Upon signature of the final agreements and in return for its investment of $15m, $6.5m of which will be paid to Petrolia as reimbursement of its incurred costs, Investcan will acquire 50% of Petrolia’s interest in the Haldimand discovery and in the 13 surrounding licenses.
Investcan contributes additional technical expertise toward bringing the Haldimand oilfield into production. Petrolia will act as operator during the exploration phase and Investcan will act as operator in the production phase.
Ali Chaisson, managing director of Investcan, said: “The development of the Haldimand oilfield is extremely important for the Quebec oil industry. Investcan Energy will strive to promote the commercial development of the field. The company will support exploration efforts aiming to develop new oilfields.”
