CALGARY, Alberta, Nov. 16, 2018 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has completed a major expansion of its core acreage in the Kakwa area.
The Company has acquired 34 (17 net) sections for the Montney Formation immediately offsetting its producing acreage at Kakwa and its acreage at Kakwa North. The lands are subject to an industry standard gross overriding royalty. Subject to the drilling of additional wells under its farm-out agreement at Kakwa North, the Company will hold 63 (27.5 net) sections of Montney rights in the Kakwa area.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “With this strategic acquisition we have more than doubled our Kakwa land position. It lies directly south of our recent Kakwa North well that tested at 2,900 boe/d(1). The pipeline tie-in underway for Kakwa North will run through these new lands. This should make development easier and less costly.”
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.