Hydro-Québec (secretly) sold the Anticosti Island to Pétrolia and Junex, on the pretext of not realizing its potential of $40 Billion ($100/barrel = $4000 Billion). Many Pétrolia and Junex board members happen to be former Hydro-Québec employees who did prospecting, including Érick Adam. Former Hydro-Québec CEO André Caillé (see point 52) is on Junex’ board since 2008. Co-founder of Junex Jean-Yves Lavoie worked for SOQUIP (Québec Oil Initiative Corporation) from 1974 to 1980 as a petroleum engineer. Another member of the board, Jacques Aubert, was a part of management, then president of SOQUIP at the end of the 90s. Peter Dorrins, chief of operations for Junex, was head of the oil and gas division at Hydro-Québec from 2003 to 2006. In fact, the spokesperson for Groupe Maître Chez Nous-21e siècle, Daniel Breton, filed a complaint to Sûreté du Québec against Jean Charest’s government, which he accuses of committing “The Theft of the Century”.
Some economists argue that the exploitation will never happen because, were this to be the real deal, Junex and Petrolia’s actions would be skyrocketing. A Pétrolia report clearly demonstrates how the stagnant or declining value of its shares had nothing to do with the exploitation potential of the area and was rather related to speculation. When asked the following question:
“Is the share’s performance a speculative movement or does it reflect the company’s actual potential?”
Pétrolia president André Proulx answered:
“As far as I’m concerned, without the ongoing uncertainties regarding oil and gas in Québec, and the province’s reputation on the market, the share would still be going up. Or at least it wouldn’t be dropping like it does now. Like I said earlier, political uncertainty was one of the factors explaining the drop. Truth is the market interprets the government actions from the last year as a moratorium on gas and oil. Others quite simply feel like Québec is opposed to the exploitation of its resources.”
Citizens from Quebec launched among other things, a petition requesting an immediate moratorium to avoid irreversible environmental damage (link to the petition in reference hereafter).
- Diapo 15 (250 m) : www.junex.ca/getthisfile.php?id=50