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Questerre Energy consolidates Antler assets through acquisition

Source: www.gulfoilandgas.com 11/27/2017, Location: North America

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Questerre Energy has closed an acquisition of producing Bakken/Torquay oil assets in the Antler area of southeast Saskatchewan.

Michael Binnion, President and Chief Executive Officer of Questerre, commented: 'This accretive acquisition consolidates our operated working interest at Antler. We now own 100% of these assets and add low-decline, high netback light oil production to our base of conventional assets. Post this acquisition, current production from the area, including adjacent production from Pierson, Manitoba, is approx. 450 bbl/d.'

The Company acquired approx. 180 bbls/d of light oil production in the Antler area for gross consideration of $7.25 million, subject to customary industry adjustments. Acquired assets include 3D seismic data over the producing acreage with a value of approx. $0.77 million. The effective date of the acquisition is October 1, 2017. The proved and probable reserves associated with these assets will be assessed by the Company's independent reserve engineers in conjunction with the year-end 2017 reserve evaluation.

Questerre also reported that it is submitting its comments on the draft hydrocarbon regulations to the Ministry of Energy and Natural Resources in Quebec this week. The Company anticipates that subject to the review of the comments received from stakeholders, the regulations should be finalized in early 2018.

Questerre Energy is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. It is pursuing oil shale projects with the aim of commercially developing these massive resources.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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