Questerre reports on Bill 21

Questerre reports on Bill 21


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This News Release is Not for Dissemination or Distribution in the United States of America to United States Newswire Services or United States Persons

CALGARY, Alberta, July 18, 2022 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported that the Government of Quebec intends to bring into effect Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities on August 23, 2022. The Company also reported that the Attorney General of Quebec is seeking a motion to dismiss the Company’s claims for the related revocation of its licenses in the province.

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Michael Binnion, President & Chief Executive Officer of Questerre, commented, “By enacting Bill 21, the Government chooses, once again, to ignore the realities of the current energy crisis and how to genuinely reduce GHG emissions. This ill-conceived legislation only serves to increase GHG emissions in Quebec and elsewhere. As our European allies and partners around the world urgently seek reliable natural gas, Quebec is squandering the opportunity to become a trusted supplier and a proactive participant in reducing our dependence on autocratic suppliers of energy.”

He added, “The Attorney General of Quebec’s decision to seek a dismissal of our legal claims without due process has only strengthened our resolve to fight this blatant injustice. We are objecting to this dismissal and the revocation of our licenses under this legislation. We will vigorously defend our legal rights and seek fair and just compensation for breaching our license agreements. Quebec is a democratic state and it must act in good faith with respect to our agreements. Expropriating honest corporations assets without due process and fair compensation does not respect the rule of law that democracy depends on. We are also working with our partners, including First Nations, to ensure their legal rights are protected.”

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The Government has announced that Bill 21 will come into force on August 23, 2022. This follows royal assent on April 13, 2022 and the approval of the elected representatives of the National Assembly. A copy of the announcement in the official gazette is available online at : http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telecharge.php?type=1&file=105873.pdf.

The Company also reported that the Attorney General of Quebec has requested the Superior Court order the special case management of all outstanding litigation related to Bill 21. If granted, this demand would result in all Bill 21 related litigation being regrouped and dealt with by one single judge. The Company, through its legal counsel, will submit its official response to this request in due course. The Attorney General also intends to ask for all pending litigation to be dismissed. The pending litigation includes the judicial review application and the claim for expropriation filed by Questerre in 2018 and 2022 respectively.

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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

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This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s views on the impacts of Bill 21, its plans to defend its legal rights and seek fair and just compensation for the breach of its license agreements.

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 implementation of Bill 21 by the Government of Quebec 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, 2021, 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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