Questerre Energy (TSX:QEC, Stock Forum), a Calgary-based firm engaged in the acquisition, exploration and development of oil and gas projects, announced today that the company had spudded its second 100% working interest well in Kakwa-Resthaven area of west-central Alberta.
Company president and CEO, Michael Binnion, commented, “This is an important well for us as it is the first well on our 100% seven-section block in Kakwa North. We have licensed additional locations and plan to drill up to two more wells on this block in 2014.”
According to the news release, “Offsetting our joint venture producing block, the 14-29-63-6W6M well ("14-29" Well) will target the liquids-rich Montney formation. It is programmed to be drilled to a measured depth of approximately 5900m including a horizontal leg of approximately 2000m. Drilling is expected to take approximately two months.”
The company also reported completion operations are scheduled to begin in July on its 16-07-62-5W6M well in the Kakwa-Resthaven area. The company holds 100% working interest in this well located an estimated six miles south of it producing wells in the area.
Questerre was in the news recently when the company announced Red Leaf had secured the final permit for oil shale commercialization seven days ago.
Shares gained 7.81% on the news to $1.38 per share.
Currently there are 264.9m outstanding shares with a market cap of $365.6 million.