CALGARY, June 8, 2016 /PRNewswire/ - Questerre Energy
Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported
today that the Government of Quebec has introduced Bill 106 to modernize
hydrocarbon legislation in the province.
Michael Binnion, Chief Executive
Officer of Questerre, commented, "The Quebec Government did what it
said it would do. It has been a six year process including the most
comprehensive environmental studies in Canada as well as extensive public
consultations. By slowing down and respecting legitimate
stakeholder concerns we have achieved a balanced outcome. While far
from a green light, we have a path forward to resuming activity for
our Utica gas discovery in
selective communities."
The Company is currently reviewing the legislation. The
legislation is available at:
http://www.assnat.qc.ca/Media/Process.aspx?MediaId=ANQ.Vigie.Bll.DocumentGenerique_114947&process=Original&token=ZyMoxNwUn8ikQ+TRKYwPCjWrKwg+vIv9rjij7p3xLGTZDmLVSmJLoqe/vG7/YWzz.
The Company also reported that the semi-annual review of its
existing credit facilities is ongoing and should be completed by
the end of the second quarter. In light of current market
conditions, the Company anticipates that there will be some
reduction in its credit facilities. As a result, the Company is
assessing alternatives to maintain its financial flexibility.
Questerre also reported that all matters presented for approval
at the annual and special meeting of shareholders held on
June 7, 2016 have passed. Complete
voting results of the meeting are available under the Company's
profile on SEDAR at sedar.com.
The Company is pleased to report that each of the five nominees
proposed as directors and listed in its management information
circular dated May 6, 2016 (the
"Information Circular") were elected as directors for the ensuing
year. The detailed results of the vote are set out below.
|
|
|
Nominee
|
Votes
For
|
Votes
Withheld
|
Michael
Binnion
|
83,577,006
(99.88%)
|
99,500
(0.12%)
|
Earl
Hickok
|
83,497,506
(99.79%)
|
179,000
(0.21%)
|
Alain Sans
Cartier
|
83,518,706
(99.81%)
|
157,800
(0.19%)
|
Dennis
Sykora
|
83,577,006
(99.88%)
|
99,500
(0.12%)
|
Bjorn
Tonnessen
|
83,571,506
(99.87%)
|
105,000
(0.13%)
|
In addition, PricewaterhouseCoopers LLP was re-appointed as the
Company's auditor and an ordinary resolution was passed amending
and approving the Shareholder Rights Plan agreement of the Company.
Details in respect of all of the resolutions approved at the annual
and special meeting of shareholders of the Company may be found in
the Information Circular which is available under the Company's
profile on SEDAR at sedar.com.
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. It is pursuing
oil shale projects with the aim of commercially developing these
massive resources.
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 belief that the Company has a path
forward to ultimately resuming activity for its Utica gas discover, the reduction of the
Company's credit facilities following review of the same by its
lender, leveraging the Company's expertise gained through early
exposure to shale and other non-conventional reservoirs and
bringing on production in the heart of the high-liquids
Montney shale fairway. 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
statements, 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.
SOURCE Questerre Energy Corporation