CALGARY, ALBERTA–(Marketwired – Jan. 8, 2014) –
Questerre Energy Corporation“>Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) is pleased to announce that it has appointed Frank Walsh as Chief Operating Officer in addition to three other new senior management members.
Michael Binnion, President and Chief Executive Officer, commented, “We are pleased we have established an experienced Montney team. Mr. Walsh has a proven track record in the Montney and will lead our operations team. They will be responsible for executing the Montney development plan to meet our take or pay commitments of 6,000 boe/d in 2015.”
Mr. Walsh is a seasoned engineering executive with over 30 years’ experience in the oil and gas industry. From 2004 to 2012, he was a founder and Vice President, Engineering & Production for Huron Energy Corporation, a private company focused on developing the Montney in northeast British Columbia. Prior thereto, from 1998 to 2004, he was a founder and Vice President, Engineering & Production for Rubicon Energy Limited a junior oil company focused on central Alberta. Mr. Walsh holds an engineering degree from the Technical University of Nova Scotia and an MBA from Queen’s University.
The Company reported that it has appointed Bill Gerber as Vice President, Drilling. Mr. Gerber is a Montney drilling engineer with over 36 years’ progressive engineering experience. Since 1995, he has been a partner at Sorus Consulting, a drilling, completion and optimization engineering firm. Mr. Gerber holds an engineering degree from Montana Tech of the University of Montana.
Additionally, Questerre announced it has engaged Eric Geppert, P. Eng., as Vice President, Exploitation. Mr. Geppert has over 24 years’ progressive engineering experience. From 2001 to 2013, he was employed by Cenovus Energy Inc. and its predecessors in a variety of positions, most recently as Director, New Ventures (Conventional) and Vice President, Strategic Planning and Reserves Governance. Mr. Geppert holds an engineering degree with distinction from the University of Calgary.
The Company also appointed Richard Mindus as Vice President, Facilities & Field Operations. Mr. Mindus has over 35 years’ oil and gas operations experience with 15 years’ experience operating the Beaver River Field in northeast British Columbia. He was formerly employed by Questerre from 2001 to 2011. The Company announced that it has issued a total of 2,000,000 options to these individuals.
In conjunction with the appointment of Mr. Walsh, Questerre has accepted the resignation of Rob Morrison as Chief Operating Officer. The Company would like to thank Mr. Morrison for his contributions in 2013 and wish him success in his future endeavors.
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 concerning the Company’s ability to execute the development plan to meet its take or pay commitments of 6,000 boe/d by late 2015. 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.
Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
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