QEC: Questerre updates Montney activities

06:15

Calgary, Alberta -- Questerre Energy Corporation
(Questerre or the Company) (TSX,OSE:QEC) updated
its operated and joint venture activities in the
Kakwa-Resthaven area of Alberta.

Michael Binnion, President and Chief Executive
Officer, commented, Over the next several weeks, we
expect to see the results from five important Montney
wells. The completion of the 16-07 Well in Kakwa South
is underway and this should prove up the condensate
rates on our ten-section block. In Kakwa North, we are
currently drilling the horizontal leg of the 14-29
Well and this should be finished by early August. This
100% well directly offsets our JV acreage and, once
completed, we believe it will confirm the potential of
this seven section block.

Commenting on the joint venture acreage, he added, We
have also started the completion of three Montney
wells with horizontal legs of one and half miles.
These wells could materially improve the economics of
this play with increased recovery at a lower relative
cost. We expect that the majority of our future wells
will have similar lateral lengths.

The Company reported that completion operations have
commenced this week on the 16-07-62-5W6M (the 16-07
Well). The planned completion for the 16-07 Well will
include a ten stage slick water fracture stimulation
in the approximate 1000m horizontal leg. Questerre
holds a 100% working interest in this well and ten
sections of land situated approximately six miles
south of its producing acreage.

Questerre also reported that drilling of the
horizontal leg is underway on the 14-29-63-6W6M well
(the 14-29 Well). Approximately 400m remain of a
planned 2000m horizontal leg targeting a total
measured depth of 5900m. The Company holds a 100%
interest in the 14-29 Well and seven sections of
acreage adjacent to its producing joint venture
acreage.

The Company also updated activities on its joint
venture acreage. The operator has begun the completion
of three wells drilled from one pad. Each of these has
a lateral leg of approximately one and a half miles.
These include the 09-20-63-5W6M well (the 09-20
Well), the 02-18-63-5W6M well (the 02-18 Well) and
the 08-20-63-5W6M (the 08-20 Well). The surface
location is situation on the existing gathering system
and the wells will be equipped and tied-in once
completion and testing is finished. Drilling
operations are also underway on two additional wells,
the 04-19-63-5W6M well (04-19 Well), less than one
mile away from the multi-well pad and the 01-14-63-
6W6M well (the 01-14 Well), about two miles away
from the pad.

Questerre 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:
info@questerre.com

Paretos Kommentarer:

Fra Pareto;

"Questerre Energy has announced an update on its progress in the Montney area, where the company expect results from 5 wells over the next weeks

The completion operations commenced this week on the 16-07 well (100% WI) drilled in the 10 sections block located approximately 6 miles south of its non-operated producing acreage

Questerre also reports that drilling of the planned 2000 metres horizontal leg of the 14-29 well (100% WI) is expected to be completed in early August. This well is located at the company's 7 section block adjacent to its non-operated producing acreage

The results from these wells could in our opinion significantly derisk the Value of Questerre's operated acreage in the Montney

Our risked valuation of Questerre's operated 7 and 10 sections blocks is NOK 4.9/share, with significant upside to our unrisked valuation of NOK 10/share

In its non-operated acreage, the completion of 3 wells (25% WI) is ongoing while drilling of two additional wells has started. The partners now target longer horizontal legs of about 1.5 miles, which Questerre reports could materially improve well economics by increased recovery at a lower relative cost

Although expected, we view it as positive that the company is significantly increasing its drilling activities to reach the 6,000 boe/day production target by mid-2015

We have a NOK 12 TP on QEC based on a risked valuation of Montney at NOK 10/share and risked Value of other assets at NOK 2/share"