Petrolia and Quebenergie have partnered to bring the Haldimand oilfield into production.
To consolidate its role within the province, SCDM Energie, through its subsidiary SCDM Investcan, created a Quebec-based subsidiary by the name of Quebenergie, with offices to be located in Quebec.
This presence demonstrates the company’s long-term commitment to Quebec and will contribute to improving synergies with Petrolia.
Quebenergie acquires 50% of Petrolia’s interest in the Haldimand discovery and in the 13 surrounding licenses in return for a $15m investment, of which $6.5m has been paid to Petrolia and $8.5m will be dedicated to exploration activities.
In addition to a solid financial base, Quebenergie will contribute additional technical expertise towards bringing the Haldimand oilfield into production.
Subsequently, the costs will be shared equally between the partners.
In the coming week, the partners will finalize the 2011 work program.
Petrolia will act as operator during the exploration phase, and Quebenergie will take over this role in the commercial production phase.