All Contacts. tel +1 403 777-1185. fax +1 403 777-1578. info@questerre.com. Pursuant to the LOI, Questerre will acquire the exploration rights to 753,000 net acres in the Lowlands,associated wells and equipment, geological and geophysical data and other miscellaneous assets. Mémoire – Concernant les projects de réglements relatifs à l’entrée en vigueur de la loi sur les hydrocarbures. The Government of Quebec enacted the Petroleum Resources Act in the third quarter of 2018 to govern the development of hydrocarbons in the province. Once the restrictions in Quebec related to the second COVID-19 wave are lifted, we expect this will revitalize our discussions with key stakeholders.” Questerre is an energy technology and innovation company. The majority of Questerre’s one million gross acres lies in the heart of the fairway between two major geological features — Logan’s Line, a subsurface thrust fault to the east and the Yamaska growth fault to the west. Questerre Energy CEO pitches fracking project in Quebec Open this photo in gallery: A Questerre shale gas exploration well is seen near St. Edouard, Que., in 2010. Calgary, Alberta -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE: QEC) reported today that the Government of Quebec has published the consultation documents for its strategic environmental assessment of oil and gas. The Lowlands are situated in Quebec, south of the St. Lawrence River between Montreal and Quebec City. CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release … We believe this can be accomplished today by using new technologies and leveraging Quebec’s hydropower advantage.”. This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s plans to engage the Government and other stakeholders on its Clean Tech Energy project, its plans to share profits from this project with local communities, its belief that this will be essential to the social acceptability needed to move forward and its plans to update the resource assessment for the newly acquired acreage. Calgary, Alberta — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release dated March 7, 2019. The net present value of the risked Contingent Resources, including the development on hold and development unclarified sub categories, discounted at 10% before tax is estimated at $409 million. Test data from these wells, in conjunction with offset development and studies of the analogous US Utica, supports the prospective commercial development of these resources. 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. 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. Prospective resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from unknown accumulations by application of future development projects. The updated Quebec Resource Assessment assigned Contingent Resources for approximately 16% of Questerre’s acreage based on the results from several vertical and horizontal wells on the Company’s acreage that have all encountered pay in the Utica as reported by the Company in 2008 to 2010. The segments of the group are Western Canada; Quebec ; and Corporate and others. Questerre Energy (QEC-T) April 7, 2017 The Québec government has finally put the ability for the “go forward” strategy on the Utica Shale to happen. Questerre filed a legal brief with the Superior Court of Quebec challenging the validity of the specific Regulations relating to the restrictions. Subject to the conditions precedent, Questerre anticipates entering into a purchase and sale agreement in the fourth quarter and closing the acquisition early in 2019. Questerre Energy Corporation stock and Oil & Gas E&P market discussion, news, and analysis from Canada's largest community of active investors. Following almost six years of extensive studies and public consultation, in December 2016, the Government of Quebec passed Bill 106, An Act to implement the 2030 Energy Policy and amend various legislative provisions. Questerre is an energy technology and innovation company. Questerre has submitted a request to the Government of Quebec to consider a science-based research project for clean tech energy production. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. Questerre Energy Corp. 1650, 801 Sixth Avenue SW. Calgary, Alberta. The estimates of contingent resources involve implied assessment, based on certain estimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be profitably produced in the future. The Quebec Resource Assessment was prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook Volume I (“COGE Handbook”). Advisory Regarding Forward-Looking Statements. Michael Binnion is the President and CEO and founding shareholder of Questerre Energy, established in November 2000. The exploration potential of the Lowlands is complemented by proximity to one of the largest natural gas markets in North America and a well-established distribution network. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. In early 2018, the Company engaged GLJ Petroleum Consultants Ltd. (“GLJ”) to update the resource assessment of its Utica acreage in Quebec effective December 31, 2017 with a report date of March 16, 2018 (the “Quebec Resource Assessment”). Post-closing, Questerre holds the rights to approximately one million net acres covering a well-established gas resource. Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that the Government of Quebec announced its plans to officially implement or put into practice the Petroleum Resources Act (the “Act”). The Company plans to update this assessment for the newly acquired acreage later this year. Following a successful vertical test well program in 2008 and 2009, Questerre and its partner, Repsol Oil & Gas Canada Inc. (formerly Talisman Energy Inc.), began a pilot horizontal well program to assess commerciality of the Utica shale in 2010. Questerre Energy Corp is a Canada-based company engaged in the acquisition, exploration, and development of oil and gas projects. “Best Estimate” resources are considered to be the best estimate of the quantity that will actually be recovered. Questerre consented to the request. Prospective resources have both an associated chance of discovery (CoDis) and a chance of development (CoDev). The main beneficiary if Questerre Energy Corporation, which owns ~350,000 acres in the Quebec Utica. It operates non-conventional projects, such as tight oil, oil shale, shale oil and shale gas. Of that, Questerre is considering (for now) drilling on 36,000 acres. “Gross” resources are Questerre’s working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests of Questerre. Developed with leading Quebec innovators and leveraging best practices worldwide, this new approach could be used around the world to aid global energy transition. Questerre Energy Corporation is an international energy exploration company headquartered in Calgary, Canada, and listed on the Toronto Stock Exchange and the Oslo Stock Exchange. Questerre is a public oil and gas production company with operations in Alberta, Quebec, Saskatchewan and Jordan. It also enacted the associated regulations (the “Regulations”)which include restrictions on oil and gas activities, specifically the prohibition of hydraulic fracturing of shale. Both parties have released each other from all claims related to outstanding litigation. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. For more information, please refer to the Company’s 2017 Annual Information Form (“AIF”) and press release dated March 12, 2018 available on the Company’s website at www.questerre.com and on SEDAR at www.sedar.com. 1650, 801 Sixth Avenue SW Calgary, Alberta Canada T2P 3W2 tel +1 403 777-1185 fax +1 403 777-1578 info@questerre.com These amendments include the enactment of the Petroleum Resources Act to govern the future development of petroleum resources in Quebec. Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta. The deal with Repsol tripled Questerre’s total Quebec Lowlands shale gas properties to about 1,560 square miles. Canada T2P 3W2. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. Their partner is Repsol. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment. The segments of the group are Western Canada; Quebec ; and Corporate and others. The firm owns assets in Alberta, Saskatchewan, Manitoba and Quebec… Calgary, Alberta -- Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the 'Agreement') as set out in the Company's press release dated March 7, 2019. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. The Canada-based company is engaged in the acquisition, exploration, and development of oil and gas projects. Our Clean Tech Energy project in Quebec will dramatically reduce full lifecycle emissions and so could benefit from a stronger focus on ESG.”Commenting … Questerre expands Clean Tech Pilot engineering to include hydrogen. Energy. The clean tech energy project seeks to develop the Company’s multi-Tcf natural gas discovery in the province of Quebec using innovative technologies that promote clean energy production. There is no certainty that any portion of the prospective resources will be discovered. Questerre Energy is a Canadian oil and gas firm with assets across the prairies, Quebec, Utah and Jordan. Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Calgary, Alberta — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release dated March 7, 2019. Questerre Energy Corp serves the oil and gas sector. The area is prospective for natural gas in several horizons with the primary target being the Utica shale. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. 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