TORONTO--(BUSINESS WIRE)--Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX.V: PCQ, OTCQB: PCQRF) acknowledges that an important mile step has been accomplished by the Ministry of Energy and Natural Resources of Quebec who published, on Sept. 20, 2017, the draft regulations to govern oil and natural gas activities.
Petrolympic considers that the Quebec government is sending a strong message in releasing these regulations, confirming its will to strengthen the economic dynamism of the province in the absolute respect of the environment and of the local stakeholders, through the development of a robust oil and gas industry. These regulations will govern and clarify the exploration, production and storage licencing processes, the field activities on land and water environments (to the exclusion of the offshore marine environment), as well as pipeline constructions. In particular, they are intended to improve the synchronicity between the different ministries so as to homogenize the regulatory framework, to facilitate the coordination with the municipalities so as to account for the different uses of the land, and to improve the collaboration and the cooperation with the local stakeholders so as to achieve social acceptability faster.
The preparation of these regulations capitalizes on a series of in-depth reviews undertaken by the government of Quebec over the past few years and it reflects a very modern view of the industry best practices. The regulations aim at facilitating and accelerating the exploration and production of hydrocarbons in Quebec while enforcing very high industrial and professional standards for the safety of environment, persons and properties.
A period of forty-five days is allowed for comments and recommendations from the civil society, during which Petrolympic will carefully review the draft regulations and provide feed-backs to the government if appropriate. The government will then be able to implement the regulations, thus triggering the enactment of the Hydrocarbons Law. In parallel, the Ministry of Environment of Quebec is pursuing the review and update of its current regulation on water protection, a section of which providing complementary regulation to oil and natural gas industrial activities.
Petrolympic CEO Mendel Ekstein commented: “As Petrolympic is moving forward to develop its diversified assets in Quebec, it is reassuring to see that we can grow and evolve in an environment defined by a set of modern and sensible laws and regulations. We are looking forward to collaborate with the government to put these regulations in practice in a very near future.”
Management is confident that developing local hydrocarbon resources is a positive step for the Province, as it will balance Quebec’s energy portfolio and strengthen its economy, while reducing the energy import deficit. Petrolympic is fully committed to securing and maintaining the social license and local support for its operations. Petrolympic seeks the orderly and responsible commercial development of its Quebec oil and gas exploration licenses, within the framework of the new Act and the new regulations.
About Petrolympic Ltd.
Petrolympic is a Canadian junior oil and gas company actively exploring for premium crude oil and natural gas in North America. The Company holds an interest in a total of 752,933 hectares (1,860,533 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands consist of a 30% interest in 216,933 hectares (536,051 acres) through a joint venture, a 12% interest in 8,000 hectares (19,768 acres) through the Farmout Agreement, and a 100% interest in 56,152 hectares (138,754 acres) located over the Lowlands shallow carbonates platform on the south shore of the St. Lawrence River, less than 30 kilometers southwest of Montreal. These properties represent a major position in the Utica Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspé and Lower St. Lawrence regions, including a 30% interest in 431,160 hectares (1,065,415 acres) through a joint venture and a 100% interest in a block of exploration permits totaling 40,688 hectares (100,542 acres) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil. The Company has also an oil production asset in the prolific Maverick Basin of Texas, USA.
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company’s business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.