OSLO STOCK EXCHANGE: QEC
Feb 24, 2009 00:31 ET
Questerre Energy Announces Utica Wells Test Up to 4 mmcf/d
– Sustained rates up to 800 mcf/d
CALGARY, ALBERTA–(Marketwire – Feb. 24, 2009) –
Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) and its partners announced today the results from the horizontal wells drilled in the St. Lawrence Lowlands, Quebec.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We are very pleased with the results. While some had very high hopes for our first horizontal wells, the rates actually achieved are well in line with reasonable expectations for four stage horizontal wells in a new shale play.”
The horizontal test wells were successfully cased and fracture stimulated in four stages. Flow rates from these wells were in excess of the original vertical wells with initial rates of up to 4 mmcf/d. On longer term testing, the frac fluid flow-back was incomplete due to the unavailability of coiled tubing to assist in unloading the wells. In spite of frac fluid production, sustained flow rates as reported by the Operator ranged between 100 mcf/d and 800 mcf/d.
The Operator successfully drilled the wells horizontally and pumped multi-stage slickwater frac jobs without any major operational issues or cost overruns. This is a significant accomplishment in a new area and bodes well for achieving our long term capital expenditure goals.
During the completions extensive data was gathered and is currently being analyzed to assess the effectiveness of the completion technique and the productivity of different intervals tested. Additional operations and testing are planned after this winter to advance the learning curve for future completions.
Mr. Binnion added, “With different horizons being tested over a large geographic area there are dozens of variables to consider when evaluating the results. We see these results as very promising in comparison with the learning curve for other successful shale plays. We are highly confident better results will be achieved through incremental improvements over time. We and our partners remain fully committed and are looking forward to continuing our work to commercialize the Quebec shale plays.”
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.
Barrel of oil equivalent (“boe”) 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 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.
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.