CALGARY, ALBERTA: Questerre Energy Corporation reported a net profit of $1.33 million and production of just over 2,300 boe/d for the third quarter ended September 30, 2019.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Exceptional well results drove an increase in production and positive earnings for the third quarter in spite of soft commodity prices. We continue to see the benefits of efficiency gains with lower well costs and higher production. Many of these efficiency gains relate to a smaller environmental footprint, in particular with respect to water recycling. We were also excited to see the results from the Lower Montney interval offsetting our Kakwa acreage.”
He added. “In the third quarter, results include a 5% royalty interest on an additional 5,000 boe/d of production from farm-in wells at Kakwa North where Questerre holds a 50% working interest after payout. Based on drilling results, our partner chose to drill a fourth and final farm in well to earn 50% of the Company’s Kakwa North and Kakwa South acreage. Based on the results to date, our capital requirements will grow next year when we start a 50/50 joint drilling program.”
Commenting on developments in Quebec, he noted, “We have advanced the engineering for our ‘zero, zero, zero’ Clean Tech Energy project to create what may be the world’s first near-zero emissions natural gas field in Quebec. We are developing the detailed project plans as well as the preliminary modelling of the environmental benefits with our coalition partners.”
Questerre is committed to being a leader in integrating clean technologies to transform and transition hydrocarbons as part of a future energy diet with lower emissions.