The Company has posted letters of credit as security for the A&R Liabilities. 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. Canada T2P 3W2. 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. 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. Questerre Energy Corp is a Canada-based company engaged in the acquisition, exploration, and development of oil and gas projects. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. 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 Quebec Resource Assessment assesses the Utica shale gas potential within the Company’s 735,910 gross acres in the St. Lawrence Lowlands of Quebec. 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. 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. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. 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 last time they did so was in 2010. Advisory Regarding Forward-Looking Statements. 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). 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. Given that drilling is likely to begin soon, Questerre recently commissioned an update of their proven reserves in the Quebec Utica. Cookies are used to offer you a better browsing experience and to analyze our traffic. 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. By continuing to use our service, you agree to our use of cookies. Based on an independent resource assessment prepared by GLJ Petroleum Consultants Ltd. (“GLJ”) as of December 31, 2017 for the majority of this acreage where the Company holds a working interest, the best estimate of unrisked gross contingent and prospective resources was 3.9 Tcf and 21.3 Tcf respectively. We are now well positioned to engage the Government and all stakeholders on our Clean Tech Energy project. Test data from these wells, in conjunction with offset development and studies of the analogous US Utica, supports the prospective commercial development of these resources. 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. Questerre Energy Corp serves the oil and gas sector. Download our latestoperating and financialresults. 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. 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. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Questerre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. There is no certainty that any portion of the prospective resources will be discovered. 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”). All Contacts. It holds the largest acreage position in the Utica Shale in the Saint Lawrence Lowlands. Developed with leading Quebec innovators and leveraging best practices worldwide, this new approach could be used around the world to aid global energy transition. This will allow us to follow through on our plans to share profits with local communities. Those factors and assumptions are based upon currently available information available to Questerre. 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. 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 is currently engaged in the acquisition, exploration and development of oil and gas projects. Upon closing of the transaction, both parties will release each other from all claims related to the outstanding litigation. 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. 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. 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 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”)). 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 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. 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. He has been a leader in the campaign for hydrocarbons in Quebec as Chairman of the Quebec Oil & Gas Association. 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. It is leveraging its expertise gained through early exposure to low permeability reservoirs to … Jason D'Silva, Chief Financial Officer of Questerre, comme… The area is prospective for natural gas in several horizons with the primary target being the Utica shale. Their partner is Repsol. Questerre is an energy technology and innovation company. Post-closing, Questerre holds the rights to approximately one million net acres covering a well-established gas resource. Questerre Energy Corporation stock and Oil & Gas E&P market discussion, news, and analysis from Canada's largest community of active investors. Of that, Questerre is considering (for now) drilling on 36,000 acres. Alternate Symbol (s): QTEYF. The firm owns assets in Alberta, Saskatchewan, Manitoba and Quebec… 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. The Canada-based company is engaged in the acquisition, exploration, and development of oil and gas projects. Aug 11 (Reuters) - Questerre Energy Corp (Canada) ::QUESTERRE REPORTS SECOND QUARTER 2020 RESULTS.DURING Q2, DAILY PRODUCTION AVERAGED 2,058 BOE/D (2019: 2,035 BOE/D). Our Clean Tech Energy project in Quebec will dramatically reduce full lifecycle emissions and so could benefit from a stronger focus on ESG.”Commenting … The Company plans to update this assessment for the newly acquired acreage later this year. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. The segments of the group are Western Canada; Quebec ; and Corporate and others. 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. We believe we can successfully transition our energy portfolio. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. 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”). It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. The segments of the group are Western Canada; Quebec ; and Corporate and others. Questerre consented to the request. For more information, please see the Company’s press releases dated June 4, 2018. Questerre may post a letter of creditas security for the A&R Liabilities. 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. The Company operates non … The Attorney General requested an extension for the hearing date on the motion to stay, in order to receive clear instructions from the newly elected government on this matter. The deal with Repsol tripled Questerre’s total Quebec Lowlands shale gas properties to about 1,560 square miles. Questerre Energy CEO pitches fracking project in Quebec Open this photo in gallery: A Questerre shale gas exploration well is seen near St. Edouard, Que., in 2010. 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. 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. “Gross” resources are Questerre’s working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Questerre. The GLJ Resource Assessment did not include any of the Corporation’s other properties. All anticipated results disclosed herein were prepared by GLJ, which is an independent qualified reserves evaluator. The GLJ Resource Assessment was prepared in accordance with NI 51-101 and the standards contained in the COGE Handbook. 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. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment. President and Chief Executive Officer. The Government of Quebec enacted the Petroleum Resources Act in the third quarter of 2018 to govern the development of hydrocarbons in the province. Energy. 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. These amendments include the enactment of the Petroleum Resources Act to govern the future development of petroleum resources in Quebec. Prospective resources have both an associated chance of discovery (CoDis) and a chance of development (CoDev). 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. “Best Estimate” resources are considered to be the best estimate of the quantity that will actually be recovered. 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. CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today … Questerre filed a legal brief with the Superior Court of Quebec challenging the validity of the specific Regulations relating to the restrictions. 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 Act will govern the development of hydrocarbons in the province of Quebec. We believe this can be accomplished today by using new technologies and leveraging Quebec’s hydropower advantage.”. 1650, 801 Sixth Avenue SW Calgary, Alberta Canada T2P 3W2 tel +1 403 777-1185 fax +1 403 777-1578 info@questerre.com Additionally, the Quebec Resource Assessment details the best estimate of risked Contingent Resources net to Questerre is 313 Bcf (52 million boe). 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. 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. Michael Binnion is the President and CEO and founding shareholder of Questerre Energy, established in November 2000. 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”). Stockhouse.com use cookies on this site. 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