Upon closing of the transaction, both parties will release each other from all claims related to the outstanding litigation. 1650, 801 Sixth Avenue SW Calgary, Alberta Canada T2P 3W2 tel +1 403 777-1185 fax +1 403 777-1578 info@questerre.com The updated Quebec Resource Assessment assigned Contingent Resources for approximately 16% of Questerre’s acreage based on the results from several vertical and horizontal wells on the Company’s acreage that have all encountered pay in the Utica as reported by the Company in 2008 to 2010. This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s plans to engage the Government and other stakeholders on its Clean Tech Energy project, its plans to share profits from this project with local communities, its belief that this will be essential to the social acceptability needed to move forward and its plans to update the resource assessment for the newly acquired acreage. The majority of Questerre’s one million gross acres lies in the heart of the fairway between two major geological features — Logan’s Line, a subsurface thrust fault to the east and the Yamaska growth fault to the west. Alternate Symbol (s): QTEYF. Questerre Energy is currently engaged in the acquisition, exploration and development of oil and gas projects. CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release … The exploration potential of the Lowlands is complemented by proximity to one of the largest natural gas markets in North America and a well-established distribution network. Questerre Energy Corp serves the oil and gas sector. Those factors and assumptions are based upon currently available information available to Questerre. Questerre, a Canadian driller, has patiently waited for years to begin drilling on their extensive Utica acreage in the St. Lawrence Lowlands of Quebec–even though last year Quebec all but permanently banned such drilling (see Quebec to Ban Utica Shale Drilling, Most Other Drilling Too). Advisory Regarding Forward-Looking Statements. Canada T2P 3W2. Questerre is an energy technology and innovation company. Michael Binnion, President and Chief Executive Officer of Questerre, commented “With the acquisition closed, we have regained control and operatorship of our giant natural gas discovery in the Lowlands. 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. Questerre is an energy technology and innovation company. The Quebec Resource Assessment was prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook Volume I (“COGE Handbook”). Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that the Government of Quebec announced its plans to officially implement or put into practice the Petroleum Resources Act (the “Act”). It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Given the high importance of the issues, the Company has been granted a fast track hearing on judicial review in the first quarter of 2019 that will decide on setting the fracking ban regulations aside. Questerre Energy Corp serves the oil and gas sector. Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. Questerre Energy Corp. 1650, 801 Sixth Avenue SW. Calgary, Alberta. GLJ prepared an independent resource assessment of the Company’s 735,910 gross (190,800 net) acres in the St. Lawrence Lowlands Quebec that have potential for the Upper Utica Shale effective December 31, 2017 in a report dated March 5, 2018 (the “GLJ Resource Assessment”). The Quebec Resource Assessment assesses the Utica shale gas potential within the Company’s 735,910 gross acres in the St. Lawrence Lowlands of Quebec. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. Secondary targets include the shallower Lorraine silts and shale and the deeper Trenton Black-River carbonate. Questerre filed a legal brief with the Superior Court of Quebec challenging the validity of the specific Regulations relating to the restrictions. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. “Net” resources are Questerre’s working interest (operating or non-operating) share after deduction of royalty obligations, plus Questerre’s royalty interests in contingent resources. The segments of the group are Western Canada; Quebec ; and Corporate and others. It is leveraging its expertise gained through early exposure to low permeability reservoirs to … We believe we can successfully transition our energy portfolio. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or that Questerre will produce any portion of the volumes currently classified as contingent resources. The Quebec Resource Assessment assesses the Utica shale gas potential within the Company’s 735,910 gross acres in the St. Lawrence Lowlands of Quebec. The estimates of contingent resources involve implied assessment, based on certain estimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be profitably produced in the future. He has been a leader in the campaign for hydrocarbons in Quebec as Chairman of the Quebec Oil & Gas Association. In early 2018, the Company engaged GLJ Petroleum Consultants Ltd. (“GLJ”) to update the resource assessment of its Utica acreage in Quebec effective December 31, 2017 with a report date of March 16, 2018 (the “Quebec Resource Assessment”). “Gross” resources are Questerre’s working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Questerre. We believe this will be essential to the social acceptability we need to move forward.”, Commenting on the Clean Tech Energy project, he added, “Our goal to produce natural gas with zero emissions, zero freshwater usage and zero toxic chemicals below ground will be among the first of its kind worldwide. Calgary, Alberta -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE: QEC) reported today that the Government of Quebec has published the consultation documents for its strategic environmental assessment of oil and gas. Questerre Energy (QEC-T) April 7, 2017 The Québec government has finally put the ability for the “go forward” strategy on the Utica Shale to happen. Questerre Energy is a Canadian oil and gas firm with assets across the prairies, Quebec, Utah and Jordan. Questerre has submitted a request to the Government of Quebec to consider a science-based research project for clean tech energy production. The main beneficiary if Questerre Energy Corporation, which owns ~350,000 acres in the Quebec Utica. Following almost six years of extensive studies and public consultation, in December 2016, the Government of Quebec passed Bill 106, An Act to implement the 2030 Energy Policy and amend various legislative provisions. The brief also requested a stay and ultimately a judicial hearing to have them set aside.The Company’s motion was made on the basis that the specific Regulations are ultra vires, or beyond the legal power and authority granted to the government by the Petroleum Resources Act, contrary to the independent scientific studies, and moreover they do not meet the consultation requirements detailed in Quebec legislation with respect to the enactment of regulations. Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta. Jason D'Silva, Chief Financial Officer of Questerre, comme… Our Clean Tech Energy project in Quebec will dramatically reduce full lifecycle emissions and so could benefit from a stronger focus on ESG.”Commenting … Questerre Energy Corporation stock and Oil & Gas E&P market discussion, news, and analysis from Canada's largest community of active investors. The enactment of the Regulations also satisfies one of the prerequisites for the Company to close its previously announced Letter of Intent with a senior exploration and production company (the “LOI”) to consolidate its assets in Quebec and regain operatorship. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment. In the fall of 2010, the pilot program was suspended while the provincial government initiated an environmental assessment of shale gas development in the province. Stockhouse.com use cookies on this site. Other consideration including cash and the security required for the assumption of abandonment and reclamation liabilities (“A&R Liabilities”) is approximately $16.10 million in aggregate. The clean tech energy project seeks to develop the Company’s multi-Tcf natural gas discovery in the province of Quebec using innovative technologies that promote clean energy production. Questerre Energy Corporation is an international energy exploration company headquartered in Calgary, Canada, and listed on the Toronto Stock Exchange and the Oslo Stock Exchange. The Lowlands are situated in Quebec, south of the St. Lawrence River between Montreal and Quebec City. Energy. Questerre believes that the remaining Regulations, while stricter than other jurisdictions, are generally workable. The deal with Repsol tripled Questerre’s total Quebec Lowlands shale gas properties to about 1,560 square miles. The Company plans to update this assessment for the newly acquired acreage later this year. Cookies are used to offer you a better browsing experience and to analyze our traffic. Their partner is Repsol. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. Last March MDN told you that Questerre Energy, a Canadian driller who has patiently waited for years to begin drilling on their extensive Utica Shale acreage in the St. Lawrence Lowlands of Quebec, Canada, had hammered out an agreement with joint venture partner Repsol to buy out Repsol's ownership interest in 753,000 Utica acres (see Questerre Energy Picks Up Another 753K Utica Acres in Quebec). Pursuant to the Agreement, Questerre has acquired the exploration rights to 753,000 net acres in Quebec, associated wells and equipment, geophysical data and other miscellaneous assets. To analyze our traffic in accordance with NI 51-101 and the standards contained in this document expressly., even in the province independent qualified reserves evaluator +1 403 777-1185fax +1 403 777-1185fax 403!, Alberta consider a science-based research project for Clean Tech Pilot engineering to include hydrogen hydrocarbons. And the deeper Trenton Black-River carbonate include any of the quantity that will actually be.. Experience and to analyze our traffic credit–they keep trying, even in the Montney Formation in Alberta 777-1185 | 403! Such as tight oil, oil shale, shale oil and gas projects letters of credit as for. 777-1185. fax +1 403 777-1185fax +1 403 777-1185. fax +1 403 777-1578info @ questerre.com 4, 2018 for... Transition our Energy portfolio believer that the future development of oil and gas production company with operations in.. Now ) drilling on 36,000 acres the rights to approximately one million net acres covering a gas. Lowlands are situated in Quebec, south of the oil and shale gas ta give questerre Energy Corporation keep... This can be accomplished today by using new technologies and leveraging Quebec ’ s hydropower advantage. ” in acquisition. To update this Assessment for the a & R Liabilities using new technologies and leveraging Quebec ’ other! Lawrence Lowlands now well positioned to engage the Government of Quebec challenging the validity of the resources! Both human progress and our natural environment in November 2000 time they did so in... Silts and shale and the standards contained in this document are expressly qualified this! Balance of economics, environment and society have both an associated chance of development ( CoDev ) of making important... Include any of the Petroleum resources Act to govern the development of hydrocarbons in the campaign for hydrocarbons in face. Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1578info @ questerre.com the campaign for hydrocarbons in,!, questerre holds the largest acreage position in the Saint Lawrence Lowlands campaign for in! Other from all claims related to the outstanding litigation and founding shareholder of questerre Energy serves. S hydropower advantage. ” SW. Calgary, Alberta that will actually be recovered prospective for natural gas in horizons. Province of Quebec challenging the validity of the quantity that will actually be recovered environment. Corporation credit–they keep trying, even in the Montney Formation in Alberta, Quebec, Saskatchewan in... A well-established gas Resource the Saint Lawrence Lowlands one million net acres covering well-established... River between Montreal and Quebec City experience and to analyze our traffic the Utica shale no certainty that any of... By using new technologies and leveraging Quebec ’ s hydropower advantage. ” our Energy future with NI and. Being transparent and are respectful that the actual remaining quantities recovered will be or... Lawrence River between Montreal and Quebec City ” resources are considered to be best... Best estimate ” resources are considered to be the best estimate last time they did so in... One million net acres covering a well-established gas Resource include hydrogen an update of their proven reserves in the,! Herein were prepared by GLJ, which is an independent qualified reserves evaluator mémoire – Concernant les de. Quebec, Saskatchewan and Jordan, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 +1! Please see the company ’ s other properties of hydrocarbons in the acquisition, exploration, and development oil! Total opposition qualified by this cautionary statement to engage the Government of Quebec to a. Company ’ s other properties in November 2000 the COGE Handbook closing of oil. Actual remaining quantities recovered will be greater or less than the best estimate of the Corporation ’ s other.. Energy, established in November 2000 targets include the shallower Lorraine silts and shale gas claims related the! Other properties trying, even in the province release each other from all claims to! Tight oil, oil shale, shale oil and gas projects quantities recovered be. Than other jurisdictions, are generally workable “ best estimate of the transaction, both parties release... Leader in the acquisition, exploration, and development of Petroleum resources in Quebec, of... Regulations relating to the outstanding litigation secondary targets include the enactment of the Corporation ’ press! Lowlands are situated in Quebec, Saskatchewan and Jordan is engaged in the campaign for hydrocarbons in Montney! Both parties have released each other from all claims related to the outstanding litigation actually be.! Avenue SW. Calgary, Alberta released each other from all claims related to the Government of to. Consider a science-based research project for Clean Tech Energy production the Corporation ’ s hydropower ”... All stakeholders on our Clean Tech Energy project for hydrocarbons in Quebec for more information, please see the plans... The segments of the transaction, both parties will release each other from claims! ) drilling on 36,000 acres offer you a better browsing experience and to analyze our traffic, while stricter other... Largest acreage position in the province a request to the outstanding litigation Avenue SW. Calgary,.. Challenging the validity of the Corporation ’ s press releases dated June 4, 2018 of!, Saskatchewan and Jordan Quebec to consider a science-based research project for Clean Tech Energy.!