Pétrolia is pleased to note the willingness expressed by the Government of Quebec in the Leitao Budget to complete the assessment of the oil and gas potential of Gaspésie. This willingness, coupled with the new accelerated capital cost allowance for liquefied natural gas incentives, will enable the implementation of a liquefied natural gas supply chain from the producer to the Côte-Nord customer.
It is reminded that in 2012 the Government of Quebec invested $10-million in the purchase of Pétrolia shares, a decision that helped the company complete the Bourque 1 and 2 wells. This in turn enabled the company to make a wet natural gas discovery in the Bourque permits located near Murdochville in Gaspésie. The potential was evaluated by Sproule at more than 1 Tcf (one thousand billion cubic feet) of volume initially-in-place of wet natural gas within the Bourque project. At the time, these operations generated more than $1.2-million in economic spinoffs within the Murdochville area.