CALGARY, ALBERTA--(Marketwire - Sept. 24, 2012) -
NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Questerre (TSX:QEC) (OSLO:QEC) reported today on recent comments by the newly appointed Minister of Natural Resources in Quebec regarding a moratorium on the development of natural gas in the province.
Michael Binnion, President and Chief Executive Officer of Questerre stated, "There is already a moratorium in Quebec. So the Minister's comments about a moratorium have no impact on our business plan. We will continue to develop our conventional assets, including the discovery in the Montney, and advance our high impact oil shale assets."
He added, "We were disappointed to hear that the Minister does not believe modern completion techniques can ever be done safely. It is ironic since Quebec imports approximately 0.5 Bcf a day of natural gas from Western Canada that is safely produced using this proven, well-established technology."
He further commented, "We were especially disappointed the Minister would prejudge and put undue influence on the results of the existing and future environmental studies. However we were pleased to hear the Premier of Quebec agree that a study is necessary to evaluate all impacts. The government commissioned the Bureau d'audiences publiques sur l'environnement ("BAPE") in the fall of 2010 to study the impact of natural gas development. One of the BAPE's key recommendations was the Strategic Environmental Assessment ("SEA), which is currently ongoing. We support the completion of this process and await the final report from the SEA in the fall of 2013."
In closing, he noted, "The oil and gas industry requires effective and efficient regulations to ensure development benefits all stakeholders. We invite the new Minister and the government of Quebec to visit Alberta and see how modern natural gas is being developed safely today."
Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas resources. The Company is currently developing a portfolio of oil shale assets in North America. It is also securing a social license to commercialize its Utica natural gas discovery in Quebec. The Company is underpinned by light oil assets and a strong balance sheet. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.
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.