QUÉBEC CITY, QUÉBEC--(Marketwired - March 19, 2015) - Anticosti Hydrocarbons L.P. (the "Limited Partnership") (TSX VENTURE: PEA) (TSX:CDH) (EPA:MAU) is pleased to provide an update on its 2014 stratigraphic core holes campaign. The campaign has been a technical and operational success. The Macasty target has been met in each of the five drilling locations and the results of the core analysis met or exceeded the expectations of the partners.
The Limited Partnership is pleased to announce that the implementation of robust health, safety and environmental practices by the operator has been effective. A committee established by the board of directors of the Limited Partnership and responsible for overseeing these issues has been in place since the beginning of the operations. Although the drilling sites were located in a remote area, workers were able to operate in a safe environment. The Limited Partnership completed its work in close cooperation with the residents of the island and received valuable input from a local residents' committee.
Samples from the five Macasty continuous cores obtained in 2014 in the eastern and central parts of the island have been analysed. The results are within the range of the assumptions used in the resource assessment of the Macasty Shale performed in 2011 by Sproule Associates Limited and available on SEDAR at www.sedar.com. (Under the profile of Pétrolia Inc. and/or Corridor Resources Inc.)
The Limited Partnership believes that the most important technical factors to consider in regards to the development prospects of the Macasty formation are, by order of importance:
- Mature source rock with residual Total Organic Carbon (TOC) levels which, on a qualitative scale, are ranked as very good to excellent;
- Hydrocarbon concentrations in the rock (S1) which, on a qualitative scale, are ranked as very good;
- Porosity that is within an expected range and;
- Permeability values in excess of 100 nanodarcies which indicates the probability of producing hydrocarbons based on comparisons from similar source rock in productive reservoirs.
The Limited Partnership is pleased to announce that the results of the core hole samples and electrical logs obtained during the 2014 stratigraphic campaign meet or exceed its expectations with respect to the foregoing factors. These results will be used to complete an update of the resource assessment by Sproule Associates Limited. This assessment will enable the integration of the core data collected last summer, as well as those of the latest analytical results, to update the resource assessment conducted in 2011.
From an operational standpoint, last year's stratigraphic well campaign has given the Limited Partnership the opportunity to use a new stratigraphic drilling technique with a closed-loop drilling mud system and safety equipment similar to that used in an oil drilling campaign. These elements have been successfully adapted to the drilling rigs used for stratigraphic wells. This constitutes a major innovation in mine drilling technology and enables us to meet the industry's highest health, safety, and environment standards.
The Limited Partnership is also pleased to announce that despite the fact that the stratigraphic program had to be spread over a two year period, the cost of this phase of the program is not expected to exceed the $25 million budget previously agreed to by its limited partners. In addition, the Limited Partnership confirms that work will resume in spring 2015 to complete the approved stratigraphic program before making a decision on the drilling locations of the three horizontal oil wells to be done in 2016.
The board of directors of the Limited Partnership is very pleased with the execution of this successful first phase performed by the operator, Pétrolia Anticosti Inc. (a subsidiary of Pétrolia Inc. - TSXV: PEA), with the technical support of its partner Saint-Aubin E&P (Québec) Inc.
About Anticosti Hydrocarbons L.P.
Anticosti Hydrocarbons L.P. is a limited partnership owned by Ressources Québec (35%), Investissements PEA Inc. (a subsidiary of Pétrolia Inc.) (21.67%), Saint-Aubin E&P (Québec) Inc. (a subsidiary of Maurel & Prom and MPI) (21.67%) and Corridor Resources Inc. (21.67%). The limited partnership holds 38 permits for hydrocarbon exploration totalling 6195 km² on Anticosti Island. The primary objective of this partnership is to demonstrate the commercial viability of hydrocarbon resources on Anticosti Island. The board of directors of Anticosti Hydrocarbons L.P. consists of one representative from each of the partners and one independent director. The limited partnership has formed four committees made up of an equal number of representatives from each of the partners. The purpose of these committees is to help ensure the success of the project on the technical, economic, environmental, and social levels. The combined expertise of the organizations that comprise Anticosti Hydrocarbons L.P. will allow it to implement the exploration program, employing the highest industry standards, in full safety and with respect for the environment.
Forward-looking statements - Anticosti Hydrocarbons L.P.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Anticosti Hydrocarbons L.P. and carry known and unknown risks, uncertainties and other factors that may considerably affect its results, economic performance or accomplishments when considered in light of the content or implications or statements made by Anticosti Hydrocarbons L.P. Actual events or results could be significantly different. Anticosti Hydrocarbons L.P. does not intend and undertakes no obligation to update these forward-looking statements.
Contact Information:
Alexandre Gagnon
418-657-1966