The 16-07 Well was drilled to a total measured depth of 5053m including a horizontal leg of approximately 1000m. The well was logged and is currently being cased. Subject to equipment availability and weather, the 16-07 Well will be completed after spring breakup this June.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Being the first operated well after our control of well incident we were naturally cautious with this well. I am pleased it was successfully drilled without incident. We expect to advance quickly on the learning curve with future wells.”
After spring breakup, the Company plans to mobilize the drilling rig to the next location and spud its second operated well. This well will be located on its seven-section block offsetting its joint venture acreage in the area.
Questerre also reported that drilling operations have recently been completed on the 08-20-063-5W6M well (the “08-20 Well”). Questerre has a 25% working interest in this well. The well was drilled to a total measured depth of 5504m with a horizontal leg of approximately 2000m. Drilling operations on the next well, the 02-18-063-5W6M well (the “02-18 Well”), from the same surface location are expected to commence shortly. Questerre will have a 25% working interest in the 02-18 Well.
Further to its press release on March 27, 2014, the Company reported that its production from the Kakwa-Resthaven area has not been shut-in due to an extension granted by the National Energy Board (“NEB”) to comply with its order requiring Nova Gas Transmission Ltd. (“NGTL”), a wholly-owned subsidiary of TransCanada PipeLines Ltd., to implement pressure reductions on a limited number of pipeline sections. Furthermore, on April 14, 2014, the NEB approved the pressure variances requested by NGTL on March 28, 2014 and issued an Amending Order. As such, NGTL does not expect firm transportation services to be impacted as a result of its compliance with the pressure reductions approved in the Amending Order. As a result, Questerre does not expect its production in this area to be shut-in.
Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
For further information, please contact:
Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
This media release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the timing of the completion of the 16-07 Well, the spud of the Company’s next 100% working interest well on its seven-section block in the Kakwa-Resthaven area and the spud of the 02-18 Well. Although Questerre believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate, including the timing of pricing and terms of the placement, the placement results and closing, the use of net proceeds, the timing of receipt of required regulatory approvals and assumptions concerning the success of future drilling activities. Those factors and assumptions are based upon currently available information available to Questerre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Questerre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.