December 15, 2016 / 7:56 AM / 2 years ago

BRIEF-Questerre says "very encouraged" by drilling results at joint venture well

Dec 15 (Reuters) - Questerre Energy Corp :

* Reported today on results from a recent joint venture well drilled directly offsetting its 100 pst owned seven sections in Kakwa-Resthaven area

* Very encouraged that recent results of approximately 170 bbls/mmcf and less than 25 ppm h2s are in line with results from our joint venture block

* It proves up west portion of our joint venture acreage and supports our 100 pct owned block

* Results are also consistent with other wells drilled in 2016 and, although early, are positive for improving completion design

* Although initial rates from 04-16 well are encouraging, they are not necessarily indicative of long-term performance or of ultimate recovery

* the “04-16 Well”) was drilled in June with a lateral of approximately 2200m on the Company’s joint venture acreage in the area. Completion operations in the Montney were finalized in the fourth quarter

* Over a 746 hour production test period, the 04-16 Well continued to flow back frac water and hydrocarbons with peak rates at the end of the test of approximately 2111 boe/d consisting of 6.18 MMcf/d and 1081 bbl/d of condensate

* Company will only earn a 25 pct interest in 04-16 well once operator has received net revenue equal to four times drilling and completion costs and two times equipping and tie-in costs of each well Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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