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Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the
"Company") (TSX,OSE:QEC) is pleased to report that it has closed its
previously announced offering (the "Offering") of 5,865,000 common
shares of the Company issued on a "flow-through" basis within the
meaning of the Income Tax Act (Canada) at a price of $1.55 per Flow-
Through Share, resulting in gross proceeds of $9,090,750, which
includes the exercise in full of the over-allotment option to sell an
additional 765,000 Flow-Through Shares.
The Offering was made by a syndicate of underwriters (the
"Underwriters") led by Canaccord Genuity Corp. and including Cormark
Securities Inc. Details of the Offering are as set forth in the prospectus of
the Company dated December 16, 2013 and filed on the Company's
profile at www.sedar.com.
The gross proceeds of the Offering will be used by the Company to incur
eligible Canadian exploration expenses ("Qualifying Expenditures") prior
to December 31, 2014 on Questerre's properties. The Company will
renounce the Qualifying Expenditures to subscribers of the Flow-
Through Shares for the fiscal year ended December 31, 2013.
The Company intends to use the proceeds of the Offering primarily to
accelerate its capital program for its liquids-rich Montney acreage in the
Kakwa-Resthaven area of west central Alberta, Canada.
The Company reported that its prospectus referred to in the stock
exchange release on 16 December 2013 has been approved by the
Norwegian Financial Supervisory Authority in accordance with the
provisions of the Norwegian Securities Trading Act section 7-7 (5) on
December 23, 2013. The Flow-through Shares issued pursuant to this
prospectus are validly issued, fully paid up and non-assessable. Upon
completion of this Offering there are 264,657,291
Common Shares issued and outstanding.
Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) is
pleased to announce that is has concluded the final
agreements for market access for its natural gas and
liquids production in the Kakwa-Resthaven area of west
central Alberta.Michael Binnion, President and Chief Executive
Officer, commented, "These contracts are the
cornerstone of our wellhead to burner tip strategy.
They include firm transportation for our natural gas
and liquids, including condensate. We also have
secured fractionating capacity and long-term marketing
contracts for the liquids. These match our commitment
to firm processing capacity for 20 MMcf/d of natural
gas and liquids that is expected to commence in early
to mid-2015."He added, "These take or pay contracts leverage third
party capital, reducing the capital we would otherwise
require to finance the necessary investment in
infrastructure. With these agreements, we now have the
infrastructure in place to ramp up our natural gas
production to a minimum of 20 MMcf/d in the latter
part of 2015. Coupled with the liquids rates from our
existing wells, we expect this production could be
over 5,000 boe/d net to Questerre."Through its participation in a third party pipeline
expansion, the Company has entered into an agreement
for firm transportation of natural gas liquids
including condensate from the Kakwa-Resthaven area to
Edmonton. The committed volumes under this contract
are approximately 3,000 barrels of liquids per day.
Questerre also concluded an agreement with a third
party for fractionating and marketing for the natural
gas liquids associated with its production in the
Kakwa-Resthaven area. Lastly, the Company also
concluded an agreement with a major pipeline company
for firm transportation capacity for 19 MMcf/d of
sales gas. These contracts are subject to receipt of
all requisite regulatory and environmental approvals.
Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) is
pleased to announce that its partner, Red Leaf
Resources Inc. ("Red Leaf"), reported that it has
cleared a major regulatory hurdle and will soon launch
the first commercial-scale oil shale production in
North America in decades.Michael Binnion, President and Chief Executive Officer
of Questerre, commented, "We are very pleased that Red
Leaf has secured the necessary regulatory approvals to
begin field work for their first commercial scale
capsule. This is a first. We are very pleased with the
work done to achieve it."Red Leaf reported that the Utah Division of Water
Quality today issued a Groundwater Discharge Permit to
Red Leaf, which the company sought despite not
producing any discharge water. In 2012, Red Leaf
received a Large Mining Operation permit from the Utah
Division of Oil, Gas & Mining, contingent upon
issuance of the discharge permit."We are pleased to finally have the major permits
required to move forward with construction of our
commercial demonstration project, which will produce
more than 300,000 barrels of oil and prove our clean
oil shale technology works on a large scale," said Red
Leaf Chief Executive Officer, Adolph Lechtenberger. In
2009, Red Leaf successfully completed a pilot project
on its lease holdings in Eastern Utah, from which it
successfully produced more than 300 barrels of oil.Red Leaf currently holds oil shale leases on school
trust lands in Utah, which will be developed under a
joint venture with the French energy conglomerate
Total S.A. Red Leaf has additional oil shale leases on
land leased in Wyoming, which will be developed under
a joint venture with Questerre."Red Leaf has more than 20 U.S. patents for our
EcoShale technology, which extracts oil with lower
energy consumption, lower emissions, lower water use
and less environmental impact than any oil shale
technology deployed in the world today." Lechtenberger
continued, "The EcoShale process was specifically
designed to address traditional environmental
challenges of oil shale production.""Not only do we have less environmental impact, our
oil is of much higher quality than traditional oil
shale production, equal to or better than the industry
benchmark of light sweet West Texas Intermediate
crude," said Lechtenberger.Oil Shale VS Shale Oil
Oil shale is often confused in the media with shale
oil and shale gas production. When traditional oil and
gas is extracted from shale rock formations like those
in North Dakota, Pennsylvania and Texas, it is
correctly called shale oil and shale gas, not oil
shale. This extraction process involves drilling for
the resource.By contrast, oil shale development is the process by
which a solid organic material rich in hydrocarbons
called "kerogen" is converted to crude oil, condensate
and natural gas through the application of heat. All
traditional oil and gas was once kerogen. Over tens of
millions of years, heat from the earth's core caused
deposits of kerogen to transform into oil and natural
gas. Modern oil shale production simply speeds up the
natural process of turning kerogen into oil and gas,
either by mining the ore and heating it at the surface
or heating it underground (in-situ). EcoShale is a
surface mining and processing technology.
Oh for the love of god! Our "friend" Josh Fox is back again, creating more controversy to make a name for himself (...and money?). Here he is on the daily show, spreading more of his "bullsh*t". I wonder how big affect on people will be this time?
http://www.thedailyshow.com/full-episodes/wed-june-26-2013-josh-fox
Do you think gas price rise lasts? Is there something fundamental that is the reason for price?
Well, maybe because companies slowed a bit the recovery of gas and perhaps demand increased somewhat at the same time, but is it a lasting trend?
It is no longer just condensate and oil that profits QEC. But how much of an effect has nat. gas for QEC with price above $ 4 in terms of price under $ 3?