleased to see the accomplishment of this important step. I would like to thank all those who were involved in one way or another in this process." stated the President of Pétrolia, Alexandre Gagnon.
Pétrolia Anticosti emphasizes that, as has been the case in the past, the authorized work will be carried out in accordance with the highest industry standards relating to health, safety and respect for the environment. In addition, this exploration stage will be completed in (consultation? or "will be coordinated with") with the Anticosti community.
It is to be recalled that the work carried out on the Island in 2014 and 2015 provided employment for 90 individuals. Furthermore, thanks to the company's buy local policy, $2.7 million was injected into the Island's economy and $8.6 million into the economy of Eastern Québec. The upcoming work will allow for a clarification of the nature of the resource (i.e. the ratio of petrol/gas) and the confirmation of the economic potential for production.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering more than 16,000 km² (4 million acres), which represents almost 23% of the Québec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 92,420,195 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 or 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.
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