Questerre Energy Corporation (QEC.TO)
| Previous Close | 0.1800 |
| Open | 0.1800 |
| Bid | 0.1650 x 0 |
| Ask | 0.1850 x 0 |
| Day's Range | 0.1800 - 0.1800 |
| 52 Week Range | 0.0900 - 0.2700 |
| Volume | 20,000 |
| Avg. Volume | 17,254 |
| Market Cap | 76.953M |
| Beta (5Y Monthly) | 2.13 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.0080 |
| Earnings Date | Aug. 10, 2021 - Aug. 16, 2021 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
- GlobeNewswire
Questerre reports on AGM voting results
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, June 02, 2021 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) announced today that, at its annual meeting of shareholders held on June 2, 2021 (the “Meeting”), all matters presented for approval at the Meeting were approved. At the Meeting, a vote was held by ballot which approved an
- GlobeNewswire
Questerre reports first quarter 2021 results
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, May 11, 2021 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the first quarter ended March 31, 2021. Michael Binnion, President and Chief Executive Officer, commented, “We started to add zero emissions hydrogen and carbon capture and storage to our Clean Tech Energy project in the quarter. We are also evaluating other carbon recycling technologies that use carbon dioxide as a feedstock to make valuable products. These are essential to the new circular economy where virtually all the emissions from production and consumption are eliminated. Recent commitments by the US and Canada to cut emissions by half in the next decade need new technologies to achieve them. The success of our net zero project could be the quickest path to contributing to these climate goals and more importantly to acceptability in Quebec.” He added, “We also saw an increase in M&A activity at Kakwa early this year. In March, the largest operator merged with another Montney producer in a $8.1 billion transaction, including net debt. In April, the operator of our Kakwa North acreage was acquired by a mid-sized company for $300 million. We are looking forward to their development plans for this acreage.” Highlights Commissioned CIRAIG to study zero emissions hydrogen production from Clean GasExecuted Letter of Intent with ZEG Power to incorporate blue hydrogen into Clean Tech Energy projectAverage daily production of 1,679 boe/d with adjusted funds flow from operations of $2.9 million Consistent with prior periods, Kakwa continued to account for approximately 80% of corporate production. During the first quarter of 2021, daily production averaged 1,679 boe/d (2020: 2,078 boe/d)(1). Improving commodity prices offset the production declines and petroleum and natural gas revenue totaled $7.0 million in the period, unchanged from the same period last year. The Company generated net income of $0.9 million for quarter (2020: $113.9 million loss) and adjusted funds flow from operations of $2.9 million (2020: $2.5 million). With a focus on prioritizing financial liquidity, the Company incurred capital expenditures of $0.5 million for the period (2020: $2.9 million) and reduced its net debt from $7.7 million to $5.4 million as of March 31, 2021. The term "adjusted funds flow from operations" is a non-IFRS measure. Please see the reconciliation elsewhere in this press release. 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 that the success of its net zero project could be the quickest path to contributing to climate goals and to social acceptability in Quebec. 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: the effect of COVID-19 on the markets and the demand for oil and natural gas; commitments to cut oil production by OPEC and others; 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, 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. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. (1) For the period ended March 31, 2021, liquids production including light crude and natural gas liquids accounted for 971 bbl/d (2020: 1,388 bbl/d) and natural gas including conventional and shale gas accounted for 4,250 Mcf/d (2020: 4,141 Mcf/d). Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. This press release contains the terms “adjusted funds flow from operations” and “working capital deficit” which are non-GAAP terms. Questerre uses these measures to help evaluate its performance. As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets. Three Months Ended March 31,($ thousands) 2021 2020 Net cash used in operating activities$ 3,079 $4,561 Interest received (50) (138)Interest paid 133 187 Change in non-cash operating working capital (277) (2,150)Adjusted Funds Flow from Operations$ 2,885 $2,460 Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities. CONTACT: For further information, please contact: Questerre Energy Corporation Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
- GlobeNewswire
Questerre and ZEG Power sign letter of intent for blue hydrogen
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 06, 2021 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) is pleased to announce a letter of intent (the “LOI”) with ZEG Power AS (“ZEG Power”), a private Norwegian company, to evaluate their proprietary leading edge blue hydrogen technology for the Company’s Clean Tech Energy project in Quebec. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We believe hydrogen will become a cornerstone of the emerging circular economy. As we move from near zero emissions responsible production of natural gas to the idea of zero emissions consumption, the technologies to capture the carbon emissions are essential. ZEG Power has designed a one step process that produces hydrogen and captures the carbon dioxide with improved economics. We are studying how to incorporate it into our project in Quebec.” He added, “Our goal is a material net negative carbon project. Through reducing, recycling, and storing of emissions we can create a paradigm shift in what sustainable energy is. The ZEG Power process produces zero emissions hydrogen and a pure stream of carbon dioxide that can be recycled to make other low emissions products including concrete, plastics, fertilizer, and other industrial feedstocks. Any excess emissions can be permanently stored.” Pursuant to the LOI, the companies will explore joint venture opportunities to apply the ZEG Power technology to produce clean hydrogen and/or clean power from Questerre’s Clean Gas project. This will include the engineering and economic due diligence for a demonstration plant concept and subsequent scale up to larger commercial plants. Subject to requisite corporate approvals, Questerre will have an exclusive right to the ZEG Power technology in Canada for a period of one year from the completion of the engineering with a right of first refusal in Canada thereafter. In a statement on the joint venture, Kathrine K. Ryengen, Chief Commercial Officer of ZEG Power, commented, “We are very pleased to announce the cooperation with Questerre. Their Clean Tech Energy project in Quebec represents a unique opportunity for us to commercialize our technology in Canada. We will build on the learnings from the engineering recently completed for our first plant at the CCB Energy Park in Kollsnes, on the west coast of Norway, where we expect production to commence in 2022.” ZEG Power’s goal is to offer a clean alternative for global energy production. ZEG Power’s value proposition is efficient production of clean hydrogen from hydrocarbon gases with integrated CO2 capture, based on the patented ZEG-technology. ZEG Power was established in 2008 as a spin-off from Institute for Energy Technology (IFE), Norway. The company is currently in the process of upscaling and commercializing its technology, in cooperation with key industrial partners, and supported by strong owners and positive market trends. 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. Questerre’s common shares are traded on the Toronto Stock Exchange in Canada and Oslo Stock Exchange in Norway under the symbol QEC. 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 the role of hydrogen in the emerging circular economy, the importance of technologies to capture carbon emissions, the Company’s plans to study the incorporation of the ZEG Power technology into its Clean Tech Energy project in Quebec, the Company’s goals for a material net negative carbon project in Quebec, the Company’s view that the Clean Tech Energy Project could change the definition of sustainable energy and the Company’s views on the ZEG Power technology. 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 effect of COVID-19 on the markets and the demand for oil and natural gas; commitments to cut oil production by OPEC and others; 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, 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 because 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: info@questerre.com
