RIMOUSKI, QUEBEC--(Marketwired - May 1, 2013) - Pétrolia (TSX VENTURE:PEA) confirmed that the parties have an agreement in principle to publically release the terms and conditions of the consideration Hydro-Québec received for transferring the rights and interests it held on Anticosti Island to Pétrolia. The details will be unveiled on or around September 1, 2013.
Pétrolia CEO André Proulx said that he was very pleased about the agreement in principle, particularly as it fulfills a wish that has been expressed many times in the past. André Proulx also indicated that the information covered by the agreement "could be disclosed earlier if business conditions permit."
Pétrolia 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 Québec territory under lease. The leases, the majority of which are located on the Gaspé 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 Québec. Pétrolia has 67 682 300 shares issued and outstanding.