Brossard, August 2015 – The management of Ressources & Énergie Squatex Inc. (Squatex) is pleased to announce the conclusion of an academic partnership with the Institut National de Recherche Scientifique (INRS) to conduct important geosciences studies in the Lower St. Lawrence area. These studies will provide a 3D modeling and a determination of the reservoir potential of the Sayabec Formation.
Until recently, the Lower St. Lawrence, unlike the Gaspé peninsula, remained an area that has known little geological work. Squatex, which has been conducting exploration work for several years in the Lower St. Lawrence / Gaspé area, collected numerous surface and subsurface data that have greatly refine the existing geological maps and recently discovered a new oil basin. In addition, different drilling data (cores, logs) revealed the presence of several distinct dolomitized and / or fractured areas, sometimes associated with oil and gas shows. The cooperation agreement with INRS aims, among others, to determine the spatial and temporal extent of these zones and their modes and stages of formation.
This postdoctoral project, with the financial support of the program Mitacs Acceleration Quebec (MITACS), will bring the expertise in Quebec petroleum geology that was developed by a dedicated research team at INRS in synergy with the expertise of Squatex who acquired numerous unpublished surface and subsurface data in the study area. This work will improve the understanding of the complex stratigraphic and structural geological system involved and validate the potential of energy resources.
Squatex is proud to participate in improving the geological knowledge of the area by supplying its data and its own expertise to the benefit of the scientific community through the INRS. Squatex considers that this first university-industry collaboration will help target the location of potential Silurian reservoirs in the Lower St. Lawrence.
The Institut National de Recherche Scientifique is a research university training the 2nd and 3rd cycles. First in Canada for research intensity (grants per professor), INRS plays a key role in the advancement of knowledge, the development of concrete solutions and the training of highly qualified young scientists in strategic areas of research both in Quebec and abroad.
MITACS is a non-profit Canadian organization that has been designing and implementing research and training programs in Canada for the last 15 years. Together with 60 universities, thousands of companies and the federal and provincial governments, MITACS builds partnerships supporting the industrial and social innovation in Canada.
About Ressources & Énergie Squatex Inc.
Ressources & Énergy Squatex Inc. is a junior oil and gas exploration company which was incorporated under the Canada Business Corporations Act on April 12, 2002 and whose registered office is at 7055, Boul. Taschereau, suite 500, Brossard (Quebec) J4Z 1A7. The main activity of the company is, as operator, to carry out work and studies aimed to the assessment of the oil and gas potential of a territory of 656,093 hectares under exploration licenses. Squatex holds a 70% interest over 217,370 Ha in the St. Lawrence Lowlands area and over 431,339 Ha in the Lower St. Lawrence area in a joint operation with Petrolympic Ltd. (TSXV: PCQ). Squatex also holds a 28% interest in 8000 Ha under a farm-out agreement with Canbriam Energy Inc.
Forward Looking Statements
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or future economic performance of Squatex and involve risks, uncertainties and other known and unknown factors that may appreciably affect their results, performance or achievements compared to what expressed or implied by the statements of Squatex. Actual events or results could differ. Consequently, the decision to invest in securities and Squatex should at no time be based on such statements. Squatex disclaims any intention and assume no obligation to update such statements.
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