News Out: GSM/QEC Spud St-Jean
Sep 09, 2008 00:15 ET
Questerre Commences Drilling in St-Jean Permit, Quebec
CALGARY, ALBERTA--(Marketwire - Sept. 9, 2008) -
NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) today announced that work is underway on Questerre et al #1 Saint-Jean-sur-Richelieu test well in the St. Lawrence Lowlands with partner Gastem Inc. Questerre is operator of the well and holds an 80 per cent working interest in this permit.
The well is being drilled to obtain core samples and logs to evaluate the shale gas potential in shallower Utica and Lorraine formations in the southern portion of the play.
Michael Binnion, President and Chief Executive Officer, commented, "This is an exciting high risk opportunity to extend the Utica shale play to the shallow acreage in the St. Lawrence Lowlands. Although the potential for the well is lower than some of our other projects, it is also lower cost and therefore is more likely to generate economic returns in the short term." Subject to final drilling results, the well may be fracture stimulated and tested.
About Questerre
Questerre is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact oil and gas projects in Canada.
This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in the Company's plans, commodity prices, equipment availability, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.
This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.