Questerre Energy Begins Drilling at Beaver River Field

Questerre Energy reports that equipment mobilization has commenced for the drilling program at the Beaver River Field.

The initial equipment being barged includes a new High Arctic Energy Services under-balanced drilling and completion rig. Mobilization of support equipment and supplies will follow. Lease construction will be completed shortly and the first well is expected to spud next month.

The drilling program follows the positive results from the A-2 well completed this winter. Results from the A-2 well continue to exceed expectations. In early July the A-2 well was shut-in for the turnaround of the Duke Energy Fort Nelson plant. During this time, a pressure survey was completed to determine the optimal production rate and maximize recovery. The well was put back on production at the end of July at a stabilized rate over 3 mmcf/d (500 boe/d) against line pressure of over 1,000 psi. This rate represents an 83% increase over the initial test rate of 1.64 mmcf/d (273 boe/d). Preliminary analysis indicates the AOF for this well ranges between 5 mmcf/d (833 boe/d) to 5.5 mmcf/d (917 boe/d). Based on the results from the A-2 well, we plan to re-evaluate the A-6 well as a potential producer from the Besa River/Mattson.

Michael Binnion, President and Chief Executive Officer, commented, "We are very pleased with the improved results from the A-2 well. It continues to support our belief that these sands are a large unexploited resource play. We look forward to the results from the first well this winter."

The first well in the program with its partner, Transeuro Energy, will target natural gas from the shallow Besa River/Mattson horizons. The well will be situated at the crest of the upper Besa River structure and drilled to a depth of 2100m. The target reservoir in these horizons is a mixture of fine-grained sand and shale with production associated principally with the presence of natural fractures. Following logging, the well will be perforated and hydraulically fractured to assess the potential of both the sandstone and shale intervals.

A second Besa River/Mattson well is scheduled for the summer of 2007. This well is proximal to the deeper B-1 well that previously tested gas from this horizon at rates up to 12 mmcf/d (2,000 boe/d). The new well will target a structurally higher and potentially more fractured location than the B-1 well to maximize productivity.

Based on core analysis of the A-5 well completed for Transeuro by an independent service firm, CBM Solutions Inc., the gas in place for the Besa River shale is estimated to range between 200 Bcf to 495 Bcf per section. Questerre and Transeuro believe that improved drilling and completion techniques will enhance recovery of this gas in place. CBM Solutions Inc. is a Calgary based service company specialized in coalbed methane exploration and development.

The drilling program will also target the deeper Nahanni formation. The second well in this program will include a sidetrack of the existing A-5 well. The target is a Nahanni fault block identified on 3-D seismic as 80m structurally higher and 800m away from the nearest well. With success, the companies expect to attain gas rates similar to the original wells that produced in the early 1970s at rates ranging between 30 mmcf/d (5,000 boe/d) to 50 mmcf/d (8,333 boe/d). By drilling the first Besa River/Mattson well and the Nahanni well to depth, Transeuro will complete its farm-in commitments to earn a 50% interest in these horizons and all associated infrastructure. Questerre will hold the remaining 50% interest.

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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