Calgary, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE:QEC) announced today that it has cased the 7-29 well in Vulcan as an oil discovery. Questerre has a 50% interest in the 7-29 well.
Based on the interpretation of the 3-D seismic survey and discussions with its partner, a total of 10 oil locations (5 net) are under consideration for drilling after spring break-up. In addition, construction has commenced on an oil production facility.
The 7-29 well will be completed and stimulated shortly. Due to spring break-up, test results are not expected until late spring. The test results from this well and the stimulation study underway will assist in evaluating whether this oil discovery is an extension of Questerre’s existing Manville gas pool, where it has 1,000 boe per day of gas production behind pipe. In this case, there is a possibility that some or all of the gas production will be shut-in to assist recovery of the oil.
Michael Binnion, President and Chief Executive Officer, commented, “The results from our Vulcan drilling program continue to exceed our expectations. Based on 3-D seismic mapping, we believe the 7-29 well could be associated with a significant oil column. This discovery increases our inventory of development drilling locations as well as enhancing our reserve base.”
Questerre Energy Corporation 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.
For further information, please contact:
Michael R. Binnion, President
Tel: (403) 777-1185
Fax: (403) 777-1578
Email: info@questerre.com
Web: www.questerre.com