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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (6177)	4/11/2014 5:19:00 PM
From: Goose94	Read Replies (3) \| Respond to of 202021

Petrolympic (PCQ-V) April 11, '14 has released the results of an independent resource evaluation carried out by Sproule Associates Ltd. on a structure drilled on its joint venture property in the Lower St. Lawrence area located in the Appalachian basin of Quebec. Sproule conducted its evaluation according to the Canadian Oil and Gas Evaluation Handbook reserve and resource definitions. The company holds an interest in 431,339 hectares (1,065,839 acres) of the property through a joint venture with Squatex Energy and Resources Inc., the operator on the property. The results of this independent evaluation are based on the data gathered when drilling the Masse No.1 core hole. The results of the evaluation builds on the data released by Petrolympic in it's press release dated November 15, 2013 (filed on www.sedar.com ). Paul Laroche, a geologist with Petrolympic provides the following comments: "The well revealed a reservoir hosted in the Silurian Sayabec Formation and consisting of a 10 meter-thick interval of hydrothermally dolomitized limestone with high porosity and permeability values up to 20.8% and 1624 mD, respectively (as shown in Table 2 below). Contrary to shale gas, these types of reservoirs do not require hydraulic fracturation. The analysis of the gas charge of the reservoir indicated it is composed of 89% methane and devoid from hydrogen sulfide." Jean-Claude Caron, President of Squatex draws a comparison between the Property and St. Flavien reservoir in the St. Lawrence Lowlands - one of the only two reservoirs that have produced natural gas in economic quantities in Quebec: "The parameters reported from Masse No.1 core hole are similar to St. Flavien reservoir, which is also hosted in hydrothermally dolomitized limestone with thickness varying between 1 and 8 meters, porosity values ranging from 2.5-10% (average between 3-5%). St. Flavien reservoir has produced 5.7BCFG prior to being converted into an underground gas storage facility that is still in operation since 1998." The results obtained by Petrolympic and Squatex in the Lower St. Lawrence are encouraging and present additional opportunities since the evaluation is focused on only one of the three hydrocarbon-bearing zones identified in the well. Furthermore, several seismic anomalies with characteristics similar to Masse No.1 core hole have also been highlighted by the proprietary seismic data within the limits of the Property. This is not included in the Sproule resource evaluation and presents significant upside to the potential of the Property, further validating the pioneering efforts of Petrolympic and Squatex in exploring the potential of the area. Petrolympic and their partner Squatex are now designing a drilling program to validate the potential of the Masse Structure, and are preparing an exploration program to further document and test other prospective structures identified within the Property."The timing is right for demonstrating the producibility of a natural gas conventional reservoir in the Lower St. Lawrence, since economic growth in the area will be likely stimulated by the recent election of a majority government in the province, and clean energy sources will be in high demand on close local markets", says Mendel Ekstein, President and CEO of Petrolympic. Petrolympic also owns a 100% interest in two exploration permits in the same area, referred to as the Matapedia and the Mitis properties. Several conventional plays and exploration leads have been identified in these permits where oil and gas have been encountered in mining wells in the 90's. Based on proprietary seismic data, the prospective Sayabec Formation is also believed to be present at depth in these two permits.