QUÉBEC CITY, QUÉBEC--(Marketwired - Jan. 6, 2016) - Pétrolia (TSX VENTURE:PEA) is pleased to announce that well cleanup operations have been completed at Haldimand 4 and have led to a significant improvement in well production. These operations have been performed without any health, safety or environmental incident.
These operations, which took place between November 18th and December 20th 2015, involved successive phases of cleaning up the well with nitrogen, acid and then with a final nitrogen cleanup. A natural oil runoff period followed in which the well produced up to 59.8 barrels (9.5 m3) of crude oil per day with an average of 43.5 barrels (6.9 m3) per day. A total of 360 barrels (57.2 m3) of crude were produced in a little more than 8 days between December 12th and 20th, 2015.
This average production of 43.5 barrels (6.9 m3) compares favourably with the 13.8 barrels (2.19 m3) per day observed immediately before the well cleanup, which validates the effectiveness of these operations. All the data gathered will be analyzed over the next few weeks.
In view of these encouraging results, the Pétrolia team is currently at work planning the next phases, including a 240-day long term production test that should begin in spring 2016.
Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents almost 23% of the Québec territory under lease. The closing of a partnership on Anticosti Island has led to the creation of Anticosti Hydrocarbons L.P., a limited partnership in which Pétrolia holds a 21.7% interest. In order to carry out the project's operations, Pétrolia Anticosti Inc., a subsidiary of Pétrolia, was designated project operator. Pétrolia is a Quebec company whose objective is to develop oil from here, by the people here, for here. Pétrolia has 80 345 195 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 Pétrolia 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 or statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia 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.
Source: Marketwired (Canada)
(January 6, 2016 - 8:30 AM EST)
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