The Partners of Petrolia-Haldimand No.1 'Gaspe, Quebec' Announces the Results of the Pressure Build-Up Test

Petrolia (TSX VENTURE: PEA), Junex (TSX VENTURE: JNX) and Gastem (TSX VENTURE: GMR) are pleased to announce that the pressure build-up tests have been completed successfully in the Petrolia-Haldimand #1 well. The analysis of the pressure data indicates that the well pressure at the end of the test (12,403 kPa) is greater than the pressure at the well completion (11,383 kPa) measured at a depth of 1,073 metres. The well has been shut-down for the last 45 days following a 15 day production test which allowed the well to reach a stabilized production rate of 40 BOE(1) per day (34 barrels of light oil and 6 barrels equivalent of gas). The oil production is from a 139 metre thick zone located between 950.5 m and 1,090 m below the surface. The well was perforated at 8 levels within the producing zone (sweet light oil more than 47 degrees API), representing a total of 22 m of perforated casing.

Following these results, the project partners are planning to reopen the well to undertake an extended (90 day), production test, followed by a 180 day analysis of reservoir pressure recovery. The purpose of this additional test is to allow the partners to more accurately define the importance of the reserve.

Junex and Petrolia each hold a 45% interest in the project and Gastem holds a 10% interest. Junex is the project operator.

About Petrolia

Petrolia is an oil and gas exploration and development company with large property holdings in Quebec's Gaspe Peninsula. Petrolia holds exploration rights on more than 4 million acres of land located in the Appalachian basin in the province of Quebec.. Petrolia is the operator for exploration on its own hydrocarbon permits and wants to intensify the exploration for the next year. Petrolia is listed on the TSX Venture Exchange under the symbol PEA-TSXV. The company has working capital of $2.0 million and has 27,144,080 shares issued and outstanding. Petrolia's objective is to maintain its position as the leading oil and gas explorer in the Gaspe Peninsula. Petrolia own 5.4% of the shares of Gastem (GMR: TSXV).

About Junex

Junex holds exploration rights on more than 4 million acres of land located in the Appalachian basin in the province of Quebec. Recent major discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, which is located in a favourable geological setting for oil and gas discovery. Junex's strategy is to reduce exploration risks by entering into partnerships with other exploration companies. In parallel to its exploration efforts, Junex goal is to achieve positive cash flows from its natural brine and drillings services operations. Junex also holds approximately 12% interest in Petrolia (PEA : TSVX) and a 5.4% interest in Gastem (GMR : TSXV).

About Gastem

Gastem is publicly-traded oil and gas exploration company (GMR - TSXV, 18.4 million shares) listed in January 2004. The company owns properties and interests in Quebec and Alberta.

(1) BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Andre Proulx
(418) 724-0112

Isabelle Proulx
Corporate development
(418) 657-1966

Jean-Yves Lavoie
(418) 654-9661

Dave Pepin
Corporate development

Raymond Savoie
(514) 875-9034

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here