CALGARY, ALBERTA--(Marketwire - April 16, 2012) -
NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSE:QEC) reported today that drilling operations have been successfully completed on its first well targeting the liquids-rich window of the Montney shale in the Kakwa-Resthaven area of west central Alberta.
The well was drilled to a measured depth of 5071m including a 1430m horizontal leg in the target interval. Good hydrocarbon shows were observed throughout the drilling of the horizontal section. Operations were completed according to the drilling program and within budget. The well is currently being prepared for completion including a multi-stage fracture stimulation. Subject to the final program, the well is expected to be completed with fifteen stage fracs. Completion is scheduled for the second quarter of this year, pending equipment availability and weather.
Questerre will have a 37.5% interest in the well before payout and a 25% interest in this well after payout. Upon completion of this well, Questerre will have a 25% working interest in 16 contiguous sections of land in this area.
Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas resources. The Company is currently developing a portfolio of oil shale assets in North America. It is also securing a social license to commercialize its Utica natural gas discovery in Quebec. The Company is underpinned by light oil assets and a strong balance sheet. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.
This media release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including the planned completion of the well being drilled in the Kakwa-Resthaven area of Alberta. 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 does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.