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TO U.S. INTELLIGENCE SERVICES OR U.S. PERSONS
CALGARY, Alberta, June 7, 2024 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE: QEC) reported that the Quebec Ministry of Economy, Innovation and Energy (the “Ministry”) has introduced Bill 69 in the National Assembly of Quebec, An Act to ensure responsible management of energy resources and to amend various legal provisions (“Bill 69”). A copy of the law is available online: https://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-69-43-1.html.
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According to the ministry, the core of the bill is an integrated energy resource management plan to promote energy development in Quebec. Among other things, it sets out policy guidelines, objectives and targets for the electricity and natural gas markets in terms of supply, energy infrastructure and innovation.
Michael Binnion, President and CEO of Questerre, commented: “Bill 69 proposes comprehensive changes to the regulatory framework to better manage the imbalance between energy supply and demand in Quebec. Proposals to streamline permitting processes are very welcome. It has become clear that premature aggressive electrification increases energy costs for Quebecers and efforts are needed to restore balance between electricity and natural gas markets. Questerre is moving forward with a carbon capture and storage application that will reduce emissions from natural gas consumption.”
Questerre is an energy technology and innovation company. It leverages its expertise gained through early engagement in low permeability deposits to acquire significant high-quality resources. We believe we can successfully transform our energy portfolio. With new clean technologies and innovations to produce and use energy responsibly, we can sustain both human progress and our natural environment.
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Questerre believes that the future success of the oil and gas industry depends on a balance between the economy, the environment and society. We are committed to transparency and respect the fact that the public must be involved in the important decisions for our energy future.
Note on forward-looking statements
This news release contains certain statements that constitute forward-looking statements or information (“forward-looking statements”), including the Company’s views on the proposals to streamline permitting processes, the impact of early aggressive electrification on energy costs in Quebec and the need to rebalance the electricity and natural gas markets. Forward-looking statements are based on several material factors, expectations or assumptions made by Questerre in developing such statements and information that may prove to be incorrect. 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. Because forward-looking statements address future events and conditions, by their nature they involve inherent risks and uncertainties. In addition, 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: certain other risks detailed from time to time in Questerre’s public disclosure documents. For more information on some of these risks, expectations or assumptions and other factors, please see the Company’s Annual Information Form for the fiscal year ended December 31, 2023 and other documents available under the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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