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Petrolympic Ltd. (TSX VENTURE: PCQ) is a Canadian oil and gas junior with a very significant leasehold presence in the St. Lawrence Lowlands' Utica and Lorraine shale plays.

It has an interest in 1,903,098 acres of permits for oil and gas exploration in the Appalachian Basin of Quebec, Canada. In the St. Lawrence Lowlands, it owns a 30% interest in 673,021 acres through a joint venture (JV) with Ressources et Energie Squatex Inc. ("Squatex"). The two JV partners have a farm-out agreement with Canbriam Energy Inc. In June, 2009 the company announced that Canbriam had decided to speed up its activity as well operator, and planned to drill two wells during the summer of 2009. In exchange for the JV allowing the acceleration of their agreement, Cambrian was required to make cash payments to both Petrolympic and Squatex as well as drill three vertical wells to either the Utica shale or Trenton-Black River formations by a certain date.

Petrolympic also owns a 100% interest in 180,439 acres on the south shore of the St. Lawrence River. These holdings give it access to drilling in the Utica shale, Lorraine shale and the Trenton-Black River formations. It also holds another 30% interest in a large permit with Squatex on the neighboring Gaspe Peninsula.

In July, 2009, a notice appeared that Canbrian had spud the Farnham No 1 well in the St. Lawrence Lowlands that will be drilled to the top of the Trenton-Black River formation with a total vertical depth (TVD) of 8422 feet. It is the first of the wells under the above mentioned JV agreement. Update: In November, 2009 Petrolympic announced that the Farnham No. 1 had encountered gas shows in the shale sections of the well. The well had been cased and was standing pending further engineering and geological studies.

  • Mendel Ekstein is President and CEO of Petrolympic.
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