Questerre has acquired a 50% working interest in ten sections of land prospective for a Devonian Swan Hills reef play. These lands lie adjacent to two discovered oilfields - the Simonette and Ante Creek fields that have produced over 28 million barrels and 18 million barrels respectively from the Swan Hills formation. Questerre is currently evaluating a location for a new well on these lands in early 2005.
Questerre also took this opportunity to announce the results of the Miguasha #1 well as reported by Hydro-Quebec:
"Quebec City, November 17, 2004 - Hydro-Quebec and its partners, Gastem Inc., and Questerre Energy Corporation, announce that drilling operations at the Miguasha No. 1 well will be completed today.
This 1,430-meter deep exploration well attained all of the objectives targeted. These exploration operations, representing $1.6 million of expenditures, were completed over a forty-two day period.
Hydrocarbon shows encountered during the drilling of the well and subsequent analysis of well log data justified three drill-stem tests. These tests effectively isolated three prospective intervals penetrated by the wellbore and were designed to measure the flow of hydrocarbons within each of these zones. While the results demonstrate that no commercial production was attainable for this well, they nevertheless confirm that the petroleum system is functional in the subsurface of the Miguasha region, insomuch as the generation and migration of hydrocarbons is concerned.
As this well was not a commercial discovery, it has been abandoned. Meanwhile, the data acquired by this well further enhances (Hydro-Quebec's) interest in deepening the Miguasha West No. 1 well that has been suspended since September 24, 2004. Drilling operations will resume at this site once the required authorizations have been obtained."
Questerre is presently evaluating these promising well results and its option to participate in the Miguasha West No.1 well.
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