Questerre Energy Corporation reported on its financial and operating results for the first quarter of 2013.

Michael Binnion, President and Chief Executive Officer, commented, "We built a meaningful land position for the liquids-rich Montney in the first quarter of 2013. Based on early well successes last year, we increased our operated acreage in the fairway and now hold 45 net sections. Our fourth well tested at approximately 1,800 boe/d. Recent land sales and industry activity continue to validate our decision to develop this as a new core area."

Highlights

• Doubled landholdings for liquids-rich Montney natural gas play in Alberta to 45 net sections • Fourth Montney well tests at gross rates of approximately 1,800 boe/d with over 45% condensate and natural gas liquids • Expanding pilot waterflood to increase recovery for light oil pool in Antler, Saskatchewan • Field constructability tests mostly complete for oil shale joint venture with Total S.A. and Red Leaf • Cash flow from operations of $3.65 million for the quarter with average daily production of 1,000 boe/d

Tags: Questerre Energy Corporation