Brief: Questerre Energy reports 63 pct increase in reserves

Questerre Energy (Canada)

19/03/2019 05:25

March 19 (Reuters) - Questerre Energy Corp  QEC.TO :
    * REPORTS OVER 60% INCREASE IN RESERVES
    * RESULTS FROM KAKWA NORTH CONTRIBUTED TO A SIGNIFICANT
INCREASE
IN OUR RESERVES
    * CORPORATE PROVED AND PROBABLE RESERVES GREW BY 63% OR 11.5
MMBOE
TO 29.96 MMBOE, NET OF PRODUCTION DURING 2018
    * BEFORE TAX NPV-10% ESTIMATED FOR CORPORATE PROVED AND
PROBABLE
RESERVES USING AVERAGE PRICE FORECAST OF THREE RESERVE
ENGINEERING FIRMS IS $228.95 MILLION
    * VERY ENCOURAGED BY RESULTS FROM KAKWA NORTH AND POTENTIAL
FOR
DEVELOPING MULTIPLE MONTNEY INTERVALS
    * CURRENTLY WE ARE BEING ASSIGNED RESERVES FOR ONLY TWO
INTERVALS
IN MONTNEY BUT THIS ACREAGE IS ALSO PROSPECTIVE FOR LOWER
MONTNEY WHERE THERE ARE SEVERAL TESTS IN AREA
    * RECENTLY NOTIFIED BY AN INDUSTRY OPERATOR OF THEIR PLANS
TO
LICENSE TWO MULTI-WELL PADS FOR UP TO 54 WELLS DIRECTLY
OFFSETTING ONE OF OUR FARM-IN WELLS AT KAKWA NORTH

Source text for Eikon:  urn:newsml:reuters.com:*:nObi8hhB5a
Further company coverage:  QEC.TO 

 (Reporting By Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com;))