Partnerships
Interest in Properties
Last July, Pétrolia initiated a partnership with the three main explorers in the gas and petroleum sector: Pétrolia, Junex and Gastem. Pétrolia believes it is by respecting the integrity of the each company’s management and uniting their respective forces, Quebec’s petroleum industry will become recognised globally.
By means of this partnership, Pétrolia and its Directors hold 5,4% of the capital stock of Gastem, in addition to having a seat on its Board of Directors..
Interests in Other Companies
St-Simon Project
Pétrolia has just announced the 10% participation of Junex in the St-Simon project, located 15 km from Saint-Hyacinthe. This project involves re-entering a well at a depth of about 2,500 metres. The presence of natural gas was already detected by Shell in 1969. Its potential was then assessed at a billion cubic metres. The proximity of a gas pipeline is of additional interest for this site, which shows real potential for positive results.
A window was drilled in the (140 mm) casing of the old well at a depth of
2,382 meters, and the hole was then deepened to 2,580 meters. The outcome of these tests will be disclosed as soon as they become available. The drilling was completed in the fall of 2005. The exploration program is presently being reviewed by the operator. |
