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Questerre spuds first operated Montney well

Thursday, Nov 08, 2012

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) is pleased to report that drilling has commenced on its first operated horizontal well in the Kakwa-Resthaven area of west central Alberta.

Upon completion of this well, Questerre will earn an 80% interest in 6 sections of land. The six (4.8 net) sections are six miles south of the 16.75 section block where Questerre holds a 25% interest and recently reported its second well tested at gross rates of 1800 boe/d consisting of 974 bbl/d and 4.97 MMcf/d over the last 24 hours of a 96-hour test. This represents over 200 barrels of field condensate per million cubic feet of natural gas. The land benefits from an existing tie-in to a third party processing plant.

In this first well, Questerre will hold a 100% interest subject to an overriding royalty until payout after which Questerre will hold an 80% working interest. The well is targeting the liquids rich window of the Montney shale. Utilizing an existing wellbore, operations will include directionally drilling to the target interval in the Montney formation at a vertical depth of approximately 3600m prior to drilling a horizontal leg of approximately 1200m. Questerre anticipates drilling operations will be finalized by mid-December. Subject to equipment availability and weather, Questerre expects to complete and test the well in early 2013.

Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas resources. The Company is currently developing a portfolio of oil shale assets in North America. It is also working to secure a social license to commercialize its Utica natural gas discovery in Quebec. The Company is underpinned by light oil assets and a strong balance sheet. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.

Source: Marketwire

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