CALGARY, ALBERTA–(Marketwired – Nov. 19, 2013) –
NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) reported today on the results of its second core hole program for its oil shale acreage at Pasquia Hills, Saskatchewan.
Michael Binnion, President and Chief Executive Officer, commented, “These results are better than we expected and confirm that our acreage overlies a well-established oil shale deposit. We will use this core data, along with the data from our first program, to commission an independent resource assessment early next year.” He added, “We expect to convert these resources into reserves with Red Leaf’s EcoShale process. Red Leaf is securing the final permits and should begin work in the field for the first commercial scale capsule this December.”
The six-well core program was completed in the fall of 2012 on the eastern block of Questerre’s acreage in the Pasquia Hills area of east central Saskatchewan. 653m of good quality core was cut as well as a full suite of drilling logs over the target Second White Specs shale. All the wells drilled encountered the target formation with a minimum thickness of 26m and a maximum of 59m. This follows the first 10-well program on the western block where over 30m of the shale was cored in all the wells drilled.
The analysis conducted on approximately 180 core samples by an independent laboratory included modified Fisher Assay to assess the oil shale potential. Preliminary analysis indicates grades of 10-17 gallons/ton with select intervals from some wells averaging 15-18 gallons/ton in an interval of up to 10m and individual samples of over 26 gallons/ton. Further analysis is underway by another independent laboratory to validate these initial results.
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.
This media release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding the timing of an independent resource assessment of the Company’s Pasquia Hills acreage, the potential conversion of these resources into reserves with Red Leaf’s EcoShale process and the timing of the commencement of field work by Red Leaf. 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 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 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.
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