MONTRÉAL, June 22, 2022 /CNW Telbec/ - Utica Resources today filed a lawsuit in Superior Court to nullify Bill 21 or, failing that, to obtain compensation of $18 Billion which corresponds to the net present value of future profits, as estimated by a leading independent expert.
Bill 21 constitutes an attack on Utica Resources' right to "the peaceful enjoyment and free disposition of its property", a fundamental right protected by the Quebec Charter of Rights and Freedoms (Article 6) and section 952 of the Civil Code of Quebec, which states that "No owner may be compelled to transfer his ownership except by expropriation according to law for public utility and in return for a just and prior indemnity."
"We will defend our rights so that this disguised expropriation, the public utility of which does not exist, is compensated at the fair value of our properties", declared Utica's CEO, Mario Lévesque. "A leading independent expert has concluded that Utica's properties would generate $67 Billion in future profits (net value of recoverable resources in place), the equivalent of $18 Billion in net present value using the discount rate of the Court."
"For years, the Quebec government had invited us and others to invest in order to explore and extract Quebec's oil and gas resources. We acted in good faith, found local and foreign investors and respected all of Quebec's regulatory requirements. Then from one day to the next, the government changed its mind for political reasons and effectively expropriated our properties without proper prior compensation. Bill 21 is completely irresponsible and without logic in all regards and goes against the will of a significant majority of Quebecers. It is bad for Quebec, our European allies who desperately need our gas and even for the environment."
If the government's actions were to be upheld by the Court, it would mean that there are no property rights in Quebec and Canada. The province and the country would become un-investable and make a mockery of Mr Legault's claim that "Quebec is not a banana republic" and Invest in Canada's claim that "Canada is the best country for global investment. Period. "
About Utica Resources
Utica Resources is a Quebec company whose mission is to participate in the energy transition currently underway by developing a diversified portfolio that includes, in addition to light oil and natural gas, renewable energy projects such as hydrogen and CO2 storage. All our projects are carried out with a view to sustainable development, optimal use of available resources, respect for host communities and maximization of local economic benefits.
The lawsuit is available upon request.
SOURCE Ressources Utica
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/22/c7739.html