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Petrolia Announces Positive Results of Two Anticosti Coreholes

Jan 14 2013 12:00AM

Marketwire

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RIMOUSKI, QUEBEC -- (Marketwire) -- 01/14/13 -- Petrolia (TSX VENTURE: PEA) is pleased to announce initial results for the Macasty shale Formation oil cores taken from the Princeton Lake and Highcliff coreholes on Anticosti Island by Petrolia and Corridor Resources in fall 2012. These new results, better than those previously used in resource calculations, lead to a revision of these estimations.

The results of the geochemical analyses compare favorably with results from Chaloupe 1 well drilled on Anticosti in 2010 with results from Ohio where shale oil production is already underway. The Macasty Formation is the lateral equivalent of the Utica Formation in Ohio. Petrolia and Corridor hold licenses covering more than 6,000 km2 (1.5 million acres) on Anticosti Island.

In both cores, samples were taken at 50 cm spacing across the Macasty Formation. The results reveal a remarkable average of 4.0% total organic carbon (TOC) across the entire thickness of the Macasty Formation, i.e., 91.5 m for Princeton Lake and 57 m for Highcliff. The Macasty Formation is located within the oil window. The S1 results (free hydrocarbons) indicate a very positive potential for hydrocarbon production from the Macasty Formation (4.48 mg/g at Princeton Lake and 3.20 mg/g at Highcliff). The analyses were carried out by Weatherford and TerraTek labs.

At both coreholes, a 10 m section shows higher TOC values, i.e. 5.9% for Princeton Lake and 5.5% for Highcliff, and an average S1 of 5.71 mg/g and 4.59 mg/g respectively.

This information will also help determine future drilling sites.

--------------------------------------------------- Anticosti USA - Ohio---------------------------------------------------------------------------- Chaloupe Princeton Highcliff ProductionCoreholes Lake wells----------------------------------------------------------------------------Drilling year 2010 2012 2012----------------------------------------------------------------------------Properties analyzed----------------------------------------------------------------------------Macasty thickness 40 m 91.5 m 57 m 40 m----------------------------------------------------------------------------Average TOC(1) 4.34% 4.02% 3.99% Between 2% and 4%(including best 10 m interval(2)) 5.90% 5.50%----------------------------------------------------------------------------Average S1(3) 3.08 mg/g 4.48 mg/g 3.20 mg/g greater than 2 mg/g(including best 10 m interval) 5.71 mg/g 4.59 mg/g----------------------------------------------------------------------------



(1) TOC stands for total organic carbon.

(2) This 10m interval is a part of the Macasty Formation where the TOC values and S1 are the highest. The value presented in the table is an average.

(3) S1 is the amount of hydrocarbon present in the rock.

About Petrolia

Petrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 14,000 km2 (3.5 million acres), which represents about 17% of the Quebec territory under lease. The leases, the majority of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent almost 70% of the territory under lease for which there is land-based oil potential in Quebec. Petrolia has 66 585 750 shares issued and outstanding.

Forward-looking statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Petrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Petrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Petrolia does not intend and undertakes no obligation to update these forward-looking statements.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:
Isabelle Proulx
VP, Business Development
Quebec City: (418) 657-1966
info@petroliagaz.com

Andre Proulx
President
(418) 724-0112
president@petroliagaz.com
www.petroliagaz.com





Source: Marketwire


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