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CALGARY, Dec. 15, 2016 /CNW/ - Questerre Energy
Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported
today on the results from a recent joint venture well drilled
directly offsetting its 100% owned seven sections in the
Kakwa-Resthaven area.
Michael Binnion, President and
Chief Executive Officer of Questerre, commented, "We are very
encouraged that recent results of approximately 170 bbls/MMcf and
less than 25 ppm H2S are in line with the results from our joint
venture block. It proves up the west portion of our joint venture
acreage and supports our 100% owned block. The results are also
consistent with the other wells drilled in 2016 and, although
early, are positive for the improving completion design."
The 04-16-63-6W6M (the "04-16 Well") was drilled in June 2016 with a lateral of approximately 2200m
on the Company's joint venture acreage in the area. Completion
operations in the Montney were
finalized in the fourth quarter. Over a 746 hour production test
period, the 04-16 Well continued to flow back frac water and
hydrocarbons with peak rates at the end of the test of
approximately 2111 boe/d consisting of 6.18 MMcf/d and 1081 bbl/d
of condensate. During the last 24 hours of the production test, the
04-16 Well flowed approximately 1458 boe/d consisting of 4.4 MMcf/d
and 723 bbl/d of condensate. The 04-16 Well was flowing up 4.5 inch
casing and a 13.49 mm choke. During its first 30 days of
production, the 04-16 Well has averaged 4.35 MMcfe/d.
The Company advises that although the initial rates from the
04-16 Well are encouraging, they are not necessarily indicative of
long-term performance or of ultimate recovery.
The Company will only earn a 25% interest in the 04-16 Well once
the operator has received net revenue equal to four times the
drilling and completion costs and two times the equipping and
tie-in costs of each well.
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. It is 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.
Advisory Regarding Forward-Looking Statements
This media release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements") including the belief that the results from the 04-16
Well are in line with the results from the Company's joint venture
block, that these results prove up the joint venture acreage and
support the Company's 100% acreage, that the results are consistent
with the other wells drilled in 2016 and that they are positive for
the improving completion design.
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 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.
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.
SOURCE Questerre Energy Corporation