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acquire all their assets in Quebec. This follows the letter of intent signed in
early 2018 as set out in the Company?s press release dated June 4, 2018.
Pursuant to the Agreement, Questerre will acquire the exploration rights to
753,000 net acres in Quebec, associated wells and equipment, geological and
geophysical data and other miscellaneous assets. Upon closing of the
transaction, both parties will release each other from all claims related to
outstanding litigation. For more information, please see the Company?s press
releases dated June 4, 2018. Other consideration including cash and contingent
payments and the security required for the assumption of abandonment and
reclamation liabilities (?A&R Liabilities?) is approximately $11 million in
aggregate. Questerre may post a letter of credit as security for the A&R
Liabilities. Closing of the transaction is subject to the approval by the
Government of Quebec for the transfer of the exploration permits and licenses to
Questerre.
Michael Binnion, President and Chief Executive Officer of Questerre, commented,
?On closing we will own almost 90% of 1.10 million acres covering a
well-established natural gas resource. Based on an independent resource
assessment as of December 31, 2017 for the majority of this acreage where we
hold a working interest, the best estimate of unrisked gross contingent and
prospective resources was 3.9 Tcf and 21.3 Tcf respectively. We are looking
forward to updating this assessment for the newly acquired acreage once the
transaction has closed.?
He added, ?With this binding agreement signed, we will regain operatorship of
our giant natural gas discovery later this year. This puts us in the driver?s
seat to advance our plans for social acceptability for a new clean tech energy
approach and benefit sharing proposals with local communities and other
stakeholders.?
He further added, ?We have already begun discussions with the Government to
complete the transfer of these assets. We expect to be able to provide an update
of the status of the judicial review of the actions taken by the previous
government in our annual report at the end of this month.?
Questerre Energy Corporation is leveraging its expertise gained through early
exposure to shale and other non-conventional reservoirs. The Company has base
production and reserves in the tight oil Bakken/Torquay of southeast
Saskatchewan. It is bringing on production from its lands in the heart of the
high-liquids Montney shale fairway. It is pursuing oil shale projects with the
aim of commercially developing these massive resources.
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.
For further information, please contact:
Questerre Energy Corporation
Jason D?Silva, Chief Financial Officer
(403) 777-1185 / (403) 777-1578 (FAX) /Email: [email protected]
December 31, 2017 Resource Report
GLJ Petroleum Consultants Ltd. (?GLJ?) prepared an independent resource
assessment of the Company?s 735,910 gross (190,800 net) acres in the St.
Lawrence Lowlands Quebec that have potential for the Upper Utica Shale effective
December 31, 2017 in a report dated March 5, 2018 (the ?GLJ Resource
Assessment?). The GLJ Resource Assessment was prepared in accordance with NI
51-101 and the standards contained in the COGE Handbook. The GLJ Resource
Assessment did not include any of the Corporation?s other properties. All
anticipated results disclosed herein were prepared by GLJ, which is an
independent qualified reserves evaluator.
"Gross? resources are Questerre’s working interest (operating or non-operating)
share before deduction of royalties and without including any royalty interests
of Questerre. "Net? resources are Questerre’s working interest (operating or
non-operating) share after deduction of royalty obligations, plus Questerre’s
royalty interests in contingent resources
?Best Estimate? resources are considered to be the best estimate of the quantity
that will actually be recovered. It is equally likely that the actual remaining
quantities recovered will be greater or less than the best estimate. If
probabilistic methods are used, there should be at least a 50 percent
probability (P50) that the quantities actually recovered will equal or exceed
the best estimate.
Contingent resources are defined in the COGE Handbook as those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology under
development, but which are not currently considered to be commercially
recoverable due to one or more contingencies. There is no certainty that it will
be commercially viable to produce any portion of the contingent resources or
that Questerre will produce any portion of the volumes currently classified as
contingent resources. The estimates of contingent resources involve implied
assessment, based on certain estimates and assumptions, that the resources
described exists in the quantities predicted or estimated, as at a given date,
and that the resources can be profitably produced in the future.
Prospective resources are defined in the COGE Handbook as those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from
unknown accumulations by application of future development projects. Prospective
resources have both an associated chance of discovery (CoDis) and a chance of
development (CoDev). There is no certainty that any portion of the prospective
resources will be discovered. If discovered, there is no certainty that it will
be commercially viable to produce any portion of the prospective resources or
that Questerre will produce any portion of the volumes currently classified as
prospective resources. The estimates of prospective resources involve implied
assessment, based on certain estimates and assumptions, that the resources
described exists in the quantities predicted or estimated, as at a given date,
and that the resources can be profitably produced in the future.
For further details regarding the GLJ Resource Assessment, including definitions
and terminology, the classification of resources, methodology, significant
positive and negative factors relative to the estimate, and risks associated
with development of the resource, please see the Company?s press release dated
March 12, 2018.
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking
statements or information (?forward-looking statements?) including the
settlement of the litigation, the posting of a letter of credit as security for
the A&R Liabilities, the approval of the Government of Quebec for the transfer
of the exploration permits and licenses to Questerre, the closing of the
transaction and the nature and timing of the update on the status of the
judicial review. There is no assurance that the transactions contemplated herein
will close as anticipated or at all. For information on the Company?s resource
assessment on its Quebec assets prepared by GLJ Petroleum Consultants Ltd.
effective December 31, 2017, please see the Company?s press release dated March
12, 2018 and the Company?s Annual Information Form for the year ended December
31, 2017.
Although Questerre believes that the expectations reflected in our
forward-looking statements are reasonable, our forward-looking statements have
been based on factors and assumptions concerning future events which may prove
to be inaccurate. Those factors and assumptions are based upon currently
available information available to Questerre. Such statements are subject to
known and unknown risks, uncertainties and other factors that could influence
actual results or events and cause actual results or events to differ materially
from those stated, anticipated or implied in the forward-looking information,
including the risks that the Regulations are not enacted in a timely manner or
prevent the closing of the purchase and sale of the assets in Quebec. As such,
readers are cautioned not to place undue reliance on the forward-looking
information, as no assurance can be provided as to future results, levels of
activity or achievements. The risks, uncertainties, material assumptions and
other factors that could affect actual results are discussed in our Annual
Information Form and other documents available at www.sedar.com. Furthermore,
the forward-looking statements contained in this document are made as of the
date of this document and, except as required by applicable law, Questerre does
not undertake any obligation to publicly update or to revise any of the included
forward-looking statements, whether because of new information, future events or
otherwise. The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
This news release does not constitute an offer of securities for sale in the
United States. These securities may not be offered or sold in the United States
absent registration or an available exemption from registration under the United
States Securities Act of 1933, as amended.
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: 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, 2017
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.
http://www.netfonds.no/quotes/release.php?id=20190307.OBI.20190307S2
- langsiktig har jeg tro på aksjen hvis de får til alt som de har lovet… Dog er det vanskelig å si om QEC, det har vel stort sett vært stolpe ut for selskapet.
