CALGARY, ALBERTA--(Marketwire - May 9, 2012) -
NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSE:QEC) reported today that it has recently completed the first phase of a core hole program to assess its oil shale licenses in Saskatchewan.
The winter program was designed to evaluate the western block, known as the Arborfield block, covering 58,112 net acres. During the first quarter of 2012, over 700m of continuous core was obtained from 10 new wells. The wells were drilled to an average depth of 100m with wireline logs acquired from surface to depth. Good core was recovered throughout the Second White Specks shale, the primary formation of interest. Approximately 30m of the target oil shale formation was encountered in all the wells drilled.
Approximately 400 core samples from these wells are currently being analyzed for geochemical properties. Testing will also include modified Fisher assay analysis to evaluate the potential oil yield and an assessment of the prospective oil shale resource. Questerre is currently permitting a summer program of up to 10 additional wells. These wells will gather core data to evaluate the eastern block, known as the Wildcat Hills block, covering an additional 42,572 net acres.
The Company's 100,684 net acres in east central Saskatchewan overlies a well documented oil shale deposit. The Company is primarily targeting the Second White Specks formation on this acreage. The coring program is designed to assess prospective oil shale resource and potential for the application of oil shale mining technology.
Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas resources. The Company is currently developing a portfolio of oil shale assets in North America. It is also securing a social license to commercialize its Utica natural gas discovery in Quebec. The Company is underpinned by light oil assets and a strong balance sheet. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including the prospectivity of the Company's oil shale acreage in Saskatchewan and the potential for the application of oil shale mining technology. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to the Company. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.