RIMOUSKI, June 29 /CNW Telbec/ - Petrolia is greatly encouraged by the success of the work recently completed by Junex Inc. (JNX -TSXV) on its Galt permit (68 km2) in the Gaspe Peninsula of Quebec, where Schlumberger Canada Inc. has successfully completed stimulation work on the Galt No. 3 well. This well could develop into the first commercial oil well in Quebec's history (See Junex Press Release, June 28 2005). This discovery and development is significant for Petrolia since Petrolia controls 98% of the exploration rights to the Gaspe Permit block (3,774 km2) that entirely surrounds the Junex Galt permit. This exciting new discovery reinforces Petrolia's objective to be Quebec's pre-eminent oil explorer and producer. Exploration work so far carried out in the Gaspe Peninsula has identified prospective zones for the discovery of hydrocarbon-bearing dolomite breccias. These breccia zones are located in structural and stratigraphic fairways associated with the two major strike-slip fault systems of the northeastern part of the Gaspe Peninsula. The breccias in the Gaspe Block are considered favourable for hydrocarbon discovery, and possibly production, similar to the hydrocarbons identified on the Junex Galt Block. The relative location of the Gaspe and Junex Galt blocks can be viewed at www.petroliagas.com About Petrolia Petrolia is an oil and gas company is entirely focused on hydrocarbon exploration in Quebec's Gaspe Peninsula. Petrolia controls or has significant interest in 70% of all the hydrocarbon permits in the Province of Quebec. Listed on the TSX Venture Exchange in February 2005 with the symbol PEA-TSXV, Petrolia has working capital of $2.7M and a capitalization 15,680,107 common shares issued and outstanding. Petrolia intends to become Quebec's leading hydrocarbon explorer and producer. The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Business
Jun 29 2005
5 min read