In response to shareholder inquiries, Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) provided an update on upcoming events following the ruling by the Qubec Superior Court (Civil Division) last week on the Company’s application to stay key provisions of the Act ending exploration for petroleum and underground reservoirs and production of petroleum and brine (the “Act”), for the duration of the judicial proceedings. This application was made to preserve Questerre’s rights.
In the meantime, the Company is proceeding with the main hearing on the merits of the case in accordance with procedural rules in Québec, including its debate on the constitutional validity of Bill 21. The judicial process is at the discoveries stage, the next step being pre-trial examinations. The Justice recently ruled that the examinations will proceed as originally scheduled, despite the request of the Attorney General for postponement of these examinations. Following the completion of pre-trial examinations, a date will be set for the main hearing.
Michael Binnion, President, and Chief Executive Officer of Questerre, reported, “The exceptional stay of key provisions of the Act and confirmation by the Justice that there are serious issues to be formally debated and decided upon, preserves our investment from potentially irreparable harm while we pursue our legal claims pending final judgement. While our main goal remains to seek a business and political solution, the protection of our legal position remains a key priority.”
The Company also reported that it has published on its website the official French and an English translation of the ruling. It can be found online at https://www.questerre.com/wp-content/uploads/2024/01/2024-01-25-Decision-English.pdf, or https://www.questerre.com/wp-content/uploads/2024/01/2024-01-25-Decision-Francais.pdf. A copy is also published on the NewsPoint disclosure system of the Oslo Stock Exchange.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our 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.