Those are very very good news, in my modest opinion!!

Just read them!! (Part 1):

" (...) The stabilized flow rate from the St. Edouard #1 well was another valuable data point supporting our

assessment of the Utica shale rock properties. A successful frac in the middle Utica yielded a test rate

of 700 mcf/d in line with the four other vertical well tests from this interval. With consistent results

spanning a distance of over a hundred kilometres, the partnership began a pilot program of multi-stage

frac’d horizontal wells to primarily evaluate the commercial parameters.

The completion of the rock properties investigation provided us with the extensive technical data essential

for a thorough assessment of the scale of the resource. We engaged Netherland, Sewell & Associates, Inc.,

a well-respected engineering firm to validate our internal assessment. Their experience with more

established shale plays was a key factor in selecting them to improve our insight into the Utica.

The use of modern data, particularly core, frac results and temperature and pressure gradients from the new

wells resulted in an updated estimate of original gas in place to 150 Bcf per square mile as compared to

early industry estimates of 93 Bcf per square mile. Technically recoverable resources for our deep fairway

acreage are estimated at 4.28 Tcf to our interest. This implies a recovery factor of approximately 11% of the

gas in place, based primarily on comparison to the Barnett shale. We anticipate the actual recovery factor

will be proven to be higher over time with actual results.

I N T E R I M R E P O R T

Q U E S T E R R E E N E R G Y

C O R P O R A T I O N