Questerre seeks output growth as Q3 net loss widens

Questerre Energy (Canada)

13/11/2017 07:01

(Repeats to add additional readers) 
    OSLO, Nov 13 (Reuters) - Canadian oil and gas firm Questerre 
 QEC.TO  QEC.OL  said in its Q3 earnings report: 
 
    * Q3 revenues $5.4 million vs year-ago $4.1 million 
    * Q3 net loss $2.6 million vs loss $1.0 million 
    * Q3 adjusted funds flow from operation $1.9 million vs $1.4 
million 
    * Q3 output rose to 1,643 barrels of oil equivalents per day 
from 
year-ago 1,275 boe/d 
    * If company continues to drill more wells at Kakwa, it 
could see 
"another major increase in production" by next December 
    * Says draft regulations released this quarter are another 
milestone towards developing its Utica shale discovery in Quebec 
... company could return to the Utica field sometime in late 
2018 or early 2019 
    * Says working to make the economics for its much larger 
project 
in Jordan equally compelling at current oil prices 
    * Says production in Kakwa and Antler underpins its project 
base: 
"We are continuing to build this base as a source of future 
value through additional drilling and acquisitions where 
prudent" 
    * We expect this will also provide us with near term cash 
flow and 
production growth 
 
 
 (Reporting by Terje Solsvik, editing by Stine Jacobsen) 
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters 
Messaging: terje.solsvik.thomsonreuters.com@reuters.net)) 
 
Keywords: QUESTERRE ENERGY RESULTS/