Questerre reports third quarter 2023 results

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CALGARY, Alberta, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the third quarter ended September 30, 2023.

Michael Binnion, President, and Chief Executive Officer, commented, “We have been transforming ourselves into a carbon technology company. This change in strategy is to allow us to unlock the giant resources we have discovered but have been blocked from producing in an increasingly ESG focused world. Our initial approach to the use of carbon technology was as a cost centre, or part of the new cost of doing business. With increasing prices on carbon, we are now seeing the potential for this to be a profit centre.”

He added, “Interest in carbon capture and storage is growing in Quebec, and this business could be independent of our Clean Gas production. We are pursuing a carbon storage pilot project under the existing legislation as a step towards a business and political solution in Quebec. We continue our fiduciary obligations to preserve our legal rights before the Court. Our motion to suspend key elements of Bill 21 was heard in late October. We are awaiting the Court’s decision.”

Reporting on the Company’s 40% investment in Red Leaf, he added, “Carbon storage is also integral to the development of their assets in the Uintah Basin, Utah. In addition to their permit for a wax processing facility, they own the rights for carbon sequestration over 7,000 acres. Discussions are ongoing with partners to assess this potential. They are also advancing the design of a small-scale commercial project for their oil shale technology with a consortium of Jordanian companies.”

Highlights

• Designing expanded carbon storage pilot project in Quebec
• Red Leaf designing small-scale commercial project in Jordan for oil shale technology
• Average daily production of 1,830 boe/d with adjusted funds flow from operations of $3 million

Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With the incremental working interest volumes at Kakwa North and one (0.25 net) well at Kakwa Central brought on production in the quarter, production increased over the prior year. For the third quarter, daily production averaged 1,830 boe/d (2022: 1,629 boe/d) and for the nine months ended September 30, 2023, it averaged 1,866 boe/d (2022: 1,609 boe/d).