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CALGARY, Alberta, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today it has recently completed the engineering and work program to test a carbon storage reservoir in Quebec.
The operation includes an injectivity test to estimate the optimal injection rate for carbon dioxide into the storage reservoir. The test will also estimate the volume that can be safely stored in this reservoir situated at a depth of over 1000m below the surface in the Potsdam, a Cambrian age sandstone formation. The Company is finalizing its application to the Government and plans to execute this program once the application is approved and equipment is available.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “The test will prove up the carbon storage potential in Quebec where we hold the exclusive exploration rights for storage reservoirs over one million acres. Carbon storage and recycling are an important part of the circular economy and it is a proven technology today. If we store the emissions from consuming natural gas, it will be an important step to net zero emissions. We think this will greatly help the province meet its emissions reduction goals under its 2030 Plan for a Green Economy to achieve carbon neutrality by 2050.”
Mr. Binnion added, “A recent report by the International Energy Agency on achieving net zero by 2050 noted momentum for carbon capture, utilization and storage and the critical role it can play in reducing emissions. Several major organizations, including Forbes and BBC, note this could be a trillion-dollar market opportunity. We believe Quebec has enormous potential in this area and must take its place in this market.”
The Company also reported on a news article published today on a recent legal claim by another company in Quebec and the potential future of oil and gas development in the province. A copy of the article can be found online at: https://www.lapresse.ca/actualites/environnement/2021-09-15/hydrocarbures/quebec-va-fermer-les-livres.php.
Mr. Binnion commented, “With more than 50% of the energy consumed in Quebec coming from hydrocarbons, we see our focus on carbon technology and net zero as a real and practical solution to reducing emissions in Quebec. In addition to the employment and other economic benefits, it will also help reduce a $7 billion trade deficit due to energy. As they move towards carbon neutrality by 2050, we hope that the Government shares this view.”
He further added, “We appreciate the comments from the Minister of Energy and Natural Resources that it is awaiting a ruling by the Superior Court of Quebec on a matter unrelated to Questerre. We understand all options are on the table for the Government of Quebec and we hope carbon neutral projects like ours will be allowed to proceed. We remain committed to being good corporate citizens as we increase social acceptability in the communities where we plan to operate. We are also committed to maintaining our licenses in good standing and see a clear path to realizing their full commercial value.”
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 its plans to apply to the Government for an injectivity test and execute the program, its views that the test will prove up the carbon storage potential in Quebec, that storing emissions from consumption will be an important step towards net-zero emissions and helping the province meet its emissions reduction goals, that its projects will help reduce the province’s energy trade deficit and it hope that its project will be allowed to proceed.
Forward-looking statements are based on a number of 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: that Questerre will continue to conduct its operations in a manner consistent with past operations; the general stability of the economic and political environment in which Questerre operates, particularly in Quebec; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Questerre operates; changes in tax or environmental laws, changes in development plans of Questerre, 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.
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