CALGARY, Feb. 17, 2017 /CNW/ - Questerre Energy
Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) is pleased
to announce that it has closed its previously reported private
placement of 30.8 million Common Shares at NOK 5.00 or C$0.79
per Common Share for gross proceeds of NOK
154 million or approximately C$24
million (the "Private Placement").
The Company intends to use the net proceeds from the Private
Placement to strengthen its working capital, partially financing
its ongoing Montney capital
program and the preliminary work for its planned pilot Utica development project in the St. Lawrence
Lowlands, Quebec.
Pareto Securities AS and Swedbank acted as managers and
bookrunners in connection with the Private Placement.
Subsequent to the completion of the Private Placement, the
Company has 339,103,415 Common Shares outstanding.
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 significant 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.
Advisory Regarding Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information (collectively "forward-looking
statements") within the meaning of applicable securities laws. In
particular and without limitation, this news release contains
forward-looking statements concerning: the Company's funding and
participation in development of its Montney assets, its planned pilot development
project in the St. Lawrence Lowlands, Quebec, and the Company's pursuit of shale
projects for commercial development. Forward-looking statements
typically uses words such as "anticipate", "believe", "project",
"expect", "goal", "plan", "intend" or similar words suggesting
future outcomes, statements that actions, events or conditions
"may", "would", "could" or "will" be taken or occur in the
future.
Forward-looking statements are based on a number of material
factors, expectations or assumptions of the Company which have been
used to develop such statements and information but which may prove
to be incorrect. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because the
Company 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, including but not limited to: the Company's pilot
project in Quebec. Additional
information regarding some of these risks, expectations,
assumptions and other factors may be found in the Company's Annual
Information Form and Management's Discussion and Analysis prepared
for the year ended December 31, 2015.
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
the Company 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.
SOURCE Questerre Energy Corporation