Questerre Energy Corp serves the oil and gas sector. Secondary targets include the shallower Lorraine silts and shale and the deeper Trenton Black-River carbonate. The updated Quebec Resource Assessment assigned Contingent Resources for approximately 16% of Questerre’s acreage based on the results from several vertical and horizontal wells on the Company’s acreage that have all encountered pay in the Utica as reported by the Company in 2008 to 2010. All Contacts. The GLJ Resource Assessment did not include any of the Corporation’s other properties. Questerre expands Clean Tech Pilot engineering to include hydrogen. Mémoire – Concernant les projects de réglements relatifs à l’entrée en vigueur de la loi sur les hydrocarbures. 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. The best estimate by GLJ of risked Prospective Resources net to Questerre is 0.94 trillion cubic feet (“Tcf”) (157 million barrels of oil equivalent (“boe”)). He has been a leader in the campaign for hydrocarbons in Quebec as Chairman of the Quebec Oil & Gas Association. Based on an independent resource assessment prepared by GLJ Petroleum Consultants Ltd. (“GLJ”) as of December 31, 2017 for the majority of this acreage where the Company holds a working interest, the best estimate of unrisked gross contingent and prospective resources was 3.9 Tcf and 21.3 Tcf respectively. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. Calgary, Alberta — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release dated March 7, 2019. Questerre Energy Corp is a Canada-based company engaged in the acquisition, exploration, and development of oil and gas projects. Other consideration including cash and the security required for the assumption of abandonment and reclamation liabilities (“A&R Liabilities”) is approximately $16.10 million in aggregate. The deal with Repsol tripled Questerre’s total Quebec Lowlands shale gas properties to about 1,560 square miles. Michael Binnion is the President and CEO and founding shareholder of Questerre Energy, established in November 2000. Download our latestoperating and financialresults. Upon closing of the transaction, both parties will release each other from all claims related to the outstanding litigation. Cookies are used to offer you a better browsing experience and to analyze our traffic. Questerre is an energy technology and innovation company. The net present value of the risked Contingent Resources, including the development on hold and development unclarified sub categories, discounted at 10% before tax is estimated at $409 million. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. The main beneficiary if Questerre Energy Corporation, which owns ~350,000 acres in the Quebec Utica. This will allow us to follow through on our plans to share profits with local communities. The Company plans to update this assessment for the newly acquired acreage later this year. All anticipated results disclosed herein were prepared by GLJ, which is an independent qualified reserves evaluator. Questerre Energy Corporation is an international energy exploration company headquartered in Calgary, Canada, and listed on the Toronto Stock Exchange and the Oslo Stock Exchange. The Canada-based company is engaged in the acquisition, exploration, and development of oil and gas projects. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Hydrogen is becoming more important as a … Energy. Pursuant to the LOI, Questerre will acquire the exploration rights to 753,000 net acres in the Lowlands,associated wells and equipment, geological and geophysical data and other miscellaneous assets. “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. Calgary, Alberta — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release dated March 7, 2019. The exploration potential of the Lowlands is complemented by proximity to one of the largest natural gas markets in North America and a well-established distribution network. 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. The Act will govern the development of hydrocarbons in the province of Quebec. Questerre may post a letter of creditas security for the A&R Liabilities. The area is prospective for natural gas in several horizons with the primary target being the Utica shale. Questerre Energy Corporation stock and Oil & Gas E&P market discussion, news, and analysis from Canada's largest community of active investors. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. These amendments include the enactment of the Petroleum Resources Act to govern the future development of petroleum resources in Quebec. Once the restrictions in Quebec related to the second COVID-19 wave are lifted, we expect this will revitalize our discussions with key stakeholders.” Questerre is an energy technology and innovation company. 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. 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. 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. We believe this can be accomplished today by using new technologies and leveraging Quebec’s hydropower advantage.”. The Canada-based company is engaged in the acquisition, exploration, and development of oil and gas projects. We believe we can successfully transition our energy portfolio. Following a successful vertical test well program in 2008 and 2009, Questerre and its partner, Repsol Oil & Gas Canada Inc. (formerly Talisman Energy Inc.), began a pilot horizontal well program to assess commerciality of the Utica shale in 2010. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support The clean tech energy project seeks to develop the Company’s multi-Tcf natural gas discovery in the province of Quebec using innovative technologies that promote clean energy production. Questerre Energy Corp serves the oil and gas sector. Stockhouse.com use cookies on this site. 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. Their partner is Repsol. 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. Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta. 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. 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 statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. The brief also requested a stay and ultimately a judicial hearing to have them set aside.The Company’s motion was made on the basis that the specific Regulations are ultra vires, or beyond the legal power and authority granted to the government by the Petroleum Resources Act, contrary to the independent scientific studies, and moreover they do not meet the consultation requirements detailed in Quebec legislation with respect to the enactment of regulations. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. 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