You gotta give Questerre Energy Corporation credit–they keep trying, even in the face of total opposition. Questerre, a Canadian driller, has patiently waited for years to begin drilling on their extensive Utica acreage in the St. Lawrence Lowlands of Quebec–even though last year Quebec all but permanently banned such drilling (see Quebec to Ban Utica Shale Drilling, Most Other Drilling Too).
Even with the ban, Questerre continues to buy more Utica acreage, as we reported in March (see Questerre Energy Picks Up Another 753K Utica Acres in Quebec).
Last August, Questerre threatened to challenge Quebec’s frack ban legally as soon as it goes into effect (see Questerre Energy to Challenge Quebec’s Utica Frack Ban in Court). We assume (don’t know for sure) that happened–that a lawsuit was launched to challenge the ban.
We spotted a press release issued by Questerre this morning that says the company has hired investment firm Industrial Alliance Securities Inc. to “provide advisory services with respect to finding Quebec-based strategic investors for its clean tech energy project.” Huh. They go on to say, “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.” What does that mean?
Looks to us like Questerre is trying to re-label natural gas as “clean tech energy”–perhaps by using new techniques to cut down on methane leakage and other environmental impacts of extracting natural gas.
But make no mistake, Questerre is trying to find a way to begin drilling on their Quebec Utica acreage, that’s what we take away from this somewhat muddled pronouncement.
We found this statement, that they fully intend to develop their Utica acreage, telling: “It [Questerre] is a leader on social license to operate issues for its Utica gas discovery in the St. Lawrence Lowlands, Quebec. It is pursuing oil shale projects with the aim of commercially developing these significant resources.” Could that be any clearer? We WILL develop that acreage. Gotta give ’em credit. Maybe the New York gas industry can learn something from Questerre?
This morning’s Questerre press release:
Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported that it has engaged Industrial Alliance Securities Inc. (“iA Securities”), a leading Quebec-based investment firm to provide advisory services with respect to finding Quebec-based strategic investors for its clean tech energy project.
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. The development of this discovery could generate substantial economic benefits for the province and other stakeholders. By combining new and innovative technologies with existing production methods, the clean tech energy project could also help Quebec in its energy transition plans and assist in meeting its 2030 Energy Policy goals. The technologies and processes could develop into new export opportunities for Quebec either directly or indirectly through reducing embedded emissions of other products using natural gas a feedstock.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “With the agreement to regain operatorship in place and growing interest in our clean tech energy pilot, we have hired Industrial Alliance to help us with strategic partnerships. They are one of Quebec’s oldest financial services firms with an extensive network in the province. We are looking forward to working with them to take our assets in Quebec to the next stage.”
Questerre is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica gas discovery in the St. Lawrence Lowlands, Quebec. It is pursuing oil shale projects with the aim of commercially developing these significant resources.
iA Securities is a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services Inc. (“iA Financial Group”). iA Financial Group is listed on the Toronto Stock Exchange under the ticker symbol IAG and manages assets of over $169 billion dollars. Its growth and financial strength make it one of the largest public companies in Canada.
Questerre is a believer that the future success of the oil and gas 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.*
*Questerre Energy Corporation (Apr 8, 2019) – Questerre engages financial advisor for Quebec strategic advisors
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