Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company") (OSE,TSX:QEC) announced today that the work program at Greater Sierra has been completed ahead of schedule.
Questerre is pleased to report that its partner has completed the tie-in of two horizontal wells drilled this winter. The wells commenced production at a combined initial flow rate of approximately 4.0 mmcf/d (668 boe/d (334 boe/d net)) from the target Jean Marie Formation. Ultimate stabilized production rates will depend on several factors including reservoir deliverability, line pressure and facility constraints.
The Company also reported that the 46 square mile 3-D seismic survey was completed ahead of schedule and under budget. This survey was planned to identify drilling locations for the 2009 winter program. Subject to the results, Questerre expects to participate in 6-8 wells at Greater Sierra next year.
Questerre has completed all of its commitments under the seismic and farm-in agreement and has now earned a 50% interest in 52 sections of land plus the two wells currently on production.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, "We are very pleased the first two wells are initially performing better than expected and that we have now earned our interest in this project. This project greatly increases our drilling inventory of gas prospects."
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