Company News

Questerre seeks output growth as Q3 net loss widens

OSLO, Nov 13 (Reuters) - Canadian oil and gas firm Questerre said in its Q3 earnings report:

* Q3 revenues $5.4 million vs year-ago $4.1 million

* Q3 net loss $2.6 million vs loss $1.0 million

* Q3 adjusted funds flow from operation $1.9 million vs $1.4 million

* Q3 output rose to 1,643 barrels of oil equivalents per day from year-ago 1,275 boe/d

* If company continues to drill more wells at Kakwa, it could see “another major increase in production” by next December

* Says draft regulations released this quarter are another milestone towards developing its Utica shale discovery in Quebec ... company could return to the Utica field sometime in late 2018 or early 2019

* Says working to make the economics for its much larger project in Jordan equally compelling at current oil prices

* Says production in Kakwa and Antler underpins its project base: “We are continuing to build this base as a source of future value through additional drilling and acquisitions where prudent”

* We expect this will also provide us with near term cash flow and production growth (Reporting by Terje Solsvik, editing by Stine Jacobsen)