Questerre announces study on new well completion technique to replace conventional frac’ing
February 01 2022 - 12:15AM
Questerre Energy Corporation (“Questerre” or the “Company”)
(TSX,OSE:QEC) reported today it has commissioned a report on a new
completion technique to replace conventional frac’ing with a new
well stimulation technique.
The new technique is designed to address public
concerns of conventional frac’ing of rock underground. The
preliminary conclusion is that by using lower pressures and rates
than the threshold used for fracturing new rock, the new approach
will take advantage of existing natural fractures to stimulate the
formation. This is similar to the approach most often utilized in
geothermal projects. The final report is expected before end of the
first quarter.
The study will be completed by Maurice
Dusseault, Professor of Engineering Geology at the University of
Waterloo. Professor Dusseault is a registered professional
engineer. He frequently works with governments and industry as an
advisor and instructor. He has co-authored two textbooks and over
500 articles in engineering and scientific journals. He was on the
direction committee for the strategic environmental assessments
completed by the Government of Quebec. His biography can be found
online:
https://uwaterloo.ca/earth-environmental-sciences/people-profiles/maurice-b-dusseault.
Michael Binnion, President and Chief Executive
Officer of Questerre commented, “This new technique could be
incredibly effective in a naturally fractured formation like the
Quebec Utica. Subject to new legislation, we hope to apply to
complete two wells in Quebec to prove the efficacy of this new
approach.”
The Leader of the House in Quebec recently
commented on the upcoming legislation for the expropriation of oil
and gas licenses in the province. The Government indicates it plans
to limit the compensation to the expenses incurred. A copy of the
article can be found online at
https://plus.lapresse.ca/screens/e65f17d7-0eb0-4584-aa56-54526ef9dfdd__7C___0.html?utm_content=email&utm_source=lpp&utm_medium=referral&utm_campaign=internal+share.
Mr. Binnion noted, “We are still waiting to see
the proposed law, but we are disappointed the Government has taken
this opening position. We encourage the Government to reconsider
the benefits of our zero-emissions project to meet their climate
goals. With respect to any proposed revocation of rights, we urge
the Government to maintain respect for international legal
principles, existing laws and the Quebec Charter of Human Rights
and Freedoms.”
Questerre is an energy technology and innovation
company. It is leveraging its expertise gained through early
exposure to low permeability reservoirs to acquire significant
high-quality resources. We believe we can successfully transition
our energy portfolio. With new clean technologies and innovation to
responsibly produce and use energy, we can sustain both human
progress and our natural environment.
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.
Advisory Regarding Forward-Looking
Statements
This news release contains certain statements
which constitute forward-looking statements or information
(“forward-looking statements”) including the Company’s views that
this new technique could be effective in the Quebec Utica and the
Company’s intention to apply to complete two wells to prove the
efficacy of this new approach.
Forward-looking statements are based on several
material factors, expectations or assumptions of Questerre which
have been used to develop such statements and information, but
which may prove to be incorrect. Although Questerre believes that
the expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because
Questerre can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Further, events or circumstances may cause actual
results to differ materially from those predicted as a result of
numerous known and unknown risks, uncertainties, and other factors,
many of which are beyond the control of the Company, including,
without limitation: the effect of COVID-19 on the markets and the
demand for oil and natural gas; whether the Company's exploration
and development activities respecting its prospects will be
successful or that material volumes of petroleum and natural gas
reserves will be encountered, or if encountered can be produced on
a commercial basis; the ultimate size and scope of any hydrocarbon
bearing formations on its lands; that drilling operations on its
lands will be successful such that further development activities
in these areas are warranted; that Questerre will continue to
conduct its operations in a manner consistent with past operations;
results from drilling and development activities will be consistent
with past operations; the general stability of the economic and
political environment in which Questerre operates; drilling
results; field production rates and decline rates; the general
continuance of current industry conditions; the timing and cost of
pipeline, storage and facility construction and expansion and the
ability of Questerre to secure adequate product transportation;
future commodity prices; currency, exchange and interest rates;
regulatory framework regarding royalties, taxes and environmental
matters in the jurisdictions in which Questerre operates; and the
ability of Questerre to successfully market its oil and natural gas
products; changes in commodity prices; changes in the demand for or
supply of the Company's products; unanticipated operating results
or production declines; changes in tax or environmental laws,
changes in development plans of Questerre or by third party
operators of Questerre's properties, increased debt levels or debt
service requirements; inaccurate estimation of Questerre's oil and
gas reserve and resource volumes; limited, unfavourable or a lack
of access to capital markets; increased costs; a lack of adequate
insurance coverage; the impact of competitors; and certain other
risks detailed from time-to-time in Questerre's public disclosure
documents. Additional information regarding some of these risks,
expectations or assumptions and other factors may be found under in
the Company's Annual Information Form for the year ended December
31, 2020, and other documents available on the Company’s profile at
www.sedar.com. The reader is cautioned not to place undue reliance
on these forward-looking statements. The forward-looking statements
contained in this news release are made as of the date hereof and
Questerre undertakes no obligations to update publicly or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
For further information, please contact:
Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) | Email: info@questerre.com
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