THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS
CALGARY, Alberta, Jan. 06, 2023 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is issuing this press release in response to recent trading activity.
Questerre is not aware of any material, undisclosed information related to the Company’s operations and affairs that would account for the recent increase in the market price and trading volume of its common shares. Recent comments by the Government of Quebec relating to potential compensation for revoking hydrocarbon licenses in the province have been a focus for the Company’s shareholders. In October 2023, the Quebec Premier announced the intention of the Government to end production of fossil fuels. To date, the Government has not provided any further clarification on the details of this renunciation and the compensation. The Company will continue to monitor developments relating to these matters and the impact on its Quebec assets.
As previously reported in its second quarter 2023 financial report, the Company’s book costs for its Quebec assets are in excess of $100 million. The Company estimates that the registered costs associated with these operated and non-operated assets in Quebec is approximately $175 million and may not include all costs. The Company plans to update this estimate in its 2023 Annual Report. For information related to the Company’s resources in Quebec and the associated risked net present value of future net revenue, please refer to the disclosure in the Company’s Annual Information Form for the year ended December 31, 2020 available on www.sedar.com.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio with new carbon technologies and innovation to responsibly produce and use energy.
Questerre is a believer that the future success of the oil and gas industry depends on balancing economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the timing of any potential compensation by the Government of Quebec for the revocation of hydrocarbon licenses, the Company’s plans to monitor developments relating to these matters and the impact on its Quebec assets and its plans to update its estimate of registered costs in its 2023 Annual Report.
Forward-looking statements are based on several material factors, expectations or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the effect of COVID-19 on the markets and the demand for oil and natural gas; whether the Company’s exploration and development activities respecting its prospects will be successful or that material volumes of petroleum and natural gas reserves will be encountered, or if encountered can be produced on a commercial basis; the ultimate size and scope of any hydrocarbon bearing formations on its lands; that drilling operations on its lands will be successful such that further development activities in these areas are warranted; that Questerre will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities will be consistent with past operations; the general stability of the economic and political environment in which Questerre operates; drilling results; field production rates and decline rates; the general continuance of current industry conditions; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Questerre to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Questerre operates; and the ability of Questerre to successfully market its oil and natural gas products; changes in commodity prices; changes in the demand for or supply of the Company’s products; unanticipated operating results or production declines; changes in tax or environmental laws, changes in development plans of Questerre or by third party operators of Questerre’s properties, increased debt levels or debt service requirements; inaccurate estimation of Questerre’s oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found under in the Company’s Annual Information Form for the year ended December 31, 2020, and other documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
