Questerre reports second quarter 2023 results

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CALGARY, Alberta, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the second quarter ended June 30, 2023.

Michael Binnion, President, and Chief Executive Officer, commented, “As Quebec is holding public consultations on hydroelectricity shortage in the next two to three years. We are re-engaging with the Government on how our Clean Gas could be part of the solution. Our scalable, shovel-ready project can help mitigate the risks of curtailments and price spikes, all while retaining Quebec’s competitiveness in attracting new industries and helping meet their GHG emissions reductions targets. The Government of Quebec also proposed a stay of enforcement related to Bill 21. There is a hearing scheduled this October to extend this stay.”

Reporting on the Company’s 40% investment in Red Leaf, he added, “Red Leaf also advanced both their technology and the permitted wax processing facility in the Uintah Basin in Utah during the quarter. A pre-FEED study on the facility was completed and includes a Class IV capex estimate as well as an estimate to incorporate carbon capture directly in the design. Collaborating with local Jordanian companies, Red Leaf also began the design for a scaled version of their commercial production facility.”

Highlights

• Hearing to suspend revocation of licenses under Bill 21 in Quebec scheduled for October 2023
• Red Leaf completes pre-FEED study for wax processing facility in Uintah Basin, Utah
• Average daily production of 1,978⁽¹⁾ boe/d with adjusted funds flow from operation of $5.3 million

Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With one (0.25 net) well brought on production in the quarter, production increased over the prior year. For the second quarter, daily production averaged 1,978 boe/d (2022: 1,909 boe/d) and for the six months ended June 30, 2023, it averaged 1,884 boe/d (2022: 1,600 boe/d).