Re: Speculations about possible delays.
in response to
by
posted on
Jan 14, 2011 03:33PM
(Edit this message through the "fast facts" section)
Johnson! here is a link to news postet on the norwegean boerse and the Hegnar online paper:
http://hopey.netfonds.no/releases.php?paper=QEC&days=&location=paper&exchange=OSE
Some of them are in english language. Look thisone: http://hopey.netfonds.no/release.php?id=20101112.OBI.7
Here, some of it:
Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) reported
today on its operating and financial results for the
third quarter of 2010.
Michael Binnion, President and Chief Executive Officer
of Questerre, commented, "During the quarter we began
to address some of the prerequisites to the next phase
of establishing commerciality of the Utica shale. We
are looking forward to the completion and testing of
St. Gertrude and Fortierville next year and further
work on our commercial demonstration project in the
St. Lawrence Lowlands."
He added, "Despite the delays to the previously
announced timeline, we intend to use this time to lay
the groundwork for the next phase. The additional
technical information and new hydrocarbon legislation
will give industry the comfort it needs to make the
necessary investment in the multi-well program. A
local service sector will follow which increases the
likelihood of optimizing well costs. This will move
the Utica out of the pilot phase and, with continued
success, to validating the reserve potential of this
massive resource."
Highlights
· Gentilly horizontal well test meets expectations at
an initial stabilized rate of 720 Mcf/d from three
fracs in the middle Utica or approximately 240 Mcf/d
per frac
· Completion of Fortierville and St. Gertrude
horizontals deferred by operator to the first half of 2011
· Concluded pipeline agreement and commenced
permitting a 3-D seismic program for the commercial
demonstration project targeting the St. Edouard area
· Cash flow from operations of $1.44 million and
production of 649 boe/d with improved operating
efficiencies during the quarter
· Sustained financial position with over $154 million
in positive working capital and no debt
Production of 649 boe/d over the third quarter (2009:
632 boe/d) was improved from the second quarter
volumes of 620 boe/d and includes early additions from
our ongoing drilling program in Antler. Petroleum and
natural gas revenue in the third quarter was $2.95
million (2009: $2.79 million) with oil and natural gas
liquids accounting for 53% of the product mix.
Improved operating efficiencies resulted in cash flow
for the period of $1.44 million for the quarter (2009:
$0.50 million) and $2.15 million (2009: $2.28 million)
for the year to date.
The Company reported a working capital surplus of
$154.53 million at September 30, 2010 compared to
$49.02 million at September 30, 2009.
Questerre Energy Corporation is an independent energy
company focused on shale gas in North America. The
Company is concentrated on establishing commerciality
of its Utica shale gas discovery in the St. Lawrence
Lowlands, Québec. Questerre is committed to the
economic development of its resources in an
environmentally conscious and socially responsible manner.