Questerre Energy Corporation (QEC)

hgsd300 · november 1, 2023, 2:41pm

Fra Jason!

We’ll provide a full update when the justice issues his decision which could be sooner or later depending when he’s finished. We will have an update in our Q3 report that comes out on Nov 10.

Hoven · november 6, 2023, 2:12pm

(Reuters) – U.S. corporates and private equity firms are increasingly eyeing Canadian oil and gas companies for acquisition, drawn by lower valuations, ample fossil fuel reserves, and improving market access, according to dealmakers and analysts.

Companies operating in the huge Montney shale formation, which spans northern Alberta and British Columbia and accounts for roughly half Canada’s gas production, are most attractive to potential buyers.

Hoven · november 7, 2023, 5:29pm

Ser ut som det er reell interesse for oppkjøp i Alberta/Montney:

CALGARY, Alberta, Nov. 06, 2023 (GLOBE NEWSWIRE) – Hammerhead Energy Inc. (“Hammerhead”) (TSX: HHRS ; NASDAQ: HHRS) is pleased to announce that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Crescent Point Energy Corp. (“Crescent Point”) (TSX: CPG ; NYSE: CPG) pursuant to which Crescent Point has agreed to acquire all of the issued and outstanding Class A common shares of Hammerhead

TekBot · november 9, 2023, 11:31pm

Questerre Energy Releases Q3 2023 Report

President’s Message

We have been transforming into a carbon technology company. This change in strategy is to allow us to unlock the giant resources we have discovered but have been blocked from producing in an increasingly ESG focused world. Our initial approach to the use of carbon technology was as a cost centre, or part of the new cost of doing business. With increasing prices on carbon, we are now seeing the potential for this to be a profit centre.
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Vis børsmeldingen

In particular, interest in carbon capture and storage (“CCS”) is growing in Quebec, and this business could be independent of our Clean Gas production. We are pursuing a carbon storage pilot project under the existing legislation as a step towards a business and political solution. We continue our fiduciary obligations to preserve our legal rights before the Court. Our motion to suspend key elements of Bill 21 was heard in late October. We are awaiting the Court’s decision.

Carbon storage is also integral to the development of our investee, Red Leaf’s, assets in the Uintah Basin, Utah. In addition to their permit for a wax processing facility, they own the rights for carbon sequestration over 7,000 acres. Discussions are ongoing with partners to assess this potential. Concurrently, they are advancing the design of a small-scale commercial project for their oil shale technology with a consortium of Jordanian companies.

On our conventional assets, we recently drilled an oil well and are expanding our secondary recovery scheme at Antler, Saskatchewan. The operator of our Kakwa Central acreage plans to drill three (0.75 net) wells early next year and, subject to commodity prices, we plan to participate in this program.

While unexpected, the Government of Quebec’s calls for carbon and hydrogen storage pilot projects earlier this year was a positive development.

We originally applied for a carbon storage test just over two years ago to test the rights we hold over one million acres. At the time, this was essential to our plans to eliminate the emissions from both production and consumption of our Clean Gas. With the price of carbon expected to rise to $170 per tonne in Canada by 2030, we are looking at this as a standalone opportunity. Of interest, the Government of Quebec recently invested in a new tech start-up focusing exclusively on CCS in the province.

Following our recent discussions with the Government, we intend to submit an updated application to test the CCS potential early next year. We are pursuing a collaborative approach with them on this pilot. As well as assessing the injectivity and storage capacity, other criteria is proximity to some of the large emitters in the province. As an example, there are several industries including an aluminum plant near the Becancour industrial park that account for just over one million tonnes of carbon dioxide emissions annually or almost 5% of the province’s reported emissions from industrial activity.

The 2035 Action Plan for the provincial utility, Hydro-Québec, includes the use of combined cycle natural gas from the Becancour power plant during peak demand periods. CCS is a possible solution to mitigate emissions from this plant.

Preserving our legal rights remains a priority. At the hearing in late October, we reiterated our position that key elements of Bill 21 including enforcement actions should be suspended until a final hearing on the merits of our case.

We are applying our experience from our zero-emissions projects in Quebec to help Red Leaf develop their Uintah Basin assets. Their proposed wax processing facility could be the anchor tenant for a net-zero industrial park. It would benefit from their rights to store carbon dioxide on their land. They could also provide carbon sequestration as a fee for service to the tenants in the park, possibly eliminating Scope I and II emissions. They presented this concept at a recent energy summit and it was well received. Their next step is to test the storage potential.

Operating & Financial

Production in the quarter and year to date increased over last year, averaging 1,830 boe/d and 1,866 boe/d respectively, compared to 1,629 boe/d and 1,609 boe/d last year.
At both Antler and Kakwa, we had two workovers go over budget by an incremental $1 million due to downhole operational problems. This reduced our adjusted funds flow from operations for the quarter compared to the prior quarter. Adjusted funds flow from operations was $3 million for the quarter and $12.6 million year to date. Our working capital surplus at the end of the period was $30.2 million.

Outlook

The emergence of net-zero hubs globally supports our view that CCS will be part and parcel of future energy development. For this reason, we are optimistic about a CCS pilot in Quebec. As we follow the legal process to dispute the nationalization of our discovery, we remain hopeful the Government will see our project as an environmentally sound solution to their energy crisis.

Michael Binnion
President and Chief Executive Officer

Kilde

TekBot · november 9, 2023, 11:39pm

Questerre reports third 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 third quarter ended September 30, 2023.

Michael Binnion, President, and Chief Executive Officer, commented, “We have been transforming ourselves into a carbon technology company. This change in strategy is to allow us to unlock the giant resources we have discovered but have been blocked from producing in an increasingly ESG focused world. Our initial approach to the use of carbon technology was as a cost centre, or part of the new cost of doing business. With increasing prices on carbon, we are now seeing the potential for this to be a profit centre.”
…
Vis børsmeldingen

He added, “Interest in carbon capture and storage is growing in Quebec, and this business could be independent of our Clean Gas production. We are pursuing a carbon storage pilot project under the existing legislation as a step towards a business and political solution in Quebec. We continue our fiduciary obligations to preserve our legal rights before the Court. Our motion to suspend key elements of Bill 21 was heard in late October. We are awaiting the Court’s decision.”

Reporting on the Company’s 40% investment in Red Leaf, he added, “Carbon storage is also integral to the development of their assets in the Uintah Basin, Utah. In addition to their permit for a wax processing facility, they own the rights for carbon sequestration over 7,000 acres. Discussions are ongoing with partners to assess this potential. They are also advancing the design of a small-scale commercial project for their oil shale technology with a consortium of Jordanian companies.”

Highlights
• Designing expanded carbon storage pilot project in Quebec
• Red Leaf designing small-scale commercial project in Jordan for oil shale technology
• Average daily production of 1,830 boe/d with adjusted funds flow from operations of $3 million

Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With the incremental working interest volumes at Kakwa North and one (0.25 net) well at Kakwa Central brought on production in the quarter, production increased over the prior year. For the third quarter, daily production averaged 1,830 boe/d (2022: 1,629 boe/d) and for the nine months ended September 30, 2023, it averaged 1,866 boe/d (2022: 1,609 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 $11.6 million last year and $32 million year to date compared to $38.2 million in the prior year. Operating costs increased by an additional $1 million in the period as two workovers went over budget due to downhole operational problems. Combined with the lower prices, this contributed to adjusted funds flow from operations of $3 million (2022: $5.2 million) in the quarter and $12.6 million for the first three quarters of the year (2022: $21.7 million).

The higher operating costs also contributed to a net loss of $0.4 million for the quarter (2022: $2.8 million profit) and a net profit of $2.3 million (2022: $14.2 million) for the nine months ended September 30, 2023. Capital expenditures in the quarter were $0.9 million (2022: $1.7 million) and $6.6 million year to date (2022: $9.4 million).

As at September 30, 2023, effectively no amounts were drawn on the facility and the Company held unrestricted cash and term deposits of $33.3 million. The Company had a net working capital surplus of $30.2 million (2022: $14.4 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 view that this business could be independent of its Clean Gas production, that a pilot could be a step towards a business and political solution in Quebec and Red Leaf’s plans to advance the design of a small-scale commercial project for its technology with partners. 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 September 30, 2023, liquids production including light crude and natural gas liquids accounted for 1,050 bbls/d (2022: 987 bbls/d) and natural gas including conventional and shale gas accounted for 4,677 Mcf/d (2022: 3,852 Mcf/d). For the nine-month period ended September 30, 2023, liquids production including light crude and natural gas liquids accounted for 1,077 bbls/d (2022: 986 bbls/d) and natural gas including conventional and shale gas accounted for 4,734 Mcf/d (2022: 3,739 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 Sept 30,         Nine months ended Sept 30,
($ thousands) 2023 2022 2023 2022
Net cash from operating activities 2,382 8,413 11,163 3,477
Change in non-cash operating working capital 652 (3,230) 1,483 (1,823)
Adjusted Funds Flow from Operations 3,034 5,183 12,646 21,654

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

Kilde

hgsd300 · november 10, 2023, 5:35am

Hoven · november 21, 2023, 10:52pm

QUEBEC, November 21, 2023 /CNW/ – Utica Resources (“Utica”) was shocked and saddened to learn of today’s hasty announcement by the Government of Quebec announced an investment in Deep Sky, a recently formed company that received funding from Investissement Québec (“IQ”).

Utica is completely convinced that property rights exist Quebec and that Quebec The justice system will confirm it. Nonetheless, it will fully defend its assets and reserves all its legal rights against Deep Sky and the consortium of investors, including Investissement Québec, Business Development Bank of Canada (BDC) Brightspark Ventures, Whitecap Venture Partners and OMERS Ventures, in the event Deep Sky’s funding is impacted Uticas Right.

The Supreme Court is asked Utica To repeal Bill 21 and affirm that the Quebec Charter of Rights and Freedoms protects the right to enjoy one’s own property. Only if fair market value is paid before expropriation can an expropriation possibly be fair.

Mario Lévesque, CEO of Uticaexplained: “I am shocked that the government is acting this way, knowing that the court is dealing with this very important case, including the deep sky perspective – the case will decide the fate of property rights Quebec. We have invested money, time and effort in good faith and based on existing laws and regulations. We are entitled to compensation based on the fair market value of our properties. Better yet, we would be allowed to develop them for the benefit of all.“

Read it all here! :

Yomanyoman9292 · desember 4, 2023, 9:11pm

Ikke fra Canada, men likevel, det sier noe om et situasjonsbilde der det mangler energi. Naturgass er kanskje ikke så dumt likevel…

Yomanyoman9292 · desember 11, 2023, 8:31pm

Divergence, weekly chart, ligner veldig på tiden før forrige run fra desember 2021🤔

La inn en Moving Average Multi-time frame - indikator over.

hgsd300 · januar 8, 2024, 6:34am

myk · januar 8, 2024, 10:14am

Har lest gjennom denne Amended-Application av august 2023, har du noe informasjon om når den ble behandlet av retten og om det er forventet en avgjørelse på den?
Et positivt utfall for QEC vil ha betydelig innvirkning på kursen.

hgsd300 · januar 8, 2024, 10:21am

Fikk følgende Mail som jeg mottok av Jason i dag.

Hi Oyvind

Thank you for your email. We try to provide as much information as available. We welcome your comments on how we can make this better for all shareholders.

The purpose of the hearing held in October 2023 was to ask for a suspension of certain parts of Bill 21 until the hearing on the merits of our case. These parts include the requirement to close our discovery wells (that are currently suspended), deliver proprietary data on the wells to the Government, and to suspend the revocation of our licenses. As we reported in our Q3 MD&A, the judge took this under advisement and until a judgement is made, we do not have to comply with any of these requirements. More importantly, he ordered that no pilot project (for example for CO2 sequestration) can be permitted with any third parties. You may recall that in addition to our rights to natural gas, we also held the exclusive rights to explore for carbon storage reservoirs in Quebec.

I’m attaching for your review a copy of the Questerre submission for this hearing. It’s an unofficial translation.

Our main hearing is on the merits of our case. This is to assess the constitutionality of Bill 21, the Government’s breach of its contracts with us, and to determine what the Government’s liability is to us for illegally expropriating our licenses. This hearing is to be scheduled later this year after the pre-trial examinations. The pre-trial examinations are scheduled over the next three-six months. This could mean the trial is held in late 2024 or early 2025.

Please do not hesitate to contact me if you have any more questions or comments. Happy to discuss over the phone if that is easier.

Best regards

Jason

myk · januar 8, 2024, 10:24am

Betyr det at dommeren gav QEC medhold i denne requesten for suspension?

hgsd300 · januar 8, 2024, 11:09am

Den ble holdt i oktober -23 og vi venter på utfall.

myk · januar 8, 2024, 11:53am

Slik jeg forstår det spør QEC retten om “stay Bill 21” og alle andre klausuler i loven til det er endelig avgjort om kompensasjon til QEC , av retten og eventuelt høyesterett.

TekBot · januar 25, 2024, 5:07pm

Financial calendar

TekBot · januar 26, 2024, 7:00am

Québec Superior Court suspends provisions of Bill 21

January 26, 2024 – Québec Superior Court suspends provisions of Bill 21

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the ruling by the Québec Superior Court (Civil Division) on the Company’s application to stay certain provisions of the Act ending exploration for petroleum and underground reservoirs and production of petroleum and brine (the “Act”), for the duration of the judicial proceedings.
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Vis børsmeldingen

Michael Binnion, President, and Chief Executive Officer of Questerre, commented, “This exceptional ruling in our favor preserves our legal rights as we continue to work for a political and business solution to the situation in Québec. We remain hopeful for a solution that will materially reduce Canadian greenhouse gas emissions while improving energy security.”

In the ruling issued yesterday, the Justice assessed the key criteria for a stay and deemed that our application met these criteria. This included the existence of a serious legal matter and the serious or irreparable harm if the request for a stay is refused.

The Attorney General argued that Civil Code of Québec and the Québec’s Charter of human rights and freedoms provisions, while protecting the right to property of citizens and companies against unreasonable use of Government powers, do not apply if the Government choses to use those same powers to override them. The Justice noted that the circular nature of the Attorney General’s argument gave rise to a serious legal matter.

Mr. Binnion added, “The argument of the Attorney General is, in effect, that the powers of the legislature are supreme even over laws intended to limit the powers of the legislature. This would, in effect, nullify the provisions of the Civil Code and Charter protecting citizens from abuse of Government powers. It is a hallmark of constitutional democracies that the Government has limits on its power and the disguised expropriation of our assets in Québec should be compensated for.”

Recognizing that this is an exceptional measure, the Justice also ruled that the judgement be enforced even if the Attorney General files an appeal, also known as ‘provisional execution’. He noted that Questerre and the other plaintiffs run the risk of serious and irreparable harm in the absence of this order for provisional execution.

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 energy 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 views on the ruling and the Attorney General’s arguments on the power of the legislature. 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: 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

pleximus83 · januar 26, 2024, 8:28am

er ikke denne oslo børs mest relevante short kandidat??

Kronn · januar 26, 2024, 8:34am

Positive update from Quebec: Questerre reported today that the Quebec Superior Court has suspended the provision for Bill 21. As far as we understand, the key impact of the suspension is that the ruling preserves the company’s legal rights for the company’s Lowlands licences. Our understanding is that Questerre currently is working on a damage report for the projects, where the company will require compensation for historical costs (CAD 160m, or NOK 2.9/sh unrisked and undiscounted) and loss of NPV. Regarding the latter, peer Utica Resources has filed a two-digit billion dollar claim to the Government in Quebec for the same reason. We have included the assets in Quebec at conservatively risked amount of NOK 1.0/share. In a blue-sky scenario where the company gets compensated for historical costs and a USD 1/boe lost NPV, we estimate a total compensation of 10-11/share, illustrating the massive upside potential vs. the current share price of below NOK 2/share

hgsd300 · januar 26, 2024, 5:45pm

https://investornytt.no/quebec-superior-court-suspenderer-bestemmelser-i-lov-21/