Other projects
We currently have eight natural gas resource exploration and development projects in various stages of development:
Tar Point Project; Corte-Réal Project; Gaspésia, Edgar, and Marcel-Tremblay Projects; Unnamed New Brunswick Project; Gastonguay Project; Matapédia project; Restigouche Project.
Tar Point Project
The Tar Point project was conceived in 2008. It concerns an area located southeast of the Haldimand project in which Pieridae holds a 50% interest. Tar Point 1, drilled in 2009 and located 15 km southeast of the Haldimand wells, bottomed out at 2,434 metres. This well crosses the entire York River Formation as well as part of the Indian Cove Formation. There were few signs of oil in the York River Formation but light crude was found in February 2010 during a production test on a naturally fractured zone in the Indian Cove Formation.
Corte-Réal Project
The Corte-Réal project is roughly ten kilometres west of Haldimand. It covers 500 km2 in the eastern part of the Gaspé Peninsula and is part of the Appalachian mountain range. The property lies inside a corridor that borders the northern margin of the Upper Silurian to Lower Devonian Gaspé Belt. The Corte-Réal project, in which Pieridae Energy holds a 100% interest, was conceived in 2008. It is similar to the Bourque project as it may belong to the same geological context, which would mean it has substantial exploration potential. A 26 km long seismic profile in 2008 was acquired and analyzed. An exploration model was developed based on the integration of earlier and recent seismic data with gravimetric, magnetic, and geological data. A geochemical survey and organic matter analyses were also conducted. Their objective was to refine knowledge about the maturity of the rock in the Gaspé Peninsula and its potential for generating hydrocarbons and reservoir rock.
Gaspésia, Edgar, and Marcel-Tremblay Projects
Pieridae Energy holds a 100% interest in Gaspésia. The area is characterized by geological layers from the Devonian, Silurian, and Ordovician periods. The adjacent Gaspésia, Edgar, and Marcel-Tremblay projects cover a large area in the west-central portion of the Gaspé Peninsula, between the towns of Amqui and Murdochville. Black clays, rich in organic matter, have been found there. This type of rock can be an essential element in the formation of hydrocarbons. Two geochemical surveys were performed in 2008 and 2011. A regional seismic survey, conducted in 2008, identified a potential target.
Organic matter analyses were carried out on soil samples from all three properties to refine knowledge about the maturity of the rock in the Gaspé Peninsula and its potential as source rock. Thermal maturation studies indicate that Gaspésia is more likely to be a source of natural gas. The emergence of projects in the region that may have a use for gas could rekindle the Company’s interest in the gas potential on the Gaspésia property. The geological context suggests that the rocks in these projects may be excellent potential reservoirs.
Unnamed New Brunswick Project
Pieridae Energy, through its Pieridae Production Limited Partnership (PPLP) subsidiary also holds significant interest in approximately 50,000 acres of land prospective for natural gas development in New Brunswick.
Once again, the prevalent politic and economic climate has made exploration and development less attractive for the time being.
The initial assets acquired by PPLP consist of approximately 50,000 acres of lands prospective for natural gas development within New Brunswick.
Gastonguay Project
The Gastonguay project is located near Murdochville in an area where very little geological exploration work has been done. Only six wells have been drilled since 1945, all before 1980. Two wells showed signs of the presence of gas. Mine drill holes near Murdochville also showed signs of the presence of oil and gas. The geology of the northern part of the Gastonguay property is similar to that of the Bourque property, and its oil and gas potential may be comparable. Moreover, this property contains one of the biggest anticlines on the Gaspé Peninsula. This structure could be a potential target. More intensive exploration work must be done to determine more precisely where potential reservoirs are located.
Matapédia Project
The Matapédia project is located in the southern part of Lac Matapédia area, adjacent to the Gaspésia project. It is a 50/50 joint venture with French company Maurel & Prom. Hydrocarbon shows have been recorded in the Matapédia sector (seeps in the northern section, microseeps, and subsurface liquid hydrocarbons), which would suggest that the area is favorable to oil, condensate, and dry gas accumulations. A variety of work has been undertaken in the area since 2001, including seismic surveys (2001, 2009), geochemical surveys (2007, 2008, and 2009) and an aeromagnetic survey (2011). Some of the rocks in the Matapédia sector represent a potential reservoir, including the Val-Brillant Formation, which is composed of sandstone with partially porous intervals. Shows of hydrocarbons have been recorded in the formation. A flat spot was also found in a seismic profile at the Val-Brillant/Sayabec doublet. Hydrothermal dolomites in the Sayabec Formation are another potential reservoir.
Restigouche Project
The Restigouche property is located in the southern Gaspé Peninsula, on the north shore of Chaleur Bay and is included with the Matapédia Property. The seven licenses of the property were initially acquired by Gastem in 2007. It is a 50/50 joint venture with French company Maurel & Prom.
Research indicates that some of the Restigouche area would be prospective for oil and condensate, while the other would be prospective for gas. Several formations in this area have been targeted as potential reservoirs, such as the White Head and the La Vieille Formation. The White Head Formation comprises fractured limestones in fresh fractures, and emits strong odors suggesting a migration of hydrocarbons. The La Vieille Formation is, in turn, locally composed of hydrothermal dolomites. To the south in New Brunswick, asphaltene-rich solid bitumen (migrabitume) has been found in similar dolomites, indicating that there has been migration of hydrocarbons.