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Questerre announces 2017 capital budget and proposed private placement
Questerre announces 2017 capital budget and proposed private placement Questerre a...
About this update from Questerre Energy Corporation Class A
[{"type":"text","content":"\n\n\n\nQuesterre announces 2017 capital budget and proposed private placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nQuesterre announces 2017 capital budget and proposed private placement\nCanada NewsWire\nCALGARY, Oct. 27, 2016\n\n\n\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS \n\n\n\nCALGARY, Oct. 27, 2016 /CNW/ - Questerre Energy Corporation (\"Questerre\" or the \"Company\") (TSX,OSE:QEC) is pleased to announce that its Board has approved a capital budget of approximately $26 million for 2017 targeting the development of its Montney joint venture acreage in the Kakwa-Resthaven area of Alberta.\n\nThe budget follows a successful drilling program in 2016 where the Company selectively participated in wells due to low commodity prices and to preserve financial liquidity. Enhanced completion programs are contributing to improvements in initial well performance over prior years. Furthermore, the joint venture is making investments in infrastructure that are expected to reduce operating and completion costs. Based on these results and an improved outlook for commodity prices, the Company plans to participate in up to an 8 (2.0 net) well program plus additional infrastructure proposed by the operator for 2017. \n\nIn conjunction with the approval of its capital budget, the Company anticipates completing a private placement (the \"Private Placement\") directed towards Norwegian and international institutional investors.\n\nThe Company intends to use the net proceeds to partially fund the 2017 capital program, repay indebtedness under its credit facilities and general working capital purposes.\n\nThe Private Placement will consist of the issuance of up to 26.6 million Common Shares of the Company. The Private Placement will be priced in the context of the market and will be carried out through an accelerated book building process that will close on or before 08:00 (CET) on October 28, 2016. The minimum subscription a...