Questerre Energy Corporation
TSX : QEC
OSLO STOCK EXCHANGE : QEC

Questerre Energy Corporation

January 17, 2011 19:00 ET

Questerre Updates Activities in Quebec

CALGARY, ALBERTA--(Marketwire - Jan. 17, 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) updated activities in the St. Lawrence Lowlands, Quebec.

Questerre received excellent cooperation from the citizens of Saint-Édouard and from the municipal government on its plans to acquire seismic and construct a natural gas pipeline. Both projects are ready to proceed. However, Questerre has elected to defer both projects pending receipt of the BAPE report, introduction of new hydrocarbon legislation and the results from its two horizontal wells.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "We had over 90% support from 449 land owners. If our reception in Saint-Édouard is a guide, once citizens are properly informed, people in the region are overwhelmingly in favour of shale gas development."

"I am especially grateful for the tremendous help and support from community leaders to inform their citizens about shale gas development. The delay is a disappointment. Not only are the payments to land owners delayed but so are local jobs."

Questerre understands that the operator is still targeting fracturing and testing of the Fortierville and St. Gertrude horizontal wells. Questerre is currently discussing with the operator the consequences of its decision to delay the completions to this year and its impact on the joint venture and Questerre's timeline for future work.

Mr. Binnion further added, "We are confident in the benefits of shale gas development for Quebec. 2011 will be the year to address the prerequisites we believe are essential to the development of Utica natural gas."

Questerre Energy Corporation is an independent energy company focused on shale gas in North America. The Company is concentrated on establishing commerciality of 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 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
    (403) 777-1185
    (403) 777-1578 (FAX)
    info@questerre.com