Brief: Questerre makes $7.25 mln Antler acquisition

Questerre Energy (Canada)

27/11/2017 07:15

Nov 27 (Reuters) - Questerre Energy Corp  QEC.TO : 
    * CONSOLIDATES ANTLER ASSETS THROUGH ACQUISITION 
    * HAS CLOSED AN ACQUISITION OF PRODUCING BAKKEN/TORQUAY OIL 
ASSETS IN ANTLER AREA OF SOUTHEAST SASKATCHEWAN 
    * THIS ACCRETIVE ACQUISITION CONSOLIDATES OUR OPERATED 
WORKING 
INTEREST AT ANTLER. WE NOW OWN 100% OF THESE ASSETS AND ADD 
LOW-DECLINE, HIGH NETBACK LIGHT OIL PRODUCTION TO OUR BASE OF 
CONVENTIONAL ASSETS 
    * POST THIS ACQUISITION, CURRENT PRODUCTION FROM AREA, 
INCLUDING 
ADJACENT PRODUCTION FROM PIERSON, MANITOBA, IS APPROXIMATELY 450 
BBL/D 
    * ACQUIRED APPROXIMATELY 180 BBLS/D OF LIGHT OIL PRODUCTION 
IN 
ANTLER AREA FOR GROSS CONSIDERATION OF $7.25 MILLION, SUBJECT TO 
CUSTOMARY INDUSTRY ADJUSTMENTS 
    * ACQUIRED ASSETS INCLUDE 3D SEISMIC DATA OVER PRODUCING 
ACREAGE 
WITH A VALUE OF APPROXIMATELY $0.77 MILLION 
    * ALSO REPORTED THAT IT IS SUBMITTING ITS COMMENTS ON DRAFT 
HYDROCARBON REGULATIONS TO MINISTRY OF ENERGY AND NATURAL 
RESOURCES IN QUEBEC THIS WEEK 
    * ANTICIPATES THAT SUBJECT TO REVIEW OF COMMENTS RECEIVED 
FROM 
STAKEHOLDERS, REGULATIONS SHOULD BE FINALIZED IN EARLY 2018 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nObiWP3vca 
Further company coverage:  QEC.TO  
 
 (Reporting By Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;))