12:05:41 EDT Thu 28 Mar 2024
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Questerre Energy Corp
Symbol QEC
Shares Issued 264,800,624
Close 2014-04-16 C$ 1.16
Market Cap C$ 307,168,724
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Questerre to complete Kakwa-Resthaven well in June

2014-04-17 02:23 ET - News Release

Mr. Michael Binnion reports

QEC: 100% MONTNEY WELL TO BE COMPLETED AFTER BREAKUP

Drilling operations have been completed on Questerre Energy Corp.'s 16-07-62-5W6M well in the Kakwa-Resthaven area of west-central Alberta. Questerre holds a 100-per-cent interest in this well situated approximately six miles south of its producing wells in the area.

The 16-07 well was drilled to a total measured depth of 5,053 metres, including a horizontal leg of approximately 1,000 metres. The well was logged and is currently being cased. Subject to equipment availability and weather, the 16-07 well will be completed after spring breakup this June.

Michael Binnion, president and chief executive officer of Questerre, commented: "Being the first operated well after our control-of-well incident, we were naturally cautious with this well. I am pleased it was successfully drilled without incident. We expect to advance quickly on the learning curve with future wells."

After spring breakup, the company plans to mobilize the drilling rig to the next location and spud its second operated well. This well will be located on its seven-section block offsetting its joint venture acreage in the area.

Questerre also reported that drilling operations have recently been completed on the 08-20-063-5W6M well. Questerre has a 25-per-cent working interest in this well. The well was drilled to a total measured depth of 5,504 metres with a horizontal leg of approximately 2,000 metres. Drilling operations on the next well, the 02-18-063-5W6M well, from the same surface location, are expected to commence shortly. Questerre will have a 25-per-cent working interest in the 02-18 well.

Further to a previous press release in March, 2014, the company reported that its production from the Kakwa-Resthaven area has not been shut in due to an extension granted by the National Energy Board to comply with its order requiring Nova Gas Transmission Ltd., a wholly owned subsidiary of TransCanada PipeLines Ltd., to implement pressure reductions on a limited number of pipeline sections. Furthermore, on April 14, 2014, the NEB approved the pressure variances requested by NGTL on March 28, 2014, and issued an amending order. As such, NGTL does not expect firm transportation services to be impacted as a result of its compliance with the pressure reductions approved in the amending order. As a result, Questerre does not expect its production in this area to be shut in.

We seek Safe Harbor.

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