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Petrolia announces that the partners of Anticosti Hydrocarbons have agreed on certain measures to maintain the status quo on the Anticosti project


Date issue: June 15, 2017
Time in: 3:54 PM e


QUEBEC CITY, QUEBEC--(Marketwired - June 15, 2017) - Petrolia Inc. (TSX VENTURE:PEA) and its subsidiaries - Petrolia Anticosti (operator for Anticosti Hydrocarbons L.P. (HASEC)) and Investissements PEA Inc. (a partner of HASEC) - have reached an agreement with their partners - Ressources Quebec Inc., Saint-Aubin E & P (Quebec) Inc., and Corridor Resources Inc. - relating to safeguard measures for maintaining the status quo with respect to the Anticosti project. This order recognizes the obligation to cover certain financial expenses of the operator and, in particular, orders Ressources Quebec to advance sufficient funds on a monthly basis to cover the essential needs of HASEC.

The partners of HASEC have also agreed to postpone the work planned for Anticosti Island this summer pending the result of the ongoing negotiations with the Government of Quebec and the resolution of certain other issues. In the meantime, Petrolia is committed to only performing essential work until the resumption of work. At this time, Petrolia remains open to a settlement, but no agreement with the government has been reached.

In the event that these negotiations fail, Petrolia Anticosti will pursue the resumption of the work planned for Anticosti.

"If work resumes, this agreement will have allowed us to preserve the expertise acquired over the years. Should an agreement ever be reached within the context of the ongoing negotiations, Petrolia Anticosti will need to use this expertise to carry out the operations that will put an end to the Anticosti project." announced Martin Belanger, Interim President and CEO of Petrolia.

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. Petrolia is a leader in oil and gas research in Quebec whose objective is to develop oil from here, by the people here, for here. Social and environmental dimensions are at the heart of Petrolia's concerns and its approach to exploration. 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 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 of 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 - 15/06/2017

For further information:
Petrolia Inc.
Martin Belanger, P. Eng
Interim President and Chief Executive Officer


INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170615CC0061

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.

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