Petrolia and Corridor to Drill Four Oil Exploration Wells on Anticosti Island

Petrolia (TSX VENTURE:PEA) and Corridor Resources Inc. (CDH-TSX) reported that they have entered into a joint venture agreement to conduct a four-well joint exploration drilling program on Anticosti Island this summer, commencing in late June.

The press release is quoted as saying:

The planned exploration wells are designed to follow-up on oil shows encountered in wells previously drilled on the Jupiter and Chaloupe prospects. The TBR formation in these four wells is to be directionally drilled using an underbalanced light weight drilling fluid designed to permit oil to be recovered at restricted rates during flow testing. Drilling and testing of these wells is expected to be completed by late September. Petrolia and Corridor will work jointly on the operations throughout the program. Corridor and Petrolia hold working interests and funding obligations of 75% and 25% respectively in the planned Jupiter and Saumon exploration wells and 50% each in the remaining two planned exploration wells at Chaloupe and either Bell or Macaire (location to be finalized upon site visit).

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