QEC:Fantastisk Portientiale Kurs 50+++
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Questerre Energy Corp. (QEC), a shale-gas producer, rose the most in more than three years in Oslo after the release of a report on its Montney acreage in Canada that analysts say confirms the area's commercial potential.
The Calgary-based company gained as much as 31 percent, the most since Feb. 23, 2010, and traded 18 percent higher at 5.15 kroner as of 12:44 p.m. in the Norwegian capital. About 3.9 million shares have traded so far today, almost eight times the average daily volume during the past three months.
A third-party report showed that the company's Montney acreage in Alberta has 132 million barrels of oil equivalent of contingent and prospective resources, Questerre said in a statement today. The company expects that as more wells are drilled and tested, the majority of those prospective resources will be reclassified as contingent resources and ultimately reserves, Chief Executive Officer Michael Binnion said.
Questerre, which owns acreage in the Saskatchewan, Alberta and Quebec regions of Canada, as well as in parts of Utah and Wyoming, is betting on growing acceptance of the fracking technology used to extract shale resources. The drilling technique, which involves blasting a mixture of water, sand and chemicals underground to release fuel from rock, has been criticized by groups who fear water contamination.
Proponents of fracking say the benefits in Canada could mirror the U.S., where the exploitation of shale assets helped the country overtake Russia as the biggest producer of natural gas in 2009 and boosted oil production to a 21-year high.
Questerre's report, conducted by Canadian oil consultant McDaniel & Associates Consultants Ltd., confirms the commercial potential for Questerre's Montney acreage, Teodor Sveen Nilsen and Henrik Madsen, analysts at Swedbank First Securities, said in a note today.
"We see upside potential in a de-risking of the Montney assets through unlocking" resources with the use of technology, they said, reiterating a buy rating and 10 kroner price target. -
BONANZA FEST I QEC.
12/07-2013 08:15:05: (QEC) Questerre spuds fifth Montney well
Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) reported
today that drilling operations have commenced on the
fifth well (the "05-23 well") targeting the liquids
rich-Montney shale in the Kakwa-Resthaven area of
Alberta. Questerre holds a 25% working interest in
this well.The well is programmed to drill vertically to a
measured depth of approximately 3500m prior to
drilling a 1425m horizontal leg into the target
interval in the Montney formation. Drilling operations
are expected to be completed by late September.
Subject to completion equipment availability,
stimulation and testing is planned shortly thereafter.
Questerre expects to participate in the drilling of up
to two additional (0.5 net) wells on this joint
venture acreage for the remainder of 2013.The 05-23 well will be drilled two miles southwest of
the existing 03-19 and 14-30 wells that tested at
rates of approximately 1,800 boe per day over the last
24 hours of their respective production tests. In its
first two months of production in the second quarter,
the operator reported the 14-30 well has been on
production at rates between 2-4 MMcf/d with condensate
yields averaging 180 Bbls/MMcf. The well has since
been shut in to obtain pressure data. The operator
also reported the 03-19 well was subsequently brought
on production at an average rate of 3.5 MMcf/d with
condensate rates of 166 Bbls/MMcf. Questerre holds a
25% interest in these wells.The operator recently received regulatory approval for
the joint central compression and condensate
stabilization facility that will process volumes from
these wells. The facility has a capacity of 15 MMcf/d
plus associated liquids. The facility is designed to
address the existing production constraints and is
scheduled to be onstream prior to the end of 2013.Questerre also updated the status of testing for the
15-01 well. Subject to receipt of regulatory approval
for the testing program and equipment availability,
flow-back and cleanup of the well is scheduled to
begin at the end of the month.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.For further information, please contact:
Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 / (403) 777-1578 (FAX) /Email:
[email protected]
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