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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, April 13, 2022 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that the Government of Quebec has passed Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities.
Michael Binnion, President and Chief Executive Officer, commented, “We are incredibly disappointed that the Government of Quebec has chosen to proceed with this legislation. By blocking the development of its natural gas resources with zero-emissions technology for export, Quebec is missing an important opportunity to work with other nations to provide secure, reliable energy for our European allies. It also leaves the province highly dependent on imports of natural gas and petroleum that meet more than half their energy needs. Moreover, this does nothing to actually reduce greenhouse gas emissions in Quebec or globally.”
He added, “We were also deeply disappointed to see that the Government failed to honor their legal obligations to consult with the Wolinak of Abenaki First Nation who have partnered with us to develop their land. The Wolinak Abenaki Council has called on the Government to respect and engage with them for development on their traditional territory. If the Government declines this invitation, the Council will have no choice but to proceed with its claim by obtaining an ancestral aboriginal title.”
He further added, “As we wait for Bill 21 to come into force, we will be assessing our legal options to preserve the rights of our shareholders.”
Bill 21 was approved by the elected representatives of the National Assembly in Quebec. A provisional copy of the legislation is available online at http://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-21-42-2.html. It has received the assent of the Lieutenant Governor of Quebec. The law, in whole or in parts, will come into force at the Government’s discretion following the finalization of the associated regulations including the proposed compensation program.
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 clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of 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 Company’s views on Bill 21 and its plans to assess legal options to preserve the rights of its shareholders.
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 implementation of Bill 21 by the Government of Quebec 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, 2021, 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.
CONTACT: For further information, please contact: Questerre Energy Corporation Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) | Email: firstname.lastname@example.org