Business
Independent Report by "Sproule Associates Limited" Confirms the Presence of Conventional Natural Gas in the Massé Structure
BROSSARD, QC , April 11, 2014 /CNW Telbec/ - Ressources & Énergie Squatex Inc. ...
About this update from Petrolympic Ltd.
[{"type":"text","content":"\n\n\nBROSSARD, QC, April 11, 2014 /CNW Telbec/ - Ressources & Énergie Squatex\n Inc. (\"Squatex\" or \"The Company\") and their partner Petrolympic Ltd. (\"Petrolympic\") (TSXV: PCQ) are pleased to announce the results of an independent\n resource evaluation carried out by Sproule Associates Limited (\"Sproule\") on a structure drilled on their joint venture property in the Lower\n St. Lawrence area  (the \"Property\") located in the Appalachian Basin of Quebec. Squatex holds an interest\n in 656 093 hectares (1 621 241 acres) of the Property of which it is\n the operator, through its joint-venture with Petrolympic.\n\n\nThe results of this independent evaluation (as shown in Table 1 below)\n are based on the data gathered when drilling the Massé No.1 core hole.\n The results of the evaluation builds on the data released by Squatex in\n it's press release dated November 15, 2013 (filed on www.sedar.com).   Paul Laroche, Chief Geologist with Squatex provides the following\n comments:  \"The well revealed a reservoir hosted in the Silurian\n Sayabec Formation and consisting of a 10 meter-thick interval of\n hydrothermally dolomitized limestone with high porosity and\n permeability values up to 20.8% and 1624 mD, respectively (as shown in\n Table 2 below).\n Contrary to shale gas, these types of reservoirs do not require hydraulic fracturation.\n The analysis of the gas charge of the reservoir indicated it is\n composed of 89% methane and devoid from hydrogen sulfide.\"\n\n\nJean-Claude Caron, President and CEO of Squatex draws a comparison\n between the Property and St. Flavien reservoir in the St. Lawrence\n Lowlands - one of the only two reservoirs that have produced natural\n gas in economic quantities in Quebec: \"The parameters reported from\n Massé No.1 core hole are similar to St. Flavien reservoir, which is\n also hosted in hydrothermally dolomitized limestone with thickness\n varying between 1 and 8 meters, porosity values ranging from 2.5-10%\n (average between 3-5%). St. Flavien reservoir has produced 5.7BCFG\n prior to being converted into an underground gas storage facility that\n is still in operation since 1998.\"\n\n\nThe results obtained by Squatex and Petrolympic in the Lower St.\n Lawrence are encou...