Questerre Energy Corporation (“Questerre” or the “Company”)
(TSX,OSE: QEC) reported today on the upcoming drilling program at
Kakwa North.
The Company plans to participate in three (1.5
net) wells proposed by the operator at an estimated cost of $21
million net to Questerre. Subject to equipment availability, the
wells are scheduled to spud early in the fourth quarter. Completion
operations are planned for the first quarter of next year.
Questerre holds a 50% interest in these wells.
Questerre also reported that the three (0.75
net) new wells on its Kakwa Central acreage were tied in earlier
last month. Gross production from these wells over the last month
is approximately 2,755 boe/d consisting of 6.8 MMcf/d of natural
gas and 1,625 bbl/d of condensate and natural gas liquids. The
Company holds a 25% interest in these wells. While the initial
rates are encouraging, they are not indicative of the long-term
performance or ultimate recovery.
Michael Binnion, President and Chief Executive
Officer of Questerre, commented, “As we continue to develop the
Kakwa area, we are looking forward to the new wells at Kakwa North.
With success, we could see our production grow in the second half
of next year. Additionally, one of these wells will test a deeper
interval in the Montney formation for future development
opportunities. As oil prices remain volatile, we are focused on
ensuring our drilling program is well funded by our existing cash
and cash flow.”
Questerre also reported that it has filed with
the Québec Superior Court (Civil Division) (the “Court”) an
independent expert report (the “Report”) that quantifies the
economic losses that may be incurred by the Company should its
licenses to explore for oil and gas be successfully revoked by the
Government of Québec (“GoQ”).
The independent expert was retained by the
Company’s litigation counsel on behalf of the Company to prepare
the Report. The Report was prepared in connection with the legal
action to assist the Court. It is solely for use by Questerre in
the legal action. The Report was prepared in accordance with the
Canadian Institute of Chartered Business Valuators (“CICBV”)
requirements for both a Comprehensive Valuation Report and an
Expert Report as defined in the CICBV Practice Standards. Based on
the scope, and subject to the restrictions, qualifications, and
major assumptions, under various scenarios, all of which are set
forth in the Report, potential economic losses range from
approximately $700 million to $4,800 million. The Report must be
considered as a whole to avoid creating a misleading view. The
Report has been filed on SEDAR+ and the NewsPoint service of Oslo
Børs. The Report, nor any part thereof, does not form part of nor
is deemed to be incorporated by reference in this news release.
Questerre notes that there is no guarantee that
it will be successful in respect of its legal action against the
Attorney General of Québec, the Minister of Economy, Innovation and
Energy and the GoQ which is currently before the Court or that,
even if successful, there is no guarantee as to the amount of
damages that Questerre may recover, if any. There are no guarantees
that the amounts set out in any of the scenarios of the Report will
be accepted by the Court, and such amounts may be materially
different than the amounts ultimately awarded to and actually
recovered by Questerre, if any. Please see “Advisory Regarding
Forward-Looking Statements” below.
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.
Advisory Regarding Forward-Looking
Statements
This news release contains certain statements
which constitute forward-looking statements or information
(“forward-looking statements”) including, without limitation,
forward-looking statements pertaining to the Company’s plans to
participate in the drilling and completion of three wells at Kakwa
North, the funding of the Company’s drilling program, statements
related to the revocation of the Company’s licenses to explore for
oil and gas in Québec and the quantification of the Company’s
economic losses as a result of the same, the ability to recover
such economic losses in any amount or not at all and the Company’s
plans to continue to move forward with litigation against the GoQ
and related parties in respect of such litigation. Although
management believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee
future results, the drilling and completion of future wells, the
eventual outcome of the litigation, whether the Company’s licenses
to explore for oil and gas will be successfully revoked, amounts or
damages or costs incurred by the Company related to the litigation,
what weight, if any, the Court will give to the Report, if any, the
amounts, if any, of any damage awards to the Company in the event
that such license to explore are successfully revoked, or that the
Company will be able to recover any amounts if so awarded.
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 timing and availability of funding, permits
and equipment to complete the Company’s drilling program,
production from existing wells, 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 the Company 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 the Company 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 the Company 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 the Company operates; and the
ability of the Company 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 the Company or by third party
operators of the Company's properties, increased debt levels or
debt service requirements; inaccurate estimation of the Company'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,
uncertainties involving whether its licenses to explore for oil and
gas in Québec will be successfully revoked, risks that the Company
will not be fully or partially compensated for its economic losses
if such licenses are revoked, or that it will not be compensated at
all, risks related to material amount of legal and other costs,
including costs incurred to prepare the Report, that the Company
has and will continue to incur in order to pursue litigation
against the GoQ, risks relating to potential costs or other awards
that may be made against Questerre in connection with its
litigation, risks related to the eventual ruling of the Court which
may not be in favour of Questerre, risks related to the quantum of
any damages which may be payable to the Company, if any, and that
such damages may or may not reflect the estimated economic losses
suffered by the Company, as set out in the Report, risks related to
the Company’s ability to recover any damage amount if so awarded,
and risks related to further legislative changes in the Province of
Québec, changes in the administration of laws, policies, and
practices or ither political or economic developments in Québec 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, 2023, and other documents available on the
Company’s profile at www.sedarplus.ca. Therefore, the Company’s
actual results, performance or achievement could differ materially
for those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurances can be given that any of
the events anticipated by these forward-looking statements will
transpire or occur, or if any of them do so, what benefits the
Corporation will derive therefrom. Readers are cautioned that the
foregoing list of factors is not exhaustive. The reader is
cautioned not to place undue reliance on these forward-looking
statements.
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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