Petrolia

From Wikimarcellus

Rimouski, Québec-based Petrolia Inc. (TSX VENTURE: PEA), is a Canadian junior with a leasehold presence in the St. Lawrence Lowlands Utica shale play.

It owns interests in oil and gas licenses primarily on the Gaspe Peninsula and Anticosti Island amounting to 3.7 million acres or roughly 18% of the Province of Quebec which is under lease.

Petrolia's partners in the endeavor are Junex Inc. and Gastem Inc. Most of the activity of the venture has been focused on the Haldimand petroleum project where the Haldimand No. 1 discovery well was drilled at an earlier date. This area has been evaluated and interpreted using 3D seismic data acquired in October, 2008. The study area is a 13 square kilometer grid centered upon the Haldiman No. 1 well.

In May, 2010, Petrolia announced a joint venture (JV) with Corridor Resources Inc to drill four exploratory well beginning in June on Anticosti Island. The JV partners planned to explore the Trenton-Black River horizon. These were to follow up on oil shows found in previously drilled wells on the Jupiter and Chaloupe prospects in central and southeastern parts of the Island. The operations on these wells were to be shared between the two companies. The wells were to be directionally drilled using underbalanced light weight drilling fluid in order to permit oil to be recovered during flow testing at restricted rates. Drilling and testing were to be complete by September, 2010. Petrolia owns a 25% working interest in the Jupiter and Saumon exploration wells and the balance by Corridor. The Chaloupe well was to be shared on a 50-50 basis, and a fourth well was to be similarly shared at either Bell or Macaire (to be decided later).

In early September, 2010, joint venture partner, Corridor Resources Inc., announced the results of the 2010 drilling program on Anticosti Island.