Questerre Energy Corporation

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Questerre Energy Corporation (TSX:QEC) (OSLO:QEC) is a Calgary, Alberta-based junior exploration company which was participating in a farm-in agreement with Talisman Energy Inc., the well operator, to drill three wells in the St. Lawrence lowlands, Quebec, Canada. The wells were to test multiple horizons including the Trenton-Black River (TBR), Utica and Lorraine shale formations. As of September 2008, it was reported that the first of these three wells has been spudded.

Questerre and Talisman's permit sits squarely in the middle of the St. Lawrence Lowlands located between Logan’s Line and the Yamaska growth fault and extends from Quebec City south to a point beyond Lac Saint Pierre.

According to a November, 2008 report, Questerre was participating in a joint-venture Utica shale drilling program on its Yamaska property which consisted of 112,000 acres in the Province of Quebec. The report stated that at the time two horizontal wells had been drilled, and a pilot program of horizontal drilling was planned for 2009. Candian Forest Oil and Gastem were listed as joint-venture partners. Questerre owns a 20% working interest as does Gastem, and Canadian Forest Oil is the development operator and owns the balance of 60%. This appears to be a completely different property than the aforementioned one farmed-in with Talisman since the well operators are different.

In December, 2008 the company reported that it had completed drilling the La Visitation #1 well in the St. Lawrence Lowlands, Quebec. and the well was being cased for shale gas testing. This was one of a series of wells which had been drilled under the previously mentioned Talisman farm-in for three wells (now grown to four).

In April 2009 the company announced that it had completed drilling the St. Edouard #1 well which had promising TBR interval gas shows. An open-hole test is planned. Other intervals that were be tested at the same time are the Lorraine and Utica shales. St. Edouard #1 is the forth and final earning well in the series required to meet the terms of its farm-in agreement with Talisman Energy.

At the end of April, 2009 the company announced the results of a vertical well, the St. David #1 that was fracture stimulated and during an initial test period of 17 days flowed at the rate of 450 Mcf/d. The previously mentioned La Visitation #1 well had flowed at a rate of 300 Mcf/d during a 5 day initial test after fracing. The production logging from both wells indicate most of the production was flowing from a similar Utica interval.

The well operator was beginning a program of 2-D seismic data acquisition that was to be used to help identify well pad locations. Each pad potentially included multiple horizontal wells.

In May, 2009 Questerre was reporting initial production of between 300 mcf/d - 800 mcf/d from its vertical well drilling program. The gas was coming from the same Utica shale interval in each of the wells.

In late June, 2009, the previously-mentioned fourth well in the above series, St. Edouard #1 was being fracture stimulated and tested for different intervals. Both the Utica and Lorraine shale formations were to be evaluated. The Trenton-Black River interval had previously been tested and for three days had flowed at the initial rate of 2.2 Mmcf/d with wellhead pressure of 2,000 psi on a 7/32-inch choke after the acid stimulation. However, this flow rate was not deemed significant enough to justify a tie-in for the well. This well offsets another one called the Leclercville #1 that produced 900 mcf/d from the Utica interval in testing.

• Michael Binnion is President and CEO of Questerre.