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Questerre Reduces Personnel
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Questerre Energy Corporation has reported that it has implemented a corporate restructuring plan to reduce its administrative overhead in the current commodity price environment.
As part of the restructuring program, the Board has elected to reduce head office personnel by 20% and implement a 10% reduction in salaries for senior management. Fees paid to Board members will also be reduced by 10%.
Michael Binnion, President and Chief Executive Officer of Questerre, commented: "We already restricted our capital program to approximately $12 million in 2015 to primarily complete and tie-in existing wells at Kakwa. This restructuring program aims to reduce our gross overhead of approximately $7 million by 20% this year."
With activity suspended on its operated Kakwa acreage in 2015, the Company…
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