Technical Information

To date, the principals of Petrolympic have spent $2 million in exploration, in addition to leveraging Seismic data shot by the Government of Quebec. The Company commenced a new program of seismic acquisition in the fall of 2006 to further define two identified anomalies and potential drill targets and to explore for further anomalies around significant structures. A well drilled on the northern part of the company’s Matapedia property in the Gaspe confirmed the presence of hydrocarbons and light oil was reportedly observed, indicating the hydrocarbon potential of Petrolympic’s properties.

Despite a long history of observed hydrocarbons in Quebec, the region has remained largely unexplored until recently. The advent of new technology and a new geological model have led to a surge of exploration and significant discoveries in the region attracting major oil and gas companies.

The Cambro-Ordovician Paleoshore spans along the Arkoma basin and Wilberton field, the Black Warrior basin, the basins of northern and western Texas, Illinois, Ohio, Western Newfoundland and the Appalachian basin of Quebec. These sedimentary zones all date from the Ordovician period, and have the same type of deposition.

The Appalachian basin of Quebec remains relatively under-explored compared to North America’s other large sedimentary basins. Prior to the recent rise in exploration over the last 5 years or so, the Quebec Ministry of Natural Resources reports that of 381 wells drilled, only 78 were located using seismic reflection. Of these, 55 were located in the St. Lawrence Lowlands, 10 in the Gaspé Peninsula, 3 in the lower St. Lawrence, 2 in the St. Lawrence Gulf and 8 on Anticosti Island.

With respect to oil exploration in the Gaspe, our knowledge today from recent discoveries made worldwide in reservoirs related to the migration of hydrothermal fluids that have created an improved secondary porosity in the sedimentary rocks (“HTD”: hydrothermal dolomites) capable of hosting hydrocarbon reserves, has provided a new geological model informing exploration of the area.
It is well known that there are deposits in the St. Lawrence Lowlands basin that contain relatively sizeable quantities of natural gas. Talisman Energy is producing over 100 McF/day in Upstate New York in the Trenton-Black River sedimentary zone of the Appalachian basin. The Utica shale source rock of the Trenton-Black River play extends across the St. Lawrence Lowlands of Quebec. Currently, Talisman, Questerre, Gastem, Junex, and several other companies are testing and drilling for natural gas in the St. Lawrence Lowlands and making significant investments.

Paul Laroche – Independent Geologist

Mr. Laroche began his career with Texaco Inc. in Calgary in 1971 and in 1972 became involved with the company’s projects in the Québec Gulf of St. Lawrence and Gaspé Peninsula. He joined SOQUIP (the Québec Oil Compay) in 1973, working in the Gaspé, as well as on Lowlands and Maritimes projects. In 1981 he was promoted to Chief Geophysicist for SOQUIP and was in charge of the Gaspé and the Maritimes. In 1982 he was promoted as Technical Director of PAREX involved in exploration of the entire east coast of Canada. In 1986 he bacame Director of Soserep in Senegal, an oil and gas exploration company. From 1989 to 1991, he was the head of the petroleum sector with the presidency of Ivory Coast. From 1991-93 he was a consultant in Québec. Between 1994 and 1998 he worked in Western Africa on various projects. From 2002 he has been a consultant to oil and gas exploration companies mainly in Québec with some projects abroad. Altogether Mr. Laroche possesses over 35 years of experience in the oil and gas industry and16 years of experience in Québec's oil and gas plays.