March 23, 2026 - Questerre updates developments in Quebec
Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company")
reported today on recent public comments by political leaders and observers in
Quebec regarding the province's energy security and the potential role of local
natural gas development as well as a notice from the Government. Following the
completion of the corporate reorganization in January 2026, the economic rights
to the Quebec assets are held by the Series 2 Preferred shareholders of the
Company.
Michael Binnion, President and Chief Executive Officer of Questerre, commented,
"We welcome recent comments and public debate regarding Quebec's strategic
autonomy in energy, including the potential study of natural gas development.
Energy security is becoming an increasing priority in a rapidly evolving
geopolitical and economic landscape. The province's significant natural gas
resources in the Québec Utica could play an important role in supporting this
objective."
A peer-reviewed full-cycle environmental study by CIRAIG indicated the
significant environmental benefits of local gas development. The study is
available online: https://www.questerre.com/operations/quebec/. The
comprehensive Strategic Environmental Assessment conducted by the Government of
Quebec similarly found that net environmental impacts are manageable. Mr.
Binnion further noted, "There are few projects in Canada that could have a
greater positive impact on the environment."
Questerre received notice from the Ministry of Economy, Innovation and Energy
reminding the Company of its obligations under Bill 21, following the Supreme
Court of Canada's decision not to hear Questerre's appeal to maintain the stay.
Among other requirements, Questerre has been asked to demonstrate $11 million in
liquidity for the future well abandonments. Pursuant to Bill 21, the Government
of Quebec is responsible for 75% of these abandonment and reclamation costs.
Questerre is assessing the potential of these wells for use as pilot wells in
its carbon sequestration pilot program. The Company will work cooperatively with
the Government to meet its obligations on a reasonable and timely basis.
Questerre remains committed to a political and business solution to develop its
natural gas discovery in the Québec Utica, widely recognized as one of the most
significant undeveloped natural gas resources in Eastern Canada. The Company
continues to engage constructively with stakeholders to support the responsible
development of Québec's energy resources while protecting the interests of its
shareholders.
Questerre is an energy technology and innovation company focused on responsibly
developing oil and gas resources. The Company holds a significant natural gas
discovery in the Québec Utica shale, widely recognized as one of the most
important undeveloped natural gas resources in Eastern Canada. The Company
believes society can successfully transition its energy portfolio. With new
clean technologies and innovation to responsibly produce and use energy, society
can sustain both human progress and the natural environment.
Questerre is a believer that the future success of the energy industry depends
on a balance of economics, environment, and society. We are committed to being
transparent and are respectful that the public must be part of making the
important choices for our energy future.
For further information, please contact:
Questerre Energy Corporation
Jason D'Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
Advisory Regarding Forward-Looking Statements This news release contains certain
statements which constitute forward-looking statements or information
("forward-looking statements") within the meaning of applicable securities laws
in Canada. Any statements about Questerre's expectations, beliefs, plans, goals,
targets, predictions, forecasts, objectives, assumptions, information and
statements about possible future events, conditions and results of operations or
performance are not historical facts and may be forward-looking. Forward-looking
information is often, but not always, made through the use of words or phrases
such as "anticipates", "aims", "strives", "seeks", "believes", "can", "could",
"may", "predicts", "potential", "should", "will", "estimates", "plans",
"mileposts", "projects", "continuing", "ongoing", "expects", "intends" and
similar words or phrases suggesting future outcomes. Forward-looking information
in this news release includes but is not limited to the Company's views on the
role of Quebec's natural gas resources to support the province's energy
security, working collaboratively with the Government on its obligations under
Bill 21, and its plans for a business and political solution in Quebec while
protecting its shareholders' rights.
Although Questerre believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Questerre can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Current
conditions, economic and otherwise, render assumptions, although reasonable when
made, subject to greater uncertainty. Undue reliance should not be placed on
forward-looking information as actual results may differ materially from those
expressed or implied by forward-looking information.
Events or circumstances may cause actual results to differ materially from those
predicted as a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company, including,
without limitation: the following risk factors: additional funding requirements