TORONTO, Aug. 31, 2015 /CNW/ - Petrolympic Ltd.
("Petrolympic" or the "Company") (TSX-V: PCQ, OTCQB:
PCQRF) is pleased to announce that a drilling location has been
identified and field operations are being planned in its 100% owned
Mitis property (the "Property") in the Gaspe/Lower St. Lawrence area.
Petrolympic has identified several promising conventional
drilling targets on the Property after reprocessing and
reinterpreting its proprietary seismic data. Three of these targets
are located close to each other in a faulted anticline and are
combined in one structure. Each of them corresponds to a seismic
anomaly indicating the probable presence of oil and/or gas.
The depths for this prospect range from about 2,130 feet deep
for the shallow target down to 3,450 feet for the deepest one. At
least two of the three targets can be reached by the same well
using directional drilling equipment. A drilling program is being
prepared and operations in the field would be announced as soon as
all permitting, equipment and preparations will be available. Other
prospective targets also identified at greater depths within the
Property will be considered in the following phases of the
exploration program.
The combination of proprietary data and recent surface geology
maps suggests that the target formation corresponds to the lower
Silurian-aged Val-Brillant
sandstones. Outcrops northeast of the Property further indicate
that significant primary and secondary porosity can be present in
the Val-Brillant sandstones.
Bitumen coatings in the pores have been observed in the same
outcrops and are evidence of past oil migration in the system.
These projects will be undertaken in parallel to the work
program proposed by the Company's joint venture partner Ressources
et Énergie Squatex Inc. ("Squatex"), in the adjacent Massé
structure area, in which Petrolympic holds a 30% working interest.
In its press release dated July 31,
2015, (the full version of which can be found on
www.sedar.com under Squatex profile) (the "Squatex Press
Release"), Squatex provided as follows: "The stratigraphic
coring Massé No.1 and No.2 obtained significant shows of gas with
condensate and oil (20o API). These holes were drilled on seismic
AVO anomalies type (amplitude vs. offset) indicating the probable
presence of reservoirs with significant porosity in zones of
hydrothermal dolomitization within the Sayabec Formation. The
geophysical interpretation performed by Squatex shows that AVO
anomaly zones observed could extend over more than 300
km2."
In the Squatex Press Release, Squatex also indicated that by the
end of 2015, it will make all efforts needed to evaluate the
potential of the Massé structure. Squatex further advised that
conditional on obtaining sufficient funding, it "plans to drill
three additional core holes respectively reaching depths of 1600,
1800 and 2000 meters over porosity anomalies located at 5km, 10Km
and 20km from the Massé No.1 and No.2 locations."
Squatex also announced, in a press release dated August 25, 2015, (which can be found on
www.sedar.com under Squatex profile), "the conclusion of an
academic partnership with the Institut national de la recherche
scientifique (INRS) to conduct important geosciences studies in the
Lower St. Lawrence area. These studies will provide a 3D modeling
and a determination of the reservoir potential of the Sayabec
Formation."
Petrolympic CEO Mendel Ekstein
commented: "Developing the hydrocarbon potential of our properties
is at the heart of Petrolympic's strategy and we believe that the
environmental performance and the competitiveness of local
end-users, as well as of larger industries located nearby in the
Gaspe Peninsula and the North
Shore, would greatly benefit from low-cost, locally-produced,
conventional hydrocarbon resources."
These efforts come at a time when the Quebec government is actively encouraging the
building of liquefied natural gas (LNG) facilities to facilitate
access to clean energy sources for businesses that are not
connected to the existing natural gas distribution networks. To
name but a few measures, the building of a large LNG plant in
Becancour has been approved just
this week and the 2015-2016 Quebec
budget includes provisions for incentives to develop new LNG
facilities across the Province.
Annual Shareholders Meeting
The Company is also pleased to announce that all items on the
agenda were approved at the Company's annual and special
shareholders meeting held on August 20,
2015 (the "Meeting"). At the Meeting, the
shareholders of Petrolympic ratified the Company's 10% rolling
stock option plan, appointed Collins Barrow Toronto LLP as auditors
of the Company for the ensuing year, and authorized the directors
to fix their remuneration. In addition, each of the current
directors of Petrolympic, being Mendel
Ekstein, Andreas Jacob,
Alain Fleury, Frank Ricciuti, Miles
Pittman, Rodger Creamer and
Glenn MacNeill, were re-elected.
About Petrolympic Ltd.
Petrolympic is a Canadian junior oil and gas company actively
exploring for premium light crude and natural gas in North America. The Company has assets located
in the Utica Fairway of Quebec,
Canada and holds an interest in a total of 1,863,668 acres
(754,216 hectares) 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 536,941 acres
(217,370 hectares) through a joint venture with Squatex, a 12%
interest in 19,768 acres (8,000 hectares) through the Farmout
Agreement with Canbriam Energy Inc., and a 100% interest in 139,913
acres (56,622 hectares) 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
land 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 1,065,839 acres
(431,339 hectares) through a joint venture with Squatex and a 100%
interest in a block of exploration permits totaling 101,029 acres
(40,885 hectares) located between Rimouski and Matane prospective for hydrothermal dolomite
hosted light oil.
Forward-Looking Statements
NEITHER THE TSX VENTURE EXCHANGE NOR OTC MARKETS GROUP INC,
NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
This news release may contain forward-looking statements and
information based on current expectations. These statements should
not be read as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from those implied by such statements.
Such statements include submission of the relevant documentation
within the required timeframe and to the satisfaction of the
relevant regulators, completing the acquisition of the applicable
real estate and raising sufficient financing to complete the
Company's business strategy. There is no certainty that any of
these events will occur. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
such assumptions will prove to be correct. We assume no
responsibility to update or revise them to reflect new events or
circumstances.
Company's securities have not been registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities
Act").
Additionally, there are known and unknown risk factors which
could cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and the Company disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
SOURCE Petrolympic Ltd.