Partnership Between Maurel & Prom, MPI, and Petrolia
RIMOUSKI, QUEBEC and PARIS, FRANCE -- (Marketwired) -- 07/19/13 --
Petrolia (TSX VENTURE:PEA), along with Maurel & Prom
(MAU-FR0000051070) and MPI (MPI - FR0011120914), are pleased to
announce that they have signed a 50/50 partnership agreement for
developing 13 oil and gas exploration licenses totaling 1,892 km2
owned by Gastem in the Gaspe Peninsula, Quebec.
For the purposes of the partnership, Maurel & Prom and MPI used the
Saint-Aubin Energie S.A.S. corporation, a joint investment vehicle,
of which 1/3 is held by Maurel & Prom and 2/3 by MPI. This
acquisition boosts Petrolia's interests in Quebec to nearly 16,000
The partners are also continuing their discussions on extending their
collaboration to other areas in Quebec where Petrolia holds
interests. Exploration will target unconventional reservoirs as well
as traditional deposits.
Over the next few months, technical teams from Petrolia and Maurel &
Prom will focus their efforts on developing a new exploration program
to cover the acquired licenses over an area of 1,892 km2 in the
They will pool their technical exploration and production expertise,
and Petrolia will initially be responsible for carrying out the work.
About Saint-Aubin Energie
Saint-Aubin Energie is a corporation jointly founded by Maurel & Prom
and MPI in 2013 in order to diversify the assets of the two founding
companies. The head office of Etablissements Maurel & Prom and MPI
are in Paris. The two companies have a combined market capitalization
of EUR1.8 billion. They are active in the field of onshore and
offshore oil and gas production in 10 countries on four continents.
Their management teams are comprised of professionals with strong
track records in the oil and gas industry.
Petrolia 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 about 19% of the Quebec territory under
lease. The leases, the majority of which are located on the Gaspe
Peninsula and Anticosti Island, are considered to be very promising
and represent almost 71% of the territory under lease for which there
is land-based oil potential in Quebec. Petrolia has 69 431 372 shares
issued and outstanding and has a working capital of $ 4,000,000.
Certain statements made herein may constitute forward-looking
statements. These statements relate to future events or the future
economic performance of Petrolia 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 Petrolia.
Actual events or results could be significantly different.
Accordingly, investors should not place undue reliance on
forward-looking statements. Petrolia does not intend and undertakes
no 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.
VP, Business Development
QuÃ©bec City: (418) 657-1966
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