Sign Up for FREE Daily Energy News
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • instagram
  • youtube2
WEC - Western Engineered Containment
Hazloc Heaters
Copper Tip Energy Services
WEC - Western Engineered Containment
Copper Tip Energy
Hazloc Heaters

Petrolia’s comment on the Anticosti negotiation

English Français 简体中文
These translations are done via Google Translate


Date issue: April 05, 2017
Time in: 3:55 PM e


QUEBEC CITY, QUEBEC--(Marketwired - April 5, 2017) - Petrolia Inc. (TSX VENTURE:PEA) confirms that, in response to a request for clarification from Hydrocarbures Anticosti (HASEC) concerning the status of the Anticosti project in light of the request that the island be recognized as a UNESCO world heritage site, the Gouvernement du Quebec has begun negotiations with the company and its partners in HASEC with the goal of ending oil and gas exploration on Anticosti Island.

Petrolia would like to point out that the government of Quebec determined the value of this project at $200M when the deal was announced in February 2014 and that, in the economic survey by the Ministere des Finances prepared within the framework of the Evaluations Environnementales Strategiques (EES), the government anticipated major economic gains. It is also relevant to note that Petrolia holds 21.7% of HASEC and that it is also the contract operator on the project. Nevertheless, in the event that the government is determined to put an end to this project, Petrolia is open to negotiating a fair settlement.

"We are still fully convinced, even more than in 2014, of the potential and the relevance of the Anticosti project for Quebec and its society. However, we enter this negotiation in good faith. In our view, Anticosti remains and will always remain a major economic project that could potentially generate important spinoffs for Quebec" said Martin Belanger, Interim President and Chief Executive Officer of Petrolia.

Finally, in the event that there is no settlement, we expect the government to respect the agreements signed in good faith and allow the HASEC to carry out the planned works that were mandated in the signed agreements.

About Petrolia

Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licences covering 16,000 km2 (4 million acres), which represents almost 23% of the Quebec 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 Petrolia holds a 21.7% interest. In order to carry out the project's operations, Petrolia Anticosti Inc., a subsidiary of Petrolia, was designated project operator. Petrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Petrolia has 108,399,683 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 Petrolia 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 Petrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Petrolia disclaims any intention or 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.

- END RELEASE - 05/04/2017

For further information:
Petrolia Inc.
Martin Belanger, P. Eng.
Interim President & Chief Executive Officer
418 657-1966


INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170405CC0066

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization issuing the release, not to The Canadian Press.

Share This:

More News Articles

New SHOWCASE Directory Companies


Muddy Boots
Delta Remediation Inc.
Axis Communciations
The Coverall Shop
Payload Technologies Inc.
Vista Projects Limited
Smart-Project Management Inc. / Trusted Pipeline Advisor