CALGARY, ALBERTA--(Marketwired - Sept. 9, 2013) -
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) reported today that drilling operations have been successfully completed on its fifth well (the "05-23 Well") targeting the liquids-rich Montney in the Kakwa-Resthaven area of Alberta. Questerre holds a 25% working interest in this well.
The 05-23 Well was drilled to a measured depth of 5,017m including an approximate 1,400m horizontal leg in the target interval of the Montney formation. A full suite of drilling logs was obtained over the entire Montney formation in the vertical section of the wellbore. Full diameter core was also taken from the Upper and Middle Montney intervals to provide critical data on rock properties essential for future development. Subject to equipment availability, completion operations, including multi-stage fracture stimulation, are schedule for late October.
The operator reported that the drilling rig is being mobilized to the next location and the Company's sixth well is scheduled to spud within two weeks.
The operator also reported that lease construction for the joint central compression and condensate stabilization facility is underway. Equipment installation is scheduled to begin in early October. The facility has a capacity of 15 MMcf/d plus associated liquids. It is designed to address the existing production constraints and is anticipated to be on-stream prior to the end of 2013.
Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
This media release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding the timing of completion operations on the 05-23 Well, the spud of the Company's sixth well in the area and the on-stream date of the central facility. Although Questerre believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to Questerre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Questerre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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.
Barrel of oil equivalent ("boe") and billion cubic feet equivalent ("Bcfe") amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.