Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company") (TSX, OSE: QEC) and Transeuro Energy Corp. (“Transeuro”) (TSX-V:TSU) are pleased to announce the completion of drilling operations on the B-3 well at the Beaver River Field.
The well was drilled ahead of schedule and under budget. It represents the best time performance of any well drilled in the immediate area to date.
Operations on the B-3 well commenced at the end of January 2007. The B-3 well was initially drilled vertically and intermediate casing set at a depth of 1467m. Drilling operations continued directionally to a measured depth of 2115m. Numerous gas shows were encountered while drilling. The well is currently being logged and sidewall cores extracted from several prospective intervals prior to setting production casing later this week. Completion and testing will be carried out this summer.
The B-3 well was drilled to delineate the shallow Mattson/Besa River horizon in the southern part of the Field. Questerre and Transeuro each hold a 50% interest in this well. A joint venture operating committee managed operations with Questerre appointed as the named operator.
Michael Binnion, President and Chief Executive Officer of Questerre, reported, “We are very pleased to have drilled the pace setter well for this area. Total drilling and casing costs for this well are estimated at $5.5 million that is $1 million less than AFE. We expect strict management of drilling costs will contribute to even better results on future wells.”
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