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Questerre updates status of Montney wells

Thursday, Jan 31, 2013

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) updated the status of its wells in the Kakwa-Resthaven area of west central Alberta.

The pipeline for its second well (the "14-30 Well") has been completed to tie-in to a third party processing plant. As previously reported, the well was put on production briefly earlier this month with very high condensate production, in excess of 200 Bbls/MMcf. The operator plans to equip both the 14-30 Well and the 03-19 Well, Questerre's fourth well, with central facilities to allow condensate separation at the wellhead. This will facilitate the flow of natural gas and natural gas liquids to the third party processing plant that cannot handle very high condensate volumes. This will also improve uptime and reduce operating costs with condensate being trucked directly to the pipeline.

Questerre also reported on the status of the 03-19 Well. Drilling of the horizontal section in the target interval of the Upper Montney formation is underway at a measured depth of approximately 4100m. The operator has advised that drilling operations are on schedule and will be finalized by the middle of February. Subject to equipment availability, completion operations are expected to be finished within the following month. Questerre has a 25% interest in the 14-30 and 03-19 wells.

Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

Source: Marketwire

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