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CALGARY, Nov. 3, 2015 /CNW/ - Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE: QEC) reported today that the Government of Quebec has published the consultation documents for its strategic environmental assessment of oil and gas.
Jason D'Silva, Chief Financial Officer of Questerre, commented, "We are very encouraged the Government has now completed independent environmental studies on oil and gas in Quebec. This is the most comprehensive environmental study ever done in Canada on modern extraction techniques. The results of the scientific studies confirm that oil and gas can be developed safely in Quebec just as it has been in other places."
The Government of Quebec has consistently followed its Action Plan for Hydrocarbons published in May 2014. This is another important step in that plan. The consultation documents published include numerous studies and reports completed over the last four years. These scientific studies will form the basis of the upcoming public consultations to be held in November in advance of the final report that is expected by year-end.
He added, "The findings of the scientific studies are positive for industry in Quebec and across the country. We look forward to the public consultations. It has been a long journey but we believe this comprehensive study will lay the groundwork for our industry to ultimately begin the next phase of activity in the province – production."
The recent press release issued by the Ministry of Energy and Natural Resources and the Ministry of Sustainable Development, Environment and the Fight against Climate Change regarding these studies is available online at: http://www.fil-information.gouv.qc.ca/Pages/Article.aspx?idArticle=2310284148.
Michael Binnion, President and Chief Executive Officer commented, "Lowering greenhouse gas emissions is a priority for the Government of Quebec. Development of local natural gas resources in sparsely populated parts of the Lowlands can play an important role in protecting the environment and reducing carbon leakage from the province. Quebec currently imports all its natural gas, resulting in carbon leakage and negative impacts on the global environment. The IPCC has warned of the potential for carbon leakage through poor public policy."
Commenting on the potential of the Utica shale, Mr. Binnion added, "Although development of the Utica has been suspended in Quebec for several years, results from the Utica shale in Pennsylvania and Ohio in the United States have been very positive. Initial results suggest that the Utica has the potential to meet and surpass the development of the Marcellus shale, which currently accounts for over 20% of US natural gas production. This is truly a unique opportunity for Quebec to experience the social and economic benefits of energy independence while ensuring it is done to the province's strong environmental standards."
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 a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
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.
This media release contains certain statements which constitute forward-looking statements or information ("forward-looking statements") including the expectation that the government will publish the final environmental assessment by year-end and the belief that the study will lay the groundwork for production from the province. 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 statements. 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 as a result 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 is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
SOURCE Questerre Energy Corporation
For further information: Questerre Energy Corporation, Jason D`Silva, Chief Financial Officer, (403) 777-1185 | (403) 777-1578 (FAX) | Email: [email protected]