Questerre Energy Corporation announces Manitoba drilling program yields 1,000 bbl/d gross
Tuesday, Oct 01, 2013Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) reported today the results from its oil drilling program in Pierson, Manitoba adjacent to its existing production in Antler, Saskatchewan.
A five well program targeting the Spearfish formation was conducted by the operator early in the third quarter. The wells were drilled as short radius horizontals and completed with 16 stage fracs per well. They were drilled and completed on schedule and under budget. This follows the drilling of two successful wells in the fourth quarter of 2012. Questerre holds a 35% interest in all these wells.
Over the first three days, the five wells produced at gross rates of over 1,000 barrels of oil per day or 350 barrels per day net to Questerre's interest. Production over the first thirty days is expected to be approximately 700 barrels per day or approximately 240 barrels net to Questerre. Including these wells, the Company's production is currently in excess of 1,000 boe per day.
Michael Binnion, President and Chief Executive Officer commented, "We are very pleased with the initial performance of these oil wells. Our light oil netbacks were in excess of $85 per barrel in July. At current production rates our operating cash flow before overheads is now over $2 million per month."
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.
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