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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, July 26, 2019 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported that it has recently engaged SNC-Lavalin Inc., one of Canada’s largest engineering firms, to develop the engineering and design for its clean tech energy project in Quebec.
Based in Quebec, SNC-Lavalin will be the lead engineering advisor for the Company’s clean tech energy project. The goal is to produce energy with zero emissions using safe processes that do not affect drinking water. Developed with leading Quebec innovators and leveraging best practices worldwide, this new approach could be used around the world to aid global energy transition. The Company is committed to science-based research and full transparency of data and results for this project. The Company has also previously announced its commitment to share 3% of the profits from the project with local communities and to only work in communities where there is social license.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We have heard clearly the concerns of citizens and environmental groups. Small improvements are not good enough anymore. We need to make a leap in how we produce and use energy. We are assembling a team to make this leap. We cannot do this with an old way of thinking and to achieve the impossible we must change our way of thinking. It should be no surprise that Quebecers have set the bar high and pressured industry to do better.”
Jean Luc Allard, Director, Acoustics, Air and Climate Change at SNC-Lavalin, commented, “We are pleased to be working with Questerre on their clean tech energy project. At SNC Lavalin we are focused on creating a new standard of near zero emissions and drastically reducing GHG emissions associated with energy production. This will create a new worldwide standard that will reduce GHG globally compared to business as usual.”
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.
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees think beyond engineering. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction management, sustaining capital and operations and maintenance – to clients across the EDPM (engineering, design and project management), Infrastructure, Nuclear and Resources businesses. www.snclavalin.com.
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
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the goal of the clean tech energy project to produce energy with zero emissions using safe processes that do not affect drinking water, the Company’s belief that this new approach could be used around the world to aid in global energy transition, its commitment to share 3% of the profits from the project with local communities and to only work in communities where there is social license, the Company’s belief that it needs to make a leap in how energy is produced and used, its efforts to assemble a team to make this leap and its belief that we can successfully transition the energy portfolio. 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: 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, 2018 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.