Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company") (TSX, OSE: QEC) announced that its partner, Gastem Inc. (“Gastem”), has spud the St. Francois-du-Lac No. #1 well on the Yamaska licenses in the St. Lawrence Lowlands, Quebec. Questerre holds a 7.5% gross overriding royalty convertible into a 20% working interest on these licenses.
The operator, Gastem, reported that drilling operations would take approximately one month to complete. Site preparation on the second well, St. Louis-de-Bonsecours, is underway and drilling will commence upon completion and testing of the first well.
The primary target for these wells is the Utica shale. Target depth is 1800m and the wells will also evaluate the deeper Trenton Black-River for conventional reservoir and gas storage potential.
Gastem has entered into a farm-in agreement with a major US independent for these licenses. The agreement allows its partner to evaluate these wells, including testing and fracture stimulation of the Utica shales. The partner may commit to further exploration work of up to $10 million to earn a 60% working interest in these permits.
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