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Questerre submits a memorandum of understanding to the Parliamentary Commission of Bill 21, The Canadian Business Journal

This news release is not intended to be distributed or distributed to US news agencies or Americans in the United States.

Calgary, Alberta, February 24, 2022 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or “Company”) (TSX, OSE: QEC) reports today that it has submitted a bill to the Quebec Parliamentary Commission. Did. twenty one, A law primarily for terminating public financing of oil exploration and production and their activities. The submission contains an independent assessment of the economic and environmental impacts of development and detailed polling data on social acceptability showing strong support for local natural gas production under various scenarios. increase.

Regarding the first few days of the talks, Michael Binnion, President and Chief Executive Officer of Questerre, said: Some of them repeated the points of the old story without admitting that the other world is proceeding from this old-fashioned ineffective approach. Questerre has worked with a new generation of solution-oriented environmentalists. Environmental studies clearly support a modern approach to energy transformation with new carbon technologies. Only 13% of Quebecs oppose this new approach, according to Leger poll data, but sadly, the government is more worried about the project it chooses than to reduce global emissions. We deliberately chose witnesses from this “fossilized” minority who seemed to be. “

Quebec’s submission comprehensively addresses the company’s history in Quebec, and outlawing gas production in the place does not affect Quebec’s GHG emissions, not only increases global emissions, but also Quebec. Quebec lags other developed nations in the advancement of new carbon technologies, with the environmental impact of bills, including fixing the higher existing GHG emissions to human health and safety risks due to energy shortages and outages. I am. The submissions also include the economic and financial implications of the ban, including increased dependence on imports and increased trade deficits from these imports, the waiver of economic benefits from development, and Quebec’s reputation as a jurisdiction over foreign investment. Discusses the impact on.

“It’s a shame to see Quebec hindering global environmental and social progress. Many witnesses have blocked even pilot projects for natural gas production, even if they have reduced global emissions. It clearly states that it must be done. The more it demands to ban even attempts to reduce emissions from natural gas with new technologies and approaches, the clearer it is to “live in the past.” There is nothing to say to. Other parts of the world are moving forward, and attempts to thwart progress by rebels will only move new carbon technologies for energy transformation to future-proof countries. The fact that the rights of local small retail shareholders, local Quebec royalty holders and indigenous peoples have been violated in the process means that thousands of people support the evolution of our global energy system. This is a particularly unreasonable result for. “

We also released detailed voting information from Quebec regarding the development of natural gas with new technologies.

As previously reported, more than 66% of Quebecs determined support local natural gas development, and 20% have no opinion. For production from pilot projects without GHG emissions, this support has increased to just over 77% of the Quebecs determined and 12% have no opinion. Nearly 85% of the Quebecs decided agree that the government should give indigenous peoples the opportunity to participate in a pilot project demonstrating zero-emission natural gas production, with 15% without opinion.

According to poll data, 37% supported the traditional crushing method, 45% disagreed, and 18% disagreed. When new technologies were used to eliminate the risks associated with hydraulic fracturing, support almost doubled to 71%, with 17% in favor and 12% against, no opinion.

Questerre is an energy technology and innovation company. It leverages the expertise gained through early exposure to low osmotic reservoirs to acquire significant high quality resources. We believe we can successfully transition our energy portfolio. New clean technologies and innovations for responsible production and use of energy enable us to sustain both human progress and the natural environment.

Questerre believes that the future success of the oil and gas industry will depend on the balance of economy, environment and society. We promise to ensure transparency and respect that the public must participate in making important choices for the future of our energy.

Advice on forward-looking statements

This news release contains a statement or information about the outlook, including Questionerre’s views on the Parliamentary Commission on Bill 21, and the environmental, financial, and other implications detailed in the submission of Bill 21 (“Future Outlook”). Contains specific descriptions that make up the description).

Forward-looking statements are based on some key factors, expectations, or assumptions of Questionerre that have been used to create such statements and information, but may turn out to be incorrect. .. Questerre believes that the expectations reflected in these forward-looking statements are reasonable, but Questerre cannot give any assurance that they can be proven to be correct and should be overly relied upon. Not. Forward-looking statements, by their very nature, carry inherent risks and uncertainties as they correspond to future events and circumstances. In addition, events and circumstances can significantly differ from what is expected as a result of many known and unknown risks, uncertainties, and other factors. Other specific risks detailed from time to time in Quebec Government Bill 21 and Quebec’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions, and other factors can be found in our annual information form and our profile (www.sedar.com) for the fiscal year ended December 31, 2020. It can be found in other available documents. Readers should be careful not to place undue reliance on these forward-looking statements. Forward-looking statements contained in this news release have been prepared as of today, and Questionerre has made public forward-looking statements unless necessary as a result of new information, future events, etc. We do not undertake any obligation to update or revise. Applicable securities law.

Certain information contained in this document may be considered a “financial outlook” in the sense of applicable securities law. The purpose of this financial outlook is to provide readers with a disclosure of Questerre’s reasonable expectations regarding the expected outcomes of the proposed business activities for the indicated period. Readers should be aware that the financial outlook may not be suitable for other purposes.


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Questerre submits a memorandum of understanding to the Parliamentary Commission of Bill 21, The Canadian Business Journal

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