Questerre reports on Bill 21

This press release is not for release or distribution in the United States of America to United States news services or United States persons.

CALGARY, Alta., July 18. 11, 2022 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Corporation”) (TSX,OSE:QEC) announced that the Government of Quebec intends to enact Bill 21, An Act mainly to end petroleum exploration and production and the public financing of these activities on August 23, 2022. The Company also reported that the Attorney General of Quebec is seeking a motion to dismiss the Company’s claims for the related revocation of its licenses in the province.

Michael Binnion, President and CEO of Questerre, said, “By enacting Bill 21, the government is once again choosing to ignore the realities of the current energy crisis and how to truly reduce GHG emissions. This ill-conceived legislation only serves to increase GHG emissions in Quebec and elsewhere. As our European allies and partners around the world urgently seek reliable natural gas, Quebec is wasting the opportunity to become a trusted supplier and a proactive participant in reducing our dependence on gas suppliers. autocratic energy.

He added: “The decision of the Attorney General of Quebec to seek the dismissal of our legal claims without due process has only strengthened our resolve to fight this gross injustice. We oppose this dismissal and the revocation of our licenses under this legislation. We will vigorously defend our legal rights and seek fair and equitable compensation for violations of our license agreements. Quebec is a democratic state and it must act in good faith with regard to our agreements. Expropriating the assets of honest companies without due process and without fair compensation does not respect the rule of law on which democracy depends. We also work with our partners, including First Nations, to ensure their legal rights are protected.

The government has announced that Bill 21 will come into force on August 23, 2022. This follows Royal Assent on April 13, 2022 and the approval of elected members of the National Assembly. A copy of the announcement in the official gazette is available online at: http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telecharge.php?type=1&file=105873.pdf.

The Company also reported that the Attorney General of Quebec has requested the Superior Court to order special case management of all ongoing litigation related to Bill 21. If granted, this request would result in the consolidation and treatment of all disputes related to Bill 21 by a single judge. The Company, through its legal counsel, will submit its formal response to this request in due course. The Attorney General also intends to seek dismissal of all pending litigation. The ongoing litigation includes the application for judicial review and the application for expropriation filed by Questerre in 2018 and 2022 respectively.

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-grade resources. We believe we can successfully transition our energy portfolio. Through new clean technologies and innovation to produce and use energy responsibly, we can support both human progress and our natural environment.

Questerre believes that the future success of the oil and gas industry depends on a balance between economy, environment and society. We are committed to transparency and respect that the public must be part of the choices that matter to our energy future.

Notice Regarding Forward-Looking Statements

This press release contains certain statements that constitute forward-looking statements or information (“forward-looking statements”), including the Company’s views on the impacts of Bill 21, its plans to defend its legal rights and seek fair compensation. and fair for breach of its license agreements.

Forward-looking statements are based on several important factors, expectations or assumptions of Questerre that were used to develop these statements and information, but which 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 as Questerre cannot guarantee that they will prove to be correct. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. In addition, events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time to time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors can be found in the Company’s Annual Information Form for the year ended December 31, 2021 and other documents available on the Company’s profile at www. .sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press 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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