With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment. tel +1 403 777-1185. fax +1 403 777-1578. info@questerre.com. The GLJ Resource Assessment was prepared in accordance with NI 51-101 and the standards contained in the COGE Handbook. 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. Questerre Energy Corp serves the oil and gas sector. It also enacted the associated regulations (the “Regulations”)which include restrictions on oil and gas activities, specifically the prohibition of hydraulic fracturing of shale. This will allow us to follow through on our plans to share profits with local communities. President and Chief Executive Officer. It is leveraging its expertise gained through early exposure to low permeability reservoirs to … If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources or that Questerre will produce any portion of the volumes currently classified as prospective resources. 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”). Once the restrictions in Quebec related to the second COVID-19 wave are lifted, we expect this will revitalize our discussions with key stakeholders.” Questerre is an energy technology and innovation company. Given that drilling is likely to begin soon, Questerre recently commissioned an update of their proven reserves in the Quebec Utica. Additionally, the Quebec Resource Assessment details the best estimate of risked Contingent Resources net to Questerre is 313 Bcf (52 million boe). He has been a leader in the campaign for hydrocarbons in Quebec as Chairman of the Quebec Oil & Gas Association. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Hydrogen is becoming more important as a … Stockhouse.com use cookies on this site. The Canada-based company is engaged in the acquisition, exploration, and development of oil and gas projects. Cookies are used to offer you a better browsing experience and to analyze our traffic. Calgary, Alberta -- 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 dated March 7, 2019. 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. Questerre Energy Corp serves the oil and gas sector. The Company plans to update this assessment for the newly acquired acreage later this year. Questerre consented to the request. Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. Prospective resources have both an associated chance of discovery (CoDis) and a chance of development (CoDev). Other consideration including cash and contingent payments and the security required for the assumption of abandonment and reclamation liabilities (“A&R Liabilities”) is approximately $11 million in aggregate prior to closing adjustments. 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. The main beneficiary if Questerre Energy Corporation, which owns ~350,000 acres in the Quebec Utica. These amendments include the enactment of the Petroleum Resources Act to govern the future development of petroleum resources in Quebec. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. You gotta give Questerre Energy Corporation credit–they keep trying, even in the face of total opposition. Although Questerre 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. 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 filed a legal brief with the Superior Court of Quebec challenging the validity of the specific Regulations relating to the restrictions. The net present value of the risked Contingent Resources, including the development on hold and development unclarified sub categories, discounted at 10% before tax is estimated at $409 million. The Canada-based company is engaged in the acquisition, exploration, and development of oil and gas projects. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. 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. Subject to the conditions precedent, Questerre anticipates entering into a purchase and sale agreement in the fourth quarter and closing the acquisition early in 2019. Canada T2P 3W2. 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”). It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta. 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. Of that, Questerre is considering (for now) drilling on 36,000 acres. 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. For further details regarding the GLJ Resource Assessment, including definitions and terminology, the classification of resources, methodology, significant positive and negative factors relative to the estimate, and risks associated with development of the resource, please see the Company’s press release dated March 12, 2018. Questerre has submitted a request to the Government of Quebec to consider a science-based research project for clean tech energy production. All anticipated results disclosed herein were prepared by GLJ, which is an independent qualified reserves evaluator. The Act will govern the development of hydrocarbons in the province of Quebec. It holds the largest acreage position in the Utica Shale in the Saint Lawrence Lowlands. The best estimate by GLJ of risked Prospective Resources net to Questerre is 0.94 trillion cubic feet (“Tcf”) (157 million barrels of oil equivalent (“boe”)). It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. 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. Following a successful vertical test well program in 2008 and 2009, Questerre and its partner, Repsol Oil & Gas Canada Inc. (formerly Talisman Energy Inc.), began a pilot horizontal well program to assess commerciality of the Utica shale in 2010. Upon closing of the transaction, both parties will release each other from all claims related to the outstanding litigation. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. Questerre is an energy technology and innovation company. 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. CALGARY, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the recent launch of the Hydrogen Strategy for Canada by the Federal Government. 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). Michael Binnion is the President and CEO and founding shareholder of Questerre Energy, established in November 2000. The firm owns assets in Alberta, Saskatchewan, Manitoba and Quebec… Prospective resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from unknown accumulations by application of future development projects. The last time they did so was in 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. Both parties have released each other from all claims related to outstanding litigation. 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. Post-closing, Questerre holds the rights to approximately one million net acres covering a well-established gas resource. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support The GLJ Resource Assessment did not include any of the Corporation’s other properties. For more information, please refer to the Company’s 2017 Annual Information Form (“AIF”) and press release dated March 12, 2018 available on the Company’s website at www.questerre.com and on SEDAR at www.sedar.com. Energy. Secondary targets include the shallower Lorraine silts and shale and the deeper Trenton Black-River carbonate. 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