Questerre Energy claims “giant discovery of shale gas” in Canada

Is Quebec home to the next Horn River Basin?

Questerre Energy Corp. said it believes its shale gas find in Quebec, together with its partners Forest Oil and Talisman Energy, was “among the top 10 in North America.” Interest in the company’s shares have been trading up as Mr. Michael Binnion, CEO of Questerre stated to a Norwegian newspaper recently that Questerre made a “giant discovery of shale gas” in Canada. Questerre, maintains a bourse listing in Oslo where shares have surged.

According to a recent report on Reuters, Mr. Binnion is quoted;

“This is a pinch me in the arm I hope I’m not dreaming situation. And when large international oil firms now say that shale gas is the place to be, this has led to a surge in interest in the company over a very short period of time”.

Questerre announced initial results for their Utica shale property back in September reporting independent engineering estimated the prospective original gas in place for the Utica shale in the St. Lawrence Lowlands at 150 Bcf per square mile, which was 66% higher than earlier industry figures and prospective recoverable resources to range between 2.2 Tcf – 8.0 Tcf with a best estimate of 4.28 Tcf, equivalent to 360-1,300 million barrels of oil equivalent.

Subsequently, the company commenced commercialization and spudded a second horizontal well last month.

Questerre TSX: QEC.TO Questerre Oslo QEC.OL (via Reuters)

Reuters: Questerre interest “surges” after shale find-paper