Wolinak of Abenaki First Nation and Questerre sign agreement for energy development
20 Janvier 2022 - 04:30PM
The Council of the First Nation of the Abenakis of Wolinak in
Quebec (the “Abenakis of Wolinak”) and Questerre Energy Corporation
(“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that
they have signed a joint economic development agreement.
The joint venture will focus on developing a
net-zero emissions energy hub in Quebec. The hub will demonstrate
the emerging circular economy through pilot projects that produce
clean energy, including zero-emissions gas, and assess new carbon
recycling technology. These could include the production of
methanol, fertilizer as well as cement additives and other high
value products using captured carbon dioxide. The hub will also
evaluate the potential for carbon dioxide sequestration as well as
the production of clean hydrogen using technology developed by ZEG
Power, a Norwegian-based company. Questerre executed a letter of
intent with ZEG Power last year to evaluate their proprietary
leading-edge technology.
Subject to final agreements, the Abenakis of
Wolinak will be granted a net profit interest from development on
their traditional territories in the Becancour area. The Abenakis
of Wolinak will also have the opportunity to acquire a working
interest in the exploration licenses from Questerre and directly
participate in future development. The parties have committed to
the use of local contractors where capacity exists, specifically
Wolinak contractors on traditional territories. Based on its
previous experience with First Nations in Western Canada, Questerre
will use reasonable efforts to help the Abenakis of Wolinak build
their contracting capacity.
Michel Bernard, Chief of the Council of the
First Nation of the Abenakis of Wolinak, commented, “With the many
tragic events in Quebec and Canada, we believe that reconciliation
has to move beyond words and to real action. Action that makes a
difference for First Nations. We are pleased that Questerre has
spent the past few years getting to know us, our history and our
land in Quebec. They are the first company to fully recognize our
traditional use territories and commit to move forward with full
consultation and cooperation with our people. This agreement could
bring the prosperity to our Nation and equality for our people
while protecting the environment.”
Michael Binnion, President and Chief Executive
Officer of Questerre, added “The Abenakis of Wolinak people have a
long history in Quebec that pre-dates the arrival of the French
colonists. It is important that any development recognizes their
historic claims and builds a respectful relationship with these
First Nations. Our plans for a net-zero technology hub that
incorporates emerging new carbon technology is the solution to
meeting Quebec’s ambitious climate goals. We look forward to
deepening our cooperation with the Abenakis of Wolinak and with all
local stakeholders.”
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:
Council of the Abenakis of Wolinak Dave Bernard,
General Director (819) 294-6696 | (819) 294-6697 (FAX) | Email:
dbernard@cawolinak.com
Questerre Energy Corporation Michael Binnion,
President & Chief Executive 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 development of a
net-zero emissions energy hub in Quebec, the demonstration of the
circular economy through pilot projects that could include high
value products using captured carbon dioxide, the evaluation of
carbon dioxide sequestration, the production of clean hydrogen, and
the commitment to the use of local contractors where capacity
exists.
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 effect of COVID-19 on the markets and the
demand for oil and natural gas; 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, 2020, 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.
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