CALGARY, Alberta, Nov. 09, 2018 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the test results from its Kakwa North acreage.
The operator recently completed the first well, 103/16-29-063-6W6M well (the “103/16-29 Well”), with a 3000m horizontal leg in the Montney Formation. During the last 24 hours of a 210-hour production test, the 103/16-29 Well flowed at an average rate of 11.6 MMcf/d of natural gas and 990 bbls/d of condensate (2,922 boe/d). Although the early results from the 103/16-29 Well are encouraging they are not necessarily indicative of long-term performance or ultimate recovery.
The operator is exercising its option to tie-in the 103/16-29 Well to third-party processing facilities. Questerre will hold a royalty interest in the 103/16-29 Well subject to standard payout provisions.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “These tests results are very promising. They suggest Kakwa North has the potential to deliver similar results as our production in the immediate area. We are looking forward to the results from the second well that is currently being tested.”
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. And pursuing oil shale projects with the aim of commercially developing these massive resources.
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.