Good numbers and current production has nearly doubled to 2000 bpd..
Questerre Energy earns $2.4-million in Q1 2022
2022-05-11 19:32 ET - News Release
Mr. Michael Binnion reports
QUESTERRE REPORTS FIRST QUARTER 2022 RESULTS
Questerre Energy Corp. has released its financial and operating results for the quarter ended March 31, 2022.
Michael Binnion, president and chief executive officer of Questerre, commented: "Though it has not yet come into force, the National Assembly in Quebec passed Bill 21 banning oil and gas development in the province last month. We are still keen to work with the people of Quebec who have shown support for our Clean Gas project. The government's decision left us no choice but to take legal action to protect the rights of our shareholders. We have filed a statement of claim and we anticipate a pretrial hearing could be held within the next few months."
He added, "As we follow the legal process in Quebec, we have three priorities -- continue development of Kakwa and Antler to capitalize on higher prices, assist Red Leaf in commercializing their EcoShale technology, ultimately for our project in Jordan, and evaluate opportunities to employ new carbon technologies."
Highlights
- Government of Quebec passes Bill 21 to ban oil and gas development in Quebec;
- Three (0.75 net) wells completed at Kakwa Central and brought on stream in second quarter;
- Current production over 2,000 boe/d (barrels of oil equivalent per day) with average daily production of 1,288 boe/d and adjusted funds flow from operations of $4.3-million for the quarter.
With the completion and tie-in of three (0.75 net) wells at Kakwa Central, current production is over 2,000 boe/d. Production in first quarter averaged 1,288 boe/d (2021: 1,679 boe/d) as no new wells were brought on production since the fall of 2020. Consistent with the industry at large, higher commodity prices more than offset the decline in production and petroleum and natural gas revenue totalled $9.6-million in the period compared with $7.0-million for the same period last year. The company generated net income of $2.4-million for quarter (2021: $900,000) and adjusted funds flow from operations of $4.3-million (2021: $2.9-million).
The company incurred capital expenditures of $4.9-million for the period (2021: $500,000) and reported a working capital surplus of $1.2-million as at March 31, 2022 (March 31, 2021: $5.4-million deficit).
About Questerre Energy Corp.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. The company believes it can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, the com