Questerre Energy Corporation
TSX : QEC
OSLO STOCK EXCHANGE : QEC

Questerre Energy Corporation

May 18, 2011 00:15 ET

Questerre Energy Corporation: Quebec Government Plans Extension for Exploration Licenses

CALGARY, ALBERTA--(Marketwire - May 18, 2011) -

NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) reported today that the Québec government has introduced legislation to extend the terms of all the oil and gas exploration licenses issued in the province.

Pursuant to Bill 18 introduced by the Ministry of Natural Resources in the National Assembly, the Minister intends to suspend the term of the exploration licenses for petroleum, natural gas and underground reservoirs in the province of Québec. Holders of these licenses are also exempted from performing the work required under the Mining Act for a three year period from the coming into force of the Act. The details of the Bill can be found at: http://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-18-39-2.html.

Questerre also reported that the Ministry of Sustainable Development, Environment and Parks ("MDDEP") has announced the mandate and membership of the committee that will oversee the strategic environmental assessment ("SEA") for shale gas development in Québec. The committee will have a total of 11 members and include representatives from ministries of municipal affairs, natural resources, the education and research sector, the sustainable development and environmental sector and industry. It will be chaired by MDDEP.

The committee's mandate will include delivery of a report on the strategic environmental assessment to address the issues identified and provide recommendations for the regulatory regime to govern shale gas development. The details of the announcement are available at:
http://communiques.gouv.qc.ca/gouvqc/communiques/GPQF/Mai2011/12/c4048.html?slang=en

Questerre Energy Corporation is an independent energy company focused on shale projects. The Company is leveraging its expertise to commercialize projects like its Utica shale gas discovery in the St. Lawrence Lowlands, Québec. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.

This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including implementation of regulations and fiscal regimes, the results from our horizontal wells and the timing and scope of future operations. Although the Company 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 the Company. 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, the Company 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.

This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.

Contact Information

  • Questerre Energy Corporation
    Anela Dido
    Investor Relations
    (403) 777-1185
    (403) 777-1578 (FAX)
    info@questerre.com