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Closing of Anticosti joint venture

Fasken
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Investissement Québec and Ressources Québec

On April 1, 2014, Pétrolia Inc., Corridor Resources Inc. and Établissements Maurel & Prom S.A. announced the closing of a joint venture with the Government of Québec (through its affiliate, Ressources Québec), for oil and gas exploration on Anticosti Island, Québec, which included $115 million in equity financing. Pétrolia Inc., Établissements Maurel & Prom S.A. and Corridor Resources Inc. had previously announced the signing of a non-binding letter of intent on February 13, 2014. Plans are underway to commence the first phase of the program to appraise and potentially develop hydrocarbon resources on Anticosti Island beginning in 2014. Fasken Martineau advised the Government of Québec and its agents, Investissement Québec and Ressources Québec, in connection with this transaction which sets new standards for partnerships between the State and the private sector in the development of oil and gas resources in Québec. The team included Daniel Picotte and Constantinos Ragas (M&A), André Turmel and Niall Armstrong (Energy), Alain Ranger (Tax), Pierre-Olivier Charlebois and Emilie Bundock (Environment), Joëlle Simard and Julia Starck.

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