Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company") (OSE,TSX:QEC) reported today on its financial and operating results for 2007.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “In 2007 we continued to see the benefits of a portfolio approach with our high impact projects developed primarily with partner capital. We believe the new projects we added this year at Antler and Greater Sierra have great potential. Furthermore, the resource style nature of these projects adds this potential at a lower risk profile. Coupled with the growing potential for unconventional shale gas in Quebec, we expect 2008 and 2009 to be exciting years for Questerre.”
2007 Highlights
· Two wells drilled to test emerging shale gas play in St. Lawrence Lowlands, Quebec
· Talisman acquired 2-D seismic to follow-up Gentilly #1 discovery well in Quebec
· Acquired a light oil resource style play through the purchase of Magnus Energy Inc.
· Concluded a 54 square mile farm-in with EnCana for established Jean Marie play in BC
· Drilled two non-commercial gas wells at Beaver River
· Cash flow from operations doubled to $10.23 million from $5.08 million in 2006
· Established reserves of 2.34 mmboe in 2007 - replaced 100% of 2007 production volumes with higher value oil reserves
For the year ended December 31, 2007, the Company reported cash flow from operations of $10.23 million as compared to $5.08 million for the same period in 2006. The increase reflects the Company’s growth in average daily production to 1,390 boe/d from 778 boe/d in 2006. As at December 31, 2007, the Company reported a working capital surplus of $10.00 million (2006: $22.70 million)
The Company also reported that it has filed its audited consolidated financial statements and related Management Discussion and Analysis for the year ended December 31, 2007 with the Canadian securities regulatory authorities on SEDAR. The Annual Information Form (“AIF”) will be filed on March 31, 2008. This information may be accessed electronically at www.sedar.com.
The AIF includes the disclosure and reports relating to petroleum and natural gas reserves data and other disclosures for petroleum and natural gas activities required pursuant to National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.
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