The first development well drilled for the new Mannville pool in 2006 is the "6-34 well". An initial three-day production test for the 6-34 well was completed on March 3, 2006. For the last 24 hours of the test, the well averaged 3.5 mmcf/d and 6 barrels per mmcf of natural gas liquids on an 11.9 mm choke (603 barrels of oil equivalent).
The second development well drilled is the "8-32 well". The 8-32 well was completed and stimulated earlier this month. Testing is underway and results are expected by mid-March 2006.
Drilling recently commenced on the third well for this Mannville pool known as the "7-29 well". The 7-29 well will evaluate the thickness of the oil column associated with this pool.
Questerre also participated in the drilling of another well, the "5-6 well", in the Vulcan area. The 5-6 well was drilled for a separate Mannville pool. Based on an evaluation of drilling logs, this well has been cased as a gas producer. Questerre is confident that this well will be a commercial well and it plans to participate in the tie-in of this well to the local gathering system. It is expected that the 5-6 well will be completed and tested into the pipeline prior to the end of the second quarter.
The coal bed methane ("CBM") program in Vulcan for the Horseshoe Canyon gas targets is proceeding according to schedule. Drilling on the second well in this program, the "16-10 well", was completed on March 8, 2006 and the well was cased as a gas producer. Once drilling of the third well in this program is finalized, all three wells will be completed and tested into pipeline during the second quarter of 2006.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, "The drilling program at Vulcan continues to exceed our expectations. Based on the results to date, we believe this pool will achieve in excess 1,000 barrels of oil equivalent per day to Questerre's interest. The presence of a substantial oil column in this pool would make this new pool discovery more significant, even if it delays the ultimate production of the gas cap. We look forward to the results from the 7-29 well and the submission and approval of our production plan for this pool by the Alberta Energy and Utilities Board."
Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.
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