Petrolympic Comments on New Provisions Supporting the Oil & Gas Industry Announced by the Quebec Government During the Speech...
11 Juin 2014 - 12:07AM
Marketwired
Petrolympic Comments on New Provisions Supporting the Oil and Gas
Industry Announced by the Quebec Government During the Speech of
the Budget
TORONTO, ONTARIO--(Marketwired - Jun 10, 2014) - Petrolympic
Ltd. (TSX-VENTURE:PCQ) ("Petrolympic" or the "Company") is pleased
to announce that the Quebec Finance Minister, M. Carlos Leitao,
confirmed during the Quebec budget speech the creation of an
investment fund in the amount of $1.25 billion for the development
of the hydrocarbon and mining sectors in the province of
Quebec.
This new fund will be managed by Ressources Quebec, a division
of Investissement Quebec. Of the $1.25 billion, $500 million will
be reserved for the development of the Northern Plan and $750
million will be made available to support the development of the
hydrocarbon and mining sectors in southern Quebec. The Minister
also announced the creation of a vast program to switch from the
use of heavy oil to cleaner natural gas and he also said the
Province intends to develop the use of LNG on large scale.
The Minister of Energy and Natural Resources, M. Pierre Arcand,
further stated that exploration for hydrocarbons in the province of
Quebec is economically and environmentally sensible and must be
encouraged considering that the province imports more than $14
billion worth of oil and gas every year.
Mendel Ekstein, president of Petrolympic, commented: "We are
really pleased and believe those announcements show the real will
of the Quebec government to develop a strong and sustainable
industry in the province and we are convinced we can be part of it
with our conventional plays."
As stated in a previous press release dated April 11, 2014 and
April 14, 2014 the discovery by Petrolympic and its partner Squatex
Energy and Resources Inc. of a conventional natural gas reservoir
on Squatex' property in the Lower St. Lawrence, is encouraging and
confirms the hydrocarbon potential of the area.
Petrolympic and its partner are now designing a drill program to
delineate the three hydrocarbon-bearing zones identified in the
Massé No.1 core hole and are preparing an exploration program to
further document and validate other prospective structures
identified within the Property based on the same proprietary
seismic dataset, in a climate favorable to the hydrocarbon
exploration in Quebec.
Petrolympic also owns a 100% interest in two exploration permits
in the same area, referred to as the Matapedia and the Mitis
properties. Several conventional plays and exploration leads have
been identified in these permits.
About Petrolympic Ltd.
Petrolympic Ltd. is a Canadian junior oil and gas company
actively exploring for premium light crude oil and natural gas in
North America. The Company has oil production asset in the prolific
Maverick Basin of Texas, USA. The Company also holds an interest in
a total of 754,216 hectares (1,863,668 acres) of oil and gas
exploration permits in the Appalachian Basin of Quebec that include
holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The
Company's holdings in the St. Lawrence Lowlands consist of a 30%
interest in 217,370 hectares (536,941 acres) through a joint
venture with Squatex Energy and Resources Inc. ("Squatex"), a 12%
interest in 8,000 hectares (19,768 acres) through the Farmout
Agreement with Canbriam Energy Inc., and a 100% interest in 56,622
hectares (139,913 acres) located over the Lowlands shallow
carbonates platform on the south shore of the St. Lawrence River,
less than 30 kilometers southwest of Montreal. These properties
represent a major position in the Utica Lorraine and Trenton-Black
River Plays. Petrolympic also maintains holdings in the Gaspé and
Lower St. Lawrence regions, including a 30% interest in 431,339
hectares (1,065,839 acres) through a joint venture with Squatex and
a 100% interest in a block of exploration permits totalling 40,885
hectares (101,029 acres) located between Rimouski and Matane
prospective for hydrothermal dolomite hosted light oil.
About Squatex Energy and Resources Inc.
Squatex Energy and Resources Inc. ("Squatex") is an oil and gas
exploration company created on April 12, 2002 under the Canada
Business Corporation Act having its main office located at
7055, Boul. Taschereau, suite 500, Brossard (Québec) J4Z 1A7.
Squatex is a reporting issuer only in the province of Québec. Its
shares are not traded on any formally organized stock exchange
market. The main objective of Squatex is, as the operator, to carry
out exploration work in order to evaluate the oil and gas potential
of a territory under leases covering 656,093 hectares. Squatex owns
in the St. Lawrence Lowlands a 70% interest over 217,370 hectares
under a joint venture agreement with Petrolympic and a 28% interest
over 8,000 hectares that were farmed out to Canbriam Energy Inc.
Squatex also owns a 70% interest over 431,339 hectares in the Lower
St. Lawrence under its joint operation agreement with
Petrolympic.
Forward-Looking Statements
This press release includes certain "forward-looking
information" within the meaning of the Securities Act
(Ontario), including, but not limited to, statements as to timing
and extent of exploration programs and the availability of
exploration results. As such, forward-looking information addresses
future events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and
elsewhere in Petrolympic documents filed from time to time with the
Ontario Securities Commission and other regulatory authorities.
Actual results could differ significantly from those currently
projected as a result of, among those factors, adverse weather,
regulatory changes, delays in receiving permits, accidents and
delays in completing exploration activities not all of which are in
the control of Petrolympic. The forward-looking information
contained herein is Petrolympic's reasonable estimate today of
future events and conditions, but no assurance can be given that
such events or conditions will occur.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Petrolympic Ltd.Mendel EksteinPresident and CEO(845)
656-0184exis@petrolympic.comSquatex Energy and Resources
Inc.Jean-Claude CaronPresident and CEO(819)
929-3758jeanclaudec@globetrotter.net
Petrolympic (TSXV:PCQ)
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