Source: Questerre Energy Corporation
Questerre Energy Corporation (TSX:QEC) has delayed its Utica shale gas development activities in the St. Lawrence Lowlands of Quebec.
Questerre received excellent cooperation from the citizens of Saint-Édouard and from the municipal government on its plans to acquire seismic and construct a natural gas pipeline. Both projects are ready to proceed. However, Questerre has elected to defer both shale gas projects pending receipt of the BAPE report, introduction of new hydrocarbon legislation and the results from its two horizontal wells.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, "We had over 90% support from 449 land owners. If our reception in Saint-Édouard is a guide, once citizens are properly informed, people in the region are overwhelmingly in favor of shale gas development."
"I am especially grateful for the tremendous help and support from community leaders to inform their citizens about shale gas development. The delay is a disappointment. Not only are the payments to land owners delayed but so are local jobs."
Questerre understands that the operator is still targeting fracturing and testing of the Fortierville and St. Gertrude horizontal wells. Questerre is currently discussing with the operator the consequences of its decision to delay the completions to this year and its impact on the joint venture and Questerre's timeline for future work.
Mr. Binnion further added, "We are confident in the benefits of shale gas development for Quebec. 2011 will be the year to address the prerequisites we believe are essential to the development of Utica natural gas."
Questerre Energy Corporation is an independent energy company focused on shale gas in North America. The Company is concentrated on establishing commerciality of its Utica shale gas discovery in the St. Lawrence Lowlands, Québec. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.