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 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 will allow us to follow through on our plans to share profits with local communities. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. 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. 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. Both parties have released each other from all claims related to outstanding litigation. tel +1 403 777-1185. fax +1 403 777-1578. info@questerre.com. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. He has been a leader in the campaign for hydrocarbons in Quebec as Chairman of the Quebec Oil & Gas Association. 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”). Questerre Energy is currently engaged in the acquisition, exploration and development of oil and gas projects. Mémoire – Concernant les projects de réglements relatifs à l’entrée en vigueur de la loi sur les hydrocarbures. The GLJ Resource Assessment did not include any of the Corporation’s other properties. CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today … Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta. “Gross” resources are Questerre’s working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Questerre. Advisory Regarding Forward-Looking Statements. Questerre is a public oil and gas production company with operations in Alberta, Quebec, Saskatchewan and Jordan. For more information, please see the Company’s press releases dated June 4, 2018. 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 … Additionally, the Quebec Resource Assessment details the best estimate of risked Contingent Resources net to Questerre is 313 Bcf (52 million boe). All Contacts. 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 is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. All anticipated results disclosed herein were prepared by GLJ, which is an independent qualified reserves evaluator. 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. 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. 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. Of that, Questerre is considering (for now) drilling on 36,000 acres. Questerre consented to the request. Energy. 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”). The Company operates non … 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. Pursuant to the LOI, Questerre will acquire the exploration rights to 753,000 net acres in the Lowlands,associated wells and equipment, geological and geophysical data and other miscellaneous assets. Secondary targets include the shallower Lorraine silts and shale and the deeper Trenton Black-River carbonate. 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. 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. There is no certainty that any portion of the prospective resources will be discovered. Post-closing, Questerre holds the rights to approximately one million net acres covering a well-established gas resource. It also enacted the associated regulations (the “Regulations”)which include restrictions on oil and gas activities, specifically the prohibition of hydraulic fracturing of shale. 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. “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. 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. Contingent resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. 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 may post a letter of creditas security for the A&R Liabilities. We believe we can successfully transition our energy portfolio. 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. 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. Stockhouse.com use cookies on this site. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. It is leveraging its expertise gained through early exposure to low permeability reservoirs to … The segments of the group are Western Canada; Quebec ; and Corporate and others. President and Chief Executive Officer. 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. 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 Company plans to update this assessment for the newly acquired acreage later this year. 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. The last time they did so was in 2010. 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. By continuing to use our service, you agree to our use of cookies. The estimates of prospective 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. 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. 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. The GLJ Resource Assessment was prepared in accordance with NI 51-101 and the standards contained in the COGE Handbook. 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. 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