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GMR Gelum Resources Ltd

0.02
-0.01 (-33.33%)
27 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Gelum Resources Ltd CSE:GMR CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.01 -33.33% 0.02 0.025 0.03 0.025 0.02 0.025 6,250 14:52:29

Petrolia, Junex and Gastem Complete a 3D Seismic Survey on the Haldimand Project

07/10/2008 1:51pm

Marketwired Canada


Petrolia (TSX VENTURE:PEA), Junex (TSX VENTURE:JNX) and Gastem (TSX VENTURE:GMR)
announce that they have completed a 3D seismic survey as well as a soil
geochemistry survey on a 13 km2 area adjacent to the Petrolia Haldimand #1
discovery well near the city of Gaspe on the Gaspe Peninsula.  As announced on
July 8, 2008, these operations form part of the program to delineate the extent
of the Haldimand oil discovery.


"The completion of the 3D seismic survey is a particularly important phase of
the $5 million exploration program currently underway on the Haldimand project
since it will enable us to better image and understand the geology of this area.
 These surveys represent the last step prior to the drilling of additional wells
in the Haldimand joint land and we are pleased that these operations have been
completed within the timeframe previously announced" explained the partners of
the project.


In addition to the seismic and geochemistry surveys, the partners also recovered
the downhole pressure gauge that was installed in the discovery well in 2006. 
The processing, analysis and interpretation of the results from all of these
operations will be conducted during the upcoming weeks, which will enable the
partners to select the location of the next well in the area.  The project
partners hope that further drilling operations will commence prior to year-end
2008.


About Petrolia

Petrolia is a junior oil and gas exploration company which owns interests in oil
and gas licences covering 15,000 km2 (3.7 million acres), which represents about
18% of the Quebec territory under lease. These leases, the majority of which are
located on the Gaspe Peninsula and Anticosti Island, are considered to be very
promising and represent almost 70% of Quebec's land-based oil potential. By
forming joint ventures, Petrolia is planning to intensify its exploration
program during the upcoming year. The Company has 40.7M shares outstanding and
holds 2.2% of the issued shares of Gastem (TSX VENTURE:GMR) in addition to a
cash position of 11 million dollars. Over the next five years, Petrolia's
objective is to produce 5% of the Quebec oil consumption.


About Junex

Junex is a junior oil and gas exploration company that holds exploration rights
on more than 6 million acres of land located in the Appalachian basin in the
Province of Quebec. Several recent discoveries in the United States and Eastern
Canada have stimulated exploration in Quebec, whose sedimentary basin is located
in a favourable geological setting for oil and gas discovery. Junex's strategy
consists in entering into partnerships with other exploration companies in order
to reduce exploration risks. In parallel to its exploration efforts, Junex's
goal is to achieve positive cash flows from its natural brine and drilling
services operations. Junex also owns approximately 7.9% of the issued and
outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.0% of the issued and
outstanding shares of Gastem (TSX VENTURE:GMR).


About Gastem

Gastem is a gas exploration and development company which holds exploration
rights on more than 1 million acres of land in Quebec, an earn-in interest in
the Joly Project with Intragaz and also various projects in the North-East
United States. The company has a participation in 24 gas wells currently in
production in the Amber Bank project, West Virginia. Gastem is a highly active
leader in the exploration and development of the Utica Shales in the St-Lawrence
Lowlands and Upstate New-York. In the coming weeks, the company expects to
undertake important drilling projects in the State of New-York while leading
many exploration projects in Quebec.


Forward-looking statements

This news release contains certain forward-looking statements. These statements
relate to future events or future economic performance of Junex, Petrolia and
Gastem, and carry risks, uncertainties and other factors - both known and
unknown - that may appreciably affect their respective results, economic
performance or accomplishments when considered in light of the content or
implications of statements made by Junex Petrolia and Gastem. Actual events or
results could be significantly different. Accordingly, investors should not
place undue reliance on forward-looking statements. Junex, Petrolia and Gastem
do not intend and undertake no obligation, to update these forward-looking
statements.


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