Questerre updates next steps following ruling on Bill 21
01 Février 2024 - 3:00PM
In response to shareholder inquiries, Questerre Energy Corporation
(“Questerre” or the “Company”) (TSX,OSE:QEC) provided an update on
upcoming events following the ruling by the Qubec Superior Court
(Civil Division) last week on the Company’s application to stay key
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. This
application was made to preserve Questerre’s rights.
In the meantime, the Company is proceeding with
the main hearing on the merits of the case in accordance with
procedural rules in Québec, including its debate on the
constitutional validity of Bill 21. The judicial process is at the
discoveries stage, the next step being pre-trial examinations. The
Justice recently ruled that the examinations will proceed as
originally scheduled, despite the request of the Attorney General
for postponement of these examinations. Following the completion of
pre-trial examinations, a date will be set for the main
hearing.
Michael Binnion, President, and Chief Executive
Officer of Questerre, reported, “The exceptional stay of key
provisions of the Act and confirmation by the Justice that there
are serious issues to be formally debated and decided upon,
preserves our investment from potentially irreparable harm while we
pursue our legal claims pending final judgement. While our main
goal remains to seek a business and political solution, the
protection of our legal position remains a key priority.”
The Company also reported that it has published
on its website the official French and an English translation of
the ruling. It can be found online at
https://www.questerre.com/wp-content/uploads/2024/01/2024-01-25-Decision-English.pdf,
or
https://www.questerre.com/wp-content/uploads/2024/01/2024-01-25-Decision-Francais.pdf.
A copy is also published on the NewsPoint disclosure system of the
Oslo Stock Exchange.
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.
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
protection of its legal position. 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.
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
Questerre Energy (TSX:QEC)
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