Questerre Energy Corporation (QEC)

[TekBot]

Questerre Energy Reports on AGM voting results

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) announced today that, at its annual meeting of shareholders held on June 20, 2023 (the “Meeting”), all matters presented for approval at the Meeting were approved.

At the Meeting, a vote was held by ballot which approved an ordinary resolution to fix the number of directors to be elected at the Meeting at five. In addition, each of the five nominees proposed in the Company’s Management Information Circular dated May 15, 2023 (the “Circular”) were elected as directors to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed, unless their office is earlier vacated in accordance with the by-laws of the Company. The detailed results of the vote conducted by ballot are set out below:
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Nominees		Votes For	                Votes Withheld
Michael Binnion		103,256,556	(99.83%)	177,641	  (0.17%)
Mireille Fontaine	103,138,756	(99.71%)	295,441	  (0.29%)
Hans Jacob Holden	103,260,656	(99.83%)	173,541	  (0.17%)
Dennis Sykora		103,256,542	(99.83%)	177,655	  (0.17%)
Bjorn Inge Tonnessen	103,260,670	(99.83%)	173,527	  (0.17%)

By vote held by ballot, the ordinary resolution to approve the appointment of Ernst & Young LLP, Chartered Professional Accountants, as the auditors of the Company to hold office until the next annual meeting of shareholders or until their successors are appointed and authorizing the directors of the Company to fix their remuneration, was approved.

By vote held by ballot, the ordinary resolution to approve the unallocated options under the Corporation’s stock option plan. as set forth in the Circular, was approved.

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.
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

Kilde

[Hoven]

Korrespondanse med Jason D.Silva relatert til Utica Resources sitt erstatningssøksmål. Korrespondansen var i går på xi.

I’m not sure of the basis for Utica’s claim given they are not a public company and don’t have to comply with regulatory requirements regarding the disclosure of reserves and resources as we do in Canada and Norway.

I also don’t know if their report is prepared in accordance with the rules of court and/or prepared by an valuations expert. Our report will meet all these requirements.

Given that the majority of our acreage is in the fairway, I would imagine the value of our land on an apples to apples basis would be materially higher.

[TekBot]

Questerre updates status of legal action in Quebec

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the case management conference held earlier this week in Quebec related to Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities (“Bill 21”).

The Attorney General of Quebec’s summary motion to dismiss the claims by Questerre and other license holders was deferred by the appointed Justice until the hearing on the merits of the case to be scheduled next year. The Justice also accepted the Government’s undertaking to suspend any enforcement actions until the next hearing tentatively scheduled for the fourth quarter of this year.
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Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We are pursuing a political and business solution in Quebec. We believe our proposed Scope 3 zero emissions energy hub in Quebec could play a role in supporting the transition of Quebec’s economy to a low emissions future.”

He added, “With the largest utility in the province recently recommending residential and business customers reduce their consumption, the electricity shortage in the province is becoming more apparent. The stay granted by the justice allows for an orderly discussion of energy policy in Quebec.”

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 with emerging technology we can successfully transform our energy portfolio to be competitive with alternative energy on an environmental basis. 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.
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

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 desire for a political and business solution to its dispute with the Government of Quebec, its belief that its project could play a role in supporting Quebec’s energy transition, its view that the stay granted by the justice permits an ordering discussion of energy policy in Quebec.

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, 2022, 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.

Kilde

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Savner aksjonærliste for QEC

Edit : Fikk svar fra pdx at årsaken er at QEC ikke er hovedregistrert i Norge.

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https://www.canada.ca/content/dam/eccc/documents/pdf/climate-change/climate-plan/national-adaptation-strategy/23062.07%20-%20Government%20of%20Canada%20Adaptation%20Action%20Plan%20GOCAAP-EN_V02.pdf

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Klippet fra XI :

Hello xxxxx

We just issued a press release that the next hearing will be in October 2023. This is specifically to deal with our request to have certain elements of Bill 21 suspended.
The report on the amount of the damages is still being finalized. We are working on several scenarios on the damages to present to the Court. It is moving forward as we expect. It will be published in accordance with the rules of court when it is ready.

Please let me know if you have any further questions or comments. Happy to discuss over a phone call if that helps.

Jason

[Hoven]

Quebec should increase electricity rates, says Montreal think tank

We must be careful not to turn away from natural gas too quickly," said the analyst.
The MEI is also calling for the ban on hydrocarbon production in Quebec to be lifted

MORE PRIVATE AND MORE GAS
In its brief, the MEI also reiterated the recommendation it made earlier in July in a report to open up the market more to private producers. In particular, it suggests allowing producers to sell directly to businesses and raising the 50 MW ceiling imposed on private hydroelectric dams.

The organization also restated its support for natural gas because replacing this energy source would put greater pressure on Hydro-Québec’s network.

“We must be careful not to turn away from natural gas too quickly,” said the analyst.

The MEI is also calling for the ban on hydrocarbon production in Quebec to be lifted, a proposal criticized by environmental groups who believe that such a decision would delay the necessary energy transition.

Giguère, for his part, argues that Quebec could help reduce European countries’ dependence on Russia.

“Exporting to China, which is still opening up a huge number of coal-fired plants, would help it make the transition from coal to natural gas, which can cut greenhouse gas emissions by 50 per cent,” he said. “We consume natural gas in Quebec. We import it from Western Canada and the United States. That’s not a bad thing, but if we consume it, why don’t we allow it to be exploited?”

This report by The Canadian Press was first published in French on July 31, 2023.

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Halvårsrapport 10.08.23

[TekBot]

Questerre releases Q2 2023 Report

President’s Message

Quebec is holding public consultations on a hydroelectricity shortage in the next two to three years. We are re-engaging with the Government on how our Clean Gas could be part of the solution. Our scalable, shovel-ready project can help mitigate the risks of curtailments and price spikes, all while retaining Quebec’s competitiveness in attracting new industries and helping meet their GHG emissions reductions targets. The Government of Quebec also proposed a stay of enforcement related to Bill 21. There is a hearing scheduled this October to extend this stay.
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Red Leaf also advanced both their technology and their permitted wax processing facility in the Uintah Basin in Utah during the quarter. A pre-FEED study on the facility was completed and includes a Class IV capex estimate as well as an estimate to incorporate carbon capture directly in the design. Collaborating with local Jordanian companies, Red Leaf also began the design for a scaled version of their commercial production facility.

Highlights
• Hearing to suspend revocation of licenses under Bill 21 in Quebec scheduled for October 2023
• Red Leaf completes pre-FEED study for wax processing facility in Uintah Basin, Utah
• Average daily production of 1,978 boe/d with adjusted funds flow from operation of $5.3 million

In May, at a speech to the Montreal Chamber of Commerce, Minister Fitzgibbon commented that Quebec’s (hydroelectric) surpluses have ‘melted like glaciers’ and that ‘for the next ten years, it will be tight and choices will have to be made. ’The state-owned utility, Hydro-Quebec, in its 2023-2032 Supply Plan confirmed that surpluses will be depleted after 2026. It further notes it will need more than 100 terawatt hours – more than half its annual generating capacity – to reach the province’s goal of being carbon neutral by 2050.

The public hearings on clean energy development in Quebec are to assess possible solutions including new wind turbines and additional dams which, as Minister Fitzgibbon noted, ‘can easily take 10-15 years’. The Government was focused on energy conservation. In the meantime, residential and industrial consumers could experience price spikes during peak demand periods. Demand would need to be curtailed if additional electricity cannot be imported or alternatives such as natural gas sourced, particularly in the event of a natural disaster or other catastrophe.

Our Clean Gas discovery could help fill this gap, providing a standby source of power during peak demand. As an example, an under-utilized gas power plant in the Becancour area, adjacent to our lands, was used nearly 20 times during the winter of 2021-2022 to meet power needs during peak periods. Clean Gas could also provide power to support the growing energy needs of new industries like battery manufacturers and is a more efficient and inexpensive source of heat for industrial consumers. Moreover, when the market and infrastructure develop in the future, it can produce zero-emissions hydrogen as well.

It also has the potential to match the scale of large hydroelectric dams. We estimate our multi-Tcf natural gas discovery could contain as much energy as several decades of output from Churchill Falls, the second largest hydroelectric dam in Canada. If the gas was used to generate electricity, it could produce as much energy for 60 to 90 years.

As we ramp up our government relations efforts, we responded to the Government’s request for pilot projects to fight climate change. We recently presented our application that was originally submitted nearly two years ago. The application is to test the carbon storage potential of a sub-surface formation covered by our licenses.

Concurrently, we are continuing to protect our legal rights. In June, the Justice agreed to defer a ruling on the Attorney General’s motion to dismiss our claims until a hearing on the merits of our case next year. This deferred ruling will follow the upcoming hearing this October related to suspending certain elements of Bill 21 including the requirement to abandon wells, provide proprietary data to the Government of Quebec and, most importantly, the revocation of our licenses. We are also updating our damages report to assess several scenarios including the value to the Government of Quebec if it developed our discovery on its own.

We were pleased to see Red Leaf begin to engineer the design of a small-scale commercial project for a group of local companies in Jordan. This would be the first demonstration of this technology and among the first of its kind to produce oil at scale and on a continuous basis. We look forward to working with them and leveraging their local expertise that includes engineering design and fabrication capability to reduce overall costs.

There remains strong interest by lubricant manufacturers in the base oil feedstock from Red Leaf’s proposed wax processing facility. In addition to securing offtake agreements with these manufacturers and supply contracts from producers, we also need to engage a qualified engineering firm to manage the construction risks. While the business case remains robust, we are looking for a strategic partner as this is a complex downstream market opportunity. This will also be important to secure project financing.

Operating & Financial

Production volumes averaged 1,978 boe/d for the quarter (2022: 1,909 boe/d) with one (0.25 net) Kakwa well on-stream and 1,884 boe/d for the first half of the year (2022: 1,600 boe/d). With a 30% reduction in realized prices, operating netbacks reduced by 50% to $34 per boe compared to $76 per boe last year. This contributed to adjusted funds flow from operations of $5.3 million for the quarter (2022: $12.2 million) and $9.6 million year to date (2022: $16.5 million).

Net of capital expenditures of $2.5 million in the quarter (2022: $2.8 million), our working capital surplus was $28 million at the end of the period including $35.2 million in cash and equivalents.

Outlook
A strong cash position and our undrawn credit facility are essential to fund future drilling at both Kakwa joint ventures, subject, of course, to commodity prices. We could see up to three (0.75 net) wells spud at Kakwa Central this fall and up to three (1.5 net) at Kakwa North in late 2024 or early 2025. We have also segregated $7 million of our available cash to fund abandonment liabilities in Quebec.

We are still working towards a business and political solution in Quebec. We are hopeful that the Government engages with us on a path forward. But we are mindful they could choose a different course, and sidestep our project, and risk the impact to their economy. To this end, our legal claim allows us to keep all options open towards realizing the ultimate value of our discovery.

Michael Binnion
President and Chief Executive Officer

Kilde

[TekBot]

Questerre reports second quarter 2023 results

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the second quarter ended June 30, 2023.

Michael Binnion, President, and Chief Executive Officer, commented, “As Quebec is holding public consultations on hydroelectricity shortage in the next two to three years. We are re-engaging with the Government on how our Clean Gas could be part of the solution. Our scalable, shovel-ready project can help mitigate the risks of curtailments and price spikes, all while retaining Quebec’s competitiveness in attracting new industries and helping meet their GHG emissions reductions targets. The Government of Quebec also proposed a stay of enforcement related to Bill 21. There is a hearing scheduled this October to extend this stay.”
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Reporting on the Company’s 40% investment in Red Leaf, he added, “Red Leaf also advanced both their technology and the permitted wax processing facility in the Uintah Basin in Utah during the quarter. A pre-FEED study on the facility was completed and includes a Class IV capex estimate as well as an estimate to incorporate carbon capture directly in the design. Collaborating with local Jordanian companies, Red Leaf also began the design for a scaled version of their commercial production facility.”

Highlights
• Hearing to suspend revocation of licenses under Bill 21 in Quebec scheduled for October 2023
• Red Leaf completes pre-FEED study for wax processing facility in Uintah Basin, Utah
• Average daily production of 1,978(1) boe/d with adjusted funds flow from operation of $5.3 million

Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With one (0.25 net) well brought on production in the quarter, production increased over the prior year. For the second quarter, daily production averaged 1,978 boe/d (2022: 1,909 boe/d) and for the six months ended June 30, 2023, it averaged 1,884 boe/d (2022: 1,600 boe/d).

The higher production volumes were offset by the lower commodity prices in the current year. For the quarter, petroleum and natural gas sales totaled $10.7 million compared to $17.0 million last year and $21.2 million year to date compared to $26.6 million in the prior year. The lower revenue contributed to adjusted funds flow from operations of $5.3 million (2022: $12.2 million) in the quarter and $9.6 million for the first six months of the year (2022: $16.5 million).

The revenue also contributed to net income of $1.7 million for the quarter (2022: $9.1 million) and $2.6 million (2022: $11.5 million) for the first half of the year. Capital expenditures in the quarter were $2.5 million (2022: $2.8 million) and $5.7 million year to date (2022: $7.8 million).

The Company also reported on the pending renewal of its credit facility with a Canadian chartered bank. Following a preliminary review conducted in the second quarter, the Company anticipates its credit facilities will remain at $16 million. The renewal will take effect upon receipt of the final requisite approvals in the third quarter. The effective interest rate on the facility for the first half of 2023 was 7.74% (2022: 4.08%). As at June 30, 2023, effectively no amounts were drawn on the facility and the Company held unrestricted cash and term deposits of $35.2 million. The Company had a net working capital surplus of $28 million (2022: $10.6 million surplus).

The term “adjusted funds flow from operations” and “working capital surplus” are non-IFRS measures. 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.

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

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 plans to re-engage with the Government of Quebec, its views on how its project could mitigate the challenges from the anticipated electricity shortage in the province, the timing of the next hearing related to its legal claim against the Government, and Red Leaf’s engineering for a small-scale commercial project in Jordan. 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, 2022, 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 three-month period ended June 30, 2023, liquids production including light crude and natural gas liquids accounted for 1,159 bbls/d (2022: 1,157 bbls/d) and natural gas including conventional and shale gas accounted for 4,911 Mcf/d (2022: 4,510 Mcf/d). For the six-month period ended June 30, 2023, liquids production including light crude and natural gas liquids accounted for 1,091 bbls/d (2022: 987 bbls/d) and natural gas including conventional and shale gas accounted for 4,760 Mcf/d (2022: 3,682 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 surplus” 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    Six months ended 
                                               June 30,	       June 30,

($ thousands) 2023 2022 2023 2022
Net cash from operating activities $ 4,133 $ 10,162 $ 8,871 $ 15,066
Change in non-cash operating working capital 1,202 2,021 831 1,407
Adjusted Funds Flow from Operations $ 5,335 $ 12,183 $ 9,612 $ 16,473

Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities.

Kilde

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https://www.dn.no/investor/nyhetsstudio/136689

22:53:54
Lene Marita Berg Hermann
Questerre gjenopptar kontakt med Quebec som løsning på ventet kraftmangel
Quebec i Canada gjennomfører for øyeblikket offentlige konsultasjoner om en hydroelektrisk kraftmangel i området de neste to til tre årene.

Det kanadiskbaserte olje- og gasselskapet Questerre opplyser i sin andrekvartalsrapport for 2023 at selskapet vil gjenoppta kontakten med regjeringen angående hvordan selskapets rene gass kan være en del av løsningen.

Selskapet hadde en daglig produksjon på 1,978 boe/d (oljeekvivalenter per dag) i andre kvartal. Den justerte kontantstrømmen fra driften var på 5,3 millioner dollar, opplyser selskapet i rapporten.

Aksjen steg fem prosent torsdag og ble handlet til 1,73 kroner aksjen ved børsstenging. Kun på den siste uken har aksjen steget med nær 10,6 prosent. Selskapet er verdsatt til 742 millioner kroner.

[jobbis]

Hehe, har de våknet over der også ja. Er ikke dette breaking news? Trodde den gassen var død og begravet.

[jobbis]

Kjøpte litt på at de er i snakk med regjeringen igjen, de trenger tydeligvis energi der, og hvis det kommer et håp om at qec får utvinne den mengden gass de har, så skal kursen langt opp imho.

[Hoven]

XI i dag:

Oppdatert NAV-beregning pr Q2 - basert på nto. cash og ekstern verdisetting av Montney-prod/reserver:

QEC-NAV eks Quebec/Utah/Jordan

NAV10% exist production 270

Minimum erst. Quebec 165

Cash Red Leaf 42% 6

NETTO-CASH Q2 28

NAV 469

NAV/aksje 8,42

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http://lt.morningstar.com/gj8uge2g9k/stockprofile/default.aspx?SecurityToken=0P0000EQOK]3]1]E0EXG$XSTO_3110&externalidexchange=EX$$$$XSTO&LanguageId=en-GB&CurrencyId=BAS&ClearXrayPortfolioManagerApiInputData=true&xid=CA74836K1003

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Automatisk teknisk analyse. Middels lang sikt, 11. aug 2023

Questerre Energy Corporation har brutt den fallende trendkanalen på mellomlang sikt, noe som i første omgang indikerer svakere falltakt. Aksjen har brutt et motstandsnivå på kort sikt og gitt kjøpssignal fra kortsiktig trading range. Aksjen har brutt opp gjennom motstanden ved cirka 1.70 kroner. Videre oppgang er dermed signalisert, og det er nå støtte ved 1.70 kroner ved reaksjoner tilbake. Volumet har tidligere vært høyt rundt kurstopper og lavt rundt kursbunner. Volumbalansen er også positiv, noe som styrker aksjen. Aksjen anses samlet sett teknisk positiv på mellomlang sikt.

Anbefaling en til seks måneders sikt: Kjøp

[kanina]

Kopiert fra et annet forum

https://mailchi.mp/a8c8d08955d1/newsletter-nl-nation-pushes-atlantic-lng-exports?e=0e0489b801

[Hoven]

Pierre Poilievre will push LNG, SMRs and continued oil production | Pipeline Online

[Hoven]

Alberta and Canada are talking about claiming emissions reduction credits for exporting fossil fuels | Canada’s National Observer: News & Analysis

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