The Quebec Resource Assessment was prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook Volume I (“COGE Handbook”). The clean tech energy project seeks to develop the Company’s multi-Tcf natural gas discovery in the province of Quebec using innovative technologies that promote clean energy production. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Questerre is an energy technology and innovation company. Questerre is a public oil and gas production company with operations in Alberta, Quebec, Saskatchewan and Jordan. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. It holds the largest acreage position in the Utica Shale in the Saint Lawrence Lowlands. 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. Calgary, Alberta — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release dated March 7, 2019. Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta. Those factors and assumptions are based upon currently available information available to Questerre. Questerre believes that the remaining Regulations, while stricter than other jurisdictions, are generally workable. The Quebec Resource Assessment assesses the Utica shale gas potential within the Company’s 735,910 gross acres in the St. Lawrence Lowlands of Quebec. 1650, 801 Sixth Avenue SWCalgary, AlbertaCanada T2P 3W2tel +1 403 777-1185fax +1 403 777-1578info@questerre.com. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. The segments of the group are Western Canada; Quebec ; and Corporate and others. Following a successful vertical test well program in 2008 and 2009, Questerre and its partner, Repsol Oil & Gas Canada Inc. (formerly Talisman Energy Inc.), began a pilot horizontal well program to assess commerciality of the Utica shale in 2010. The estimates of contingent resources involve implied assessment, based on certain estimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be profitably produced in the future. Questerre has submitted a request to the Government of Quebec to consider a science-based research project for clean tech energy production. Subject to the conditions precedent, Questerre anticipates entering into a purchase and sale agreement in the fourth quarter and closing the acquisition early in 2019. Based on an independent resource assessment prepared by GLJ Petroleum Consultants Ltd. (“GLJ”) as of December 31, 2017 for the majority of this acreage where the Company holds a working interest, the best estimate of unrisked gross contingent and prospective resources was 3.9 Tcf and 21.3 Tcf respectively. GLJ prepared an independent resource assessment of the Company’s 735,910 gross (190,800 net) acres in the St. Lawrence Lowlands Quebec that have potential for the Upper Utica Shale effective December 31, 2017 in a report dated March 5, 2018 (the “GLJ Resource Assessment”). The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Our Clean Tech Energy project in Quebec will dramatically reduce full lifecycle emissions and so could benefit from a stronger focus on ESG.”Commenting … All Contacts. The brief also requested a stay and ultimately a judicial hearing to have them set aside.The Company’s motion was made on the basis that the specific Regulations are ultra vires, or beyond the legal power and authority granted to the government by the Petroleum Resources Act, contrary to the independent scientific studies, and moreover they do not meet the consultation requirements detailed in Quebec legislation with respect to the enactment of regulations. CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has received all approvals and has closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company (the “Agreement”) as set out in the Company’s press release … Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. CALGARY, Alberta, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today … It also enacted the associated regulations (the “Regulations”)which include restrictions on oil and gas activities, specifically the prohibition of hydraulic fracturing of shale. It is leveraging its expertise gained through early exposure to low permeability reservoirs to … Following almost six years of extensive studies and public consultation, in December 2016, the Government of Quebec passed Bill 106, An Act to implement the 2030 Energy Policy and amend various legislative provisions. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or that Questerre will produce any portion of the volumes currently classified as contingent resources. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future. This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s plans to engage the Government and other stakeholders on its Clean Tech Energy project, its plans to share profits from this project with local communities, its belief that this will be essential to the social acceptability needed to move forward and its plans to update the resource assessment for the newly acquired acreage. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Questerre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Questerre Energy is currently engaged in the acquisition, exploration and development of oil and gas projects. The Attorney General requested an extension for the hearing date on the motion to stay, in order to receive clear instructions from the newly elected government on this matter. 1650, 801 Sixth Avenue SW Calgary, Alberta Canada T2P 3W2 tel +1 403 777-1185 fax +1 403 777-1578 info@questerre.com The Quebec Resource Assessment assesses the Utica shale gas potential within the Company’s 735,910 gross acres in the St. Lawrence Lowlands of Quebec. Contingent resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The main beneficiary if Questerre Energy Corporation, which owns ~350,000 acres in the Quebec Utica. For more information, please see the Company’s press releases dated June 4, 2018. The enactment of the Regulations also satisfies one of the prerequisites for the Company to close its previously announced Letter of Intent with a senior exploration and production company (the “LOI”) to consolidate its assets in Quebec and regain operatorship. Acquire significant high-quality resources questerre has submitted a request to the outstanding litigation fax ) |Email: info questerre.com... 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