Calgary, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE:QEC) is pleased to announce that it has entered into a farm-in agreement with Apache Canada Ltd. (“Apache”) covering approximately 21,120 gross acres in Westlock, Central Alberta.
Michael Binnion, President and Chief Executive Officer, commented, “I am pleased we were able to conclude this agreement with Apache. I believe it will lead to future opportunities in our new core area of Westlock. This agreement allows us to potentially double our land position here to over 40,000 gross acres. We plan to double our drilling in this area for the balance of 2006 and continue to identify additional prospects for 2007.”
Pursuant to the terms of the farm-in agreement, Questerre will fund an initial five well program to earn a majority working interest in ten sections of Apache’s land. Questerre will have the option to drill additional wells to earn an interest on the same terms. Questerre will be responsible for drilling, completion and tie-in operations. Questerre will operate the production and have access to the Apache’s facilities in the area. Drilling operations are expected to commence in early July 2006.
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