Michael Binnion, President and Chief Executive Officer, commented, “Over the next several weeks, we expect to see the results from five important Montney wells. The completion of the 16-07 Well in Kakwa South is underway and this should prove up the condensate rates on our ten-section block. In Kakwa North, we are currently drilling the horizontal leg of the 14-29 Well and this should be finished by early August. This 100% well directly offsets our JV acreage and, once completed, we believe it will confirm the potential of this seven section block.”
Commenting on the joint venture acreage, he added, “We have also started the completion of three Montney wells with horizontal legs of one and half miles. These wells could materially improve the economics of this play with increased recovery at a lower relative cost. We expect that the majority of our future wells will have similar lateral lengths.”
The Company reported that completion operations have commenced this week on the 16-07-62-5W6M (the “16-07 Well”). The planned completion for the 16-07 Well will include a ten stage slick water fracture stimulation in the approximate 1000m horizontal leg. Questerre holds a 100% working interest in this well and ten sections of land situated approximately six miles south of its producing acreage.
Questerre also reported that drilling of the horizontal leg is underway on the 14-29-63-6W6M well (the “14-29 Well”). Approximately 400m remain of a planned 2000m horizontal leg targeting a total measured depth of 5900m. The Company holds a 100% interest in the 14-29 Well and seven sections of acreage adjacent to its producing joint venture acreage.
The Company also updated activities on its joint venture acreage. The operator has begun the completion of three wells drilled from one pad. Each of these has a lateral leg of approximately one and a half miles. These include the 09-20-63-5W6M well (the “09-20 Well”), the 02-18-63-5W6M well (the “02-18 Well”) and the 08-20-63-5W6M (the “08-20 Well”). The surface location is situation on the existing gathering system and the wells will be equipped and tied-in once completion and testing is finished. Drilling operations are also underway on two additional wells, the 04-19-63-5W6M well (“04-19 Well”), less than one mile away from the multi-well pad and the 01-14-63-6W6M well (the “01-14 Well”), about two miles away from the pad.
Questerre 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: firstname.lastname@example.org
This media release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including expectations that the 16-07 Well will prove up the condensate rates on the Company’s acreage in Kakwa South, that the 14-29 Well when completed will confirm the potential of the Company’s acreage in Kakwa North, the timing of the completion of this well, the potential for the wells on the Company’s joint venture acreage with horizontal legs of one and half miles materially improving the economics of the play with increased recovery at a lower relative cost, the expectation that the majority of future wells will have similar laterals, the timing of equipping and tie-in of wells on the joint venture acreage. 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. 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 information. 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.