Posted by marin2008
Friday, 24 April 2009
Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC) (OSLO:QEC) announced today that drilling operations have been successfully completed on the St. Edouard #1 well in the St. Lawrence Lowlands, Quebec.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We are encouraged by the potential for a TBR success in this well. The naturally fractured and overpressured shale intervals in St. Edouard also look very promising based on logs and gas shows. Despite challenging drilling conditions, we were very pleased that the operator completed this well on schedule.”
The operator reported the well was drilled to a total depth of 2583m. Based on an analysis of open-hole logs and drill cuttings combined with strong gas shows, Questerre and the operator are planning to carry out an open-hole test of the Trenton Black-River interval after spring break up. Several prospective intervals in the Utica and Lorraine have also been identified and testing of these zones is likely to commence this summer contingent upon equipment availability.
St. Edouard #1 is the final well in the four-well earning program with the operator.
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.
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.