Petrolia Shuts Down Drilling at Haldimand 4, Gaspe

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Petrolia (PEA.V) announced that it has temporarily deferred drilling at Haldimand 4 in Gaspe, Quebec.

"The decision has been made in order to allow discussions between the stakeholders in this matter to proceed in a more serene climate involving more rationality than emotions," the company said in a statement.

The Gaspe municipality recently adopted a controversial decision to ban oil drilling in the area.


Petrolia said it believes the decision exceeds the powers of the municipality, and that it therefore thwarts the rights legitimately obtained by the company. "It appears to us that the line taken by the town of Gaspe deprives the inhabitants of Gaspe of a development potential of which all sectors could benefit."

PEA shares fell two cents to $1.01.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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