Questerre Energy acquires oil assets in Canada

Questerre Energy has completed the acquisition of producing Bakken / Torquay oil assets in the Antler area of south-east Saskatchewan, Canada.

The acquisition, which is valued at $7.25m, includes around 180 barrels a day (bbls/d) of light oil production in the Antler area.

The transaction also includes 3D seismic data over the producing acreage with a value of about $0.77m.

Questerre Energy president and CEO Michael Binnion said: “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 approximately 450bbls/d.”

The company will assess proved and probable reserves associated with the assets, in conjunction with the year-end 2017 reserve evaluation.

In addition, the company stated that it is submitting its response on the draft hydrocarbon regulations to the Ministry of Energy and Natural Resources in Quebec this week.

Subject to the review of the comments received from stakeholders, the regulations are expected to be finalised early next year.

In Canada, Questerre has base production and reserves in the tight oil Bakken / Torquay.

The company is focused on bringing on production from its lands in the high-liquids Montney shale fairway.

Additionally, it is exploring oil shale projects in a bid to commercially develop the resources.