QEC-T:Ready To Run Again! News Pending!

The Up Trend Continues

With The Results That are pending From The Horizontal Well

QEC Announces Pilot Horizontal Program Commences in Quebec 00:15 EDT Friday, September 25, 2009

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2009) -

NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) announced today that the operator will spud the first horizontal well targeting the middle Utica in the St. Lawrence Lowlands this week.

The St. Edouard #1A horizontal well will be situated adjacent to the St. Edouard #1 vertical well that tested at 700 mcf/d from the middle Utica interval. Subject to final results, the well will be fracture stimulated and production tested. During stimulation, the existing vertical well will serve as a monitor for real-time micro-seismic imaging to validate stimulation effectiveness.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "The first well in the pilot horizontal well program is a key milestone towards commercializing the Utica shale play. We are looking forward to confirmation from the horizontal wells of the consistently excellent vertical well test results from the middle Utica."

This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"). Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to the Company. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.

Questerre is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.

OPTI Canada posts $12-million profit

CALGARY
OPTI Canada posts $12-million profit

RTGAM

CALGARY - OPTI Canada Inc. announces third-quarter net earnings of $12-million, recovering from year earlier loss of $32-million. Revenues down to $38-million, from $125-million a year ago.

CALGARY, Oct. 28 /CNW/ - OPTI Canada Inc. (OPTI) announced today the Company's financial and operating results for the quarter ended September 30, 2009.


The Long Lake Project (the Project) is the first to use OPTI's integrated OrCrude(TM) process. Our proprietary process is designed to substantially reduce operating costs compared to other oil sands projects while producing a high quality, sweet synthetic crude oil.


"We had a good quarter operationally. Our objectives in the third quarter were to complete the planned turnaround and to start-up the final components of the Upgrader, which are the thermal cracker and the solvent deasphalter. Both of these objectives were successfully accomplished and the Project is now positioned to ramp-up with improved PSC(TM) yield and enhanced steam generation capabilities," said Chris Slubicki, President and Chief Executive Officer.

FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------
Three months Nine months Year
ended ended ended
September 30, September 30, December 31,
In millions 2009 2009 2008
(as revised)
-------------------------------------------------------------------------
Net earnings (loss) $ 12 $ (95) $ (477)(1)
Total oil sands expenditures(2) 31 128 706
Working capital (deficiency) 10 10 (25)
Shareholders' equity $ 1,523 $ 1,523 $ 1,471
Common shares outstanding
(basic)(3) 282 282 196
-------------------------------------------------------------------------
Notes:
(1) Includes $369 million pre-tax asset impairment provision related to
working interest sale to Nexen.
(2) Capital expenditures related to Phase 1 and future phase development.
Capitalized interest, hedging gains/losses and non-cash additions or
charges are excluded.
(3) Common shares outstanding at September 30, 2009 after giving effect
to the exercise of stock options would be approximately 287 million
common shares.

See Full Report here

Energy, mining deals seen accelerating


Jeffrey Jones and Pav Jordan
Monday, October 26, 2009

Calgary and Toronto — Canada's energy and mining sectors are riding a wave of acquisitions by Asian companies that are flush with cash and hungry for resources to fuel rapidly expanding economies, a trend not expected to let up soon.

Deals such as Korea National Oil Corp.'s $1.8-billion bid for Harvest Energy Trust last week are aided by difficulties some Canadian companies have in funding their operations because of the financial crisis.

“We've been saying that the sectors which are the most susceptible to such M&A [mergers and acquisitions] are the resource and energy sectors, and I still believe this to be the case,” said Alain Auclair, head of investment banking for UBS Securities Canada.

“You still see the Asian countries with access to capital or strong balance sheets that can deploy cash quickly to seize opportunities. I think it's a trend that we're going to keep seeing, especially for companies who might be under pressure from a balance sheet perspective.”

That is the case with debt-heavy Harvest, known for its Western Canadian oil and gas operations and a refinery on the East Coast, one it could not afford to expand by itself.

Two weeks ago, China's No. 2 nickel miner, Jilin Jien Nickel Industry, and Canada's Goldbrook Ventures offered to buy mining developer Canadian Royalties Inc. for nearly $200-million to help feed China's appetite for metals.

The number of such deals will only increase as China, Korea and other Asian nations seek to own the production of resources such as nickel or oil, instead of having to buy them on international markets.

South Korea, for example, aims to pump 300,000 barrels of oil a day by 2012 as it expands its manufacturing economy. It is currently the world's fifth-largest oil importer.

In August, state-owned PetroChina paid $1.9-billion for a 60 per cent stake in two planned oil sands projects owned by Athabasca Oil Corp. That was China's largest Canadian oil acquisition to date.

The deal helped fuel the shares of small developers such as Opti Canada Inc. and UTS Energy Corp. , as investors wagered they might be the next to be absorbed by the Asian wave. Both are minority partners in large projects in Western Canada.

At a time when publicly traded businesses are struggling under the weight of a global economic crisis, state-owned oil companies can deploy cash for multibillion-dollar projects without having to seek shareholder approval.

“They couldn't care less about the balance of this year, or next year, even the year after,” FirstEnergy Capital Corp analyst William Lacey said. “They're looking at the next 10-20 years, and the internal demands and they are going to meet those demands.”

Bob Schulz, a professor of strategy and global management at the University of Calgary's Haskayne School of Business, said big, but not blockbuster, deals will continue to be the order of the day in Canada's oil patch.

“Big, positive and probably in $1-billion to $2-billion bite-size chunks,” said Mr. Schulz.

Those transactions are large enough to give new companies a a foothold in long-term projects like oil sands developments, but not of a scale to cause alarm in the United States, Canada's largest energy and minerals export market, Mr. Schulz said.

Canada has been coveted as a storehouse for natural resources for hundreds of years, and investors in oil, gas and minerals enjoy minimal political risk.

In energy circles, it is best known for the oil sands, the largest deposits of crude outside the Middle East.

Developing the unconventional oil using mining or underground steam techniques is costly, and numerous small players have been culled to make way for major companies with deep pockets.

Harvest is not an oil sands developer, but KNOC made a foray into that part of the business in 2006 by acquiring an oil sands property from Newmont Mining Corp.

Analysts say buyers will get a boost from legal changes in Canada that force most Canadian income trusts to convert to traditional corporations by 2011, when their favored tax status terminates.

The changes will force many, sometimes highly leveraged, trusts to either become corporations, merge or get squeezed financially, making many into attractive targets.

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