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A Word from the President

Pétrolia is the only active oil and gas exploration company in Quebec to see its stock price go up this past year. Pétrolia is the only active oil and gas exploration company in Quebec to see its stock price go up this past year.

The announcement of the analytical results of the cored interval taken from the Chaloupe well in summer 2010 and the assessment of the total petroleum initially in place in the Macasty shale on Anticosti Island are behind the increase in Pétrolia’ stock price and was by far the greatest highlight of the last year. This immense potential attracted the attention of the Quebec media, but more importantly, placed Pétrolia on the radar screens of both national and international investors.

In a context of uncertainty that has driven down the principal stock markets, this increase shows that Pétrolia’s potential is being recognized, as well as the value of its territories and the wisdom of the choices made in the last few years. In fact, Pétrolia is the only active oil and gas exploration company to see its stock price go up this past year.

Haldimand a top priority
Despite the interest sparked by the Macasty shale, developing Haldimand is still our immediate priority. The work performed this past year has give us a better understanding of the reservoir and its production mechanism, with the result that we can now anticipate commercial production from the Haldimand No. 3 well and achieve our goal to move to the production  stage. We acquired tremendous knowledge this year that paves the way to work that could be decisive for the Company.

While it may not be a world-class discovery, the deposit nevertheless holds at least 8 million recoverable barrels. The anticipated success of this well will allow us to develop reserves, generate a stable revenue stream and establish Pétrolia as a credible oil producer. Haldimand can be said to be the catalyst that will speed up Pétrolia’s development. At the time of writing, the Ministry of Natural Resources and Wildlife (MRNF) was studying our application for a licence. We will drill the third well once we have the licence and the equipment becomes available.

Relaunch of the Bourque property
This past year we relaunched the Bourque property. The type of targets involved on this property and its production potential could take Pétrolia to new heights.

Two structures have been identified on the property and both are at the drilling phase. The first consists of a pinnacle reef while the second is more like a barrier reef. The Company would like to drill these two structures as soon as possible and is working hard to secure financing for the two wells. However, our priority is to find a balance between risk and return for our shareholders.

We submitted two drilling permit applications to the MRNF at the end of the fiscal year, which were being studied at the time this report was prepared. We have gone to great lengths to place ourselves in a position of control so that we can act when the time is right, a position many would consider enviable.

Strengthening the team
This past year Pétrolia demonstrated its potential, deepened its knowledge and did what it had to do to obtain the necessary authorizations to develop its properties. Next year promises to be one of unprecedented development.

In view of this, Pétrolia has beefed up its technical and administrative expertise to allow it to manage this anticipated development.

Driven to get ahead
The knowledge and skills acquired, together with the drilling permit applications filed, demonstrate the Company’s intention to be an economic development actor in Quebec. Today, Pétrolia stands out for its growth potential and willingness to act.

Quebec’s oil potential is a formidable development tool that is all the more attractive because it is located in areas where economic development is lacking in many respects. As it stands today, Pétrolia can play a leading role in developing this potential. More than ever, we have the means and resources to become Quebec’s foremost oil producer.