Questerre Energy Corporation
TSX : QEC
OSLO STOCK EXCHANGE : QEC

Questerre Energy Corporation

July 29, 2009 00:15 ET

Questerre and Talisman Accelerate Shale Gas Program in Quebec

CALGARY, ALBERTA--(Marketwire - July 29, 2009) -

NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) is pleased to announce that, with its partner, Talisman Energy Canada ("Talisman"), it plans to spud at least two horizontal wells later this year to test the Utica shale in the St. Lawrence Lowlands, Quebec.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "The work done by Talisman to evaluate the shale gas potential of our joint acreage has been invaluable. With the success of our primary zone in all the tested vertical wells we believe the Utica has demonstrated it has the right rock properties."

Mr. Binnion further added, "These encouraging results were instrumental in our commitment to drill horizontal wells targeting this specific zone within the Utica. We look forward to the beginning of the pilot phase with full-length horizontals with multi-stage fracs to prove up the commerciality of this play."

Talisman has completed its earning obligations by drilling and testing four wells to earn a 75% working interest in approximately 720,000 acres in the Lowlands. In addition to an approximate 25% working interest in this acreage, Questerre also retains a 4 1/4% gross overriding royalty on production from Talisman.

Testing of the Utica shale interval in the fourth well, St. Edouard #1 is underway with preliminary results expected in early August. Subject to the final results, Questerre and Talisman will evaluate pilot locations for horizontal wells adjacent to the vertical test wells.

This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses, that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in the Company's plans, commodity prices, equipment availability, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.

This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.

Questerre is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.

Contact Information

  • Questerre Energy Corporation
    Anela Dido
    Investor Relations
    (403) 777-1185
    (403) 777-1578 (FAX)
    info@questerre.com