Questerre Energy Corp will sue Quebec for a huge amount 😎👏
https://www.westernstandard.news/alberta/quebec-facing-billion-in-legal-claims-for-o-g-expropriation/article_5a854ec8-f273-11ec-9e34-1b4befa4004f.html
Utica Resources has filed a lawsuit in Quebec's Superior Court seeking compensation of $18 billion claiming Bill 21 "constitutes an attack" on the firm's fundamental rights.
Quebec-based Utica Resources is a company focused on the sustainable development of a diverse portfolio including light oil, natural gas, and renewable energy projects such as hydrogen and CO2 storage.
Bill 21 — introduced in February by Quebec Premier François Legault and passed by the National Assembly in April — bans oil and gas production in Quebec. Utica Resources, in its Wednesday filing, claimed the bill violates the resource development company's right to "the peaceful enjoyment and free disposition of its property" under Quebec's Charter of Rights and Freedoms.
As well, Utica said the expropriation by the Quebec government under Bill 21 also violates the section of the Civil Code of Quebec that states "no owner may be compelled to transfer his ownership except by expropriation according to law for public utility and in return for a just and prior indemnity."
Utica said it has determined its net present value of future profits, as estimated by a leading expert, at $18 billion, and is seeking Bill 21 be nullified or the firm be compensated at the assessed value.
“We will defend our rights so that this disguised expropriation, the public utility of which does not exist, is compensated at the fair value of our properties”, said Utica President and CEO Mario Lévesque.
“A leading independent expert has concluded that Utica’s properties would generate $67 billion in future profits — net value of recoverable resources in place — the equivalent of $18 Billion in net present value using the discount rate of the Court.”
Lévesque said the Quebec government has been open to the exploration and development of the province's oil and gas resources and has invited firms to do so for many years.
"We acted in good faith, found local and foreign investors and respected all of Quebec’s regulatory requirements," said Lévesque.
"Then from one day to the next, the government changed its mind for political reasons and effectively expropriated our properties without proper prior compensation."
"Bill 21 is completely irresponsible and without logic in all regards and goes against the will of a significant majority of Quebecers. It is bad for Quebec, and our European allies who desperately need our gas, and even for the environment.”
Lévesque said if the expropriations are upheld by the Court, it would mean there are no property rights in Quebec and Canada.
"The province and the country would become un-investable and make a mockery of Mr. Legault's claim that 'Quebec is not a banana republic' and Invest in Canada's claim that "Canada is the best country for global investment. Period."
Utica's lawsuit challenging the legislation included in Bill 21 — which has yet to be enacted — is one of several lawsuits being brought against the Quebec government. In May, Calgary-based Questerre Energy, also filed a statement of claim against the legislation.
Michael Binnion, CEO of Questerre Energy, told the Western Standard their claim is seeking damages in an amount to be determined at trial, but suggested it will also be in the tens of billions to represent fair value compensation.
Binnion said his company has more than a thirty-year history in the natural gas industry in Quebec and in 2008 drilled a discovery well with 21 trillion cubic feet of gas resources on the company's 1 million acres of land in the province.
"It is by far the largest gas field in North America," said Binnion.
He said Questerre has entered into several different license agreements with the Government of Quebec over the years and has invested roughly $160 million on its contracts and exploration.
"Quebec receives $13 billion in equalization payments yet they won't let an Alberta company develop the gas they have found," said Binnion.
"And, adding injury to injury, they have expropriated our ability to develop our gas resources without fair compensation."
He also said he finds an issue with Alberta treating Quebec companies with trade fairness and investor protections," yet Quebec does not do the same for Alberta companies.
Binnion said he is aware of several other oil and gas companies that plan to also sue the Quebec government for fair-value compensation.
"It is by far the largest gas field in North America" 🚀🚀🚀🚀🚀
Utica Resources has filed a lawsuit in Quebec's Superior Court seeking compensation of $18 billion claiming Bill 21 "constitutes an attack" on the firm's fundamental rights.
Quebec-based Utica Resources is a company focused on the sustainable development of a diverse portfolio including light oil, natural gas, and renewable energy projects such as hydrogen and CO2 storage.
Bill 21 — introduced in February by Quebec Premier François Legault and passed by the National Assembly in April — bans oil and gas production in Quebec. Utica Resources, in its Wednesday filing, claimed the bill violates the resource development company's right to "the peaceful enjoyment and free disposition of its property" under Quebec's Charter of Rights and Freedoms.
As well, Utica said the expropriation by the Quebec government under Bill 21 also violates the section of the Civil Code of Quebec that states "no owner may be compelled to transfer his ownership except by expropriation according to law for public utility and in return for a just and prior indemnity."
Utica said it has determined its net present value of future profits, as estimated by a leading expert, at $18 billion, and is seeking Bill 21 be nullified or the firm be compensated at the assessed value.
“We will defend our rights so that this disguised expropriation, the public utility of which does not exist, is compensated at the fair value of our properties”, said Utica President and CEO Mario Lévesque.
“A leading independent expert has concluded that Utica’s properties would generate $67 billion in future profits — net value of recoverable resources in place — the equivalent of $18 Billion in net present value using the discount rate of the Court.”
Lévesque said the Quebec government has been open to the exploration and development of the province's oil and gas resources and has invited firms to do so for many years.
"We acted in good faith, found local and foreign investors and respected all of Quebec’s regulatory requirements," said Lévesque.
"Then from one day to the next, the government changed its mind for political reasons and effectively expropriated our properties without proper prior compensation."
"Bill 21 is completely irresponsible and without logic in all regards and goes against the will of a significant majority of Quebecers. It is bad for Quebec, and our European allies who desperately need our gas, and even for the environment.”
Lévesque said if the expropriations are upheld by the Court, it would mean there are no property rights in Quebec and Canada.
"The province and the country would become un-investable and make a mockery of Mr. Legault's claim that 'Quebec is not a banana republic' and Invest in Canada's claim that "Canada is the best country for global investment. Period."
Utica's lawsuit challenging the legislation included in Bill 21 — which has yet to be enacted — is one of several lawsuits being brought against the Quebec government. In May, Calgary-based Questerre Energy, also filed a statement of claim against the legislation.
Michael Binnion, CEO of Questerre Energy, told the Western Standard their claim is seeking damages in an amount to be determined at trial, but suggested it will also be in the tens of billions to represent fair value compensation.
Binnion said his company has more than a thirty-year history in the natural gas industry in Quebec and in 2008 drilled a discovery well with 21 trillion cubic feet of gas resources on the company's 1 million acres of land in the province.
"It is by far the largest gas field in North America," said Binnion.
He said Questerre has entered into several different license agreements with the Government of Quebec over the years and has invested roughly $160 million on its contracts and exploration.
"Quebec receives $13 billion in equalization payments yet they won't let an Alberta company develop the gas they have found," said Binnion.
"And, adding injury to injury, they have expropriated our ability to develop our gas resources without fair compensation."
He also said he finds an issue with Alberta treating Quebec companies with trade fairness and investor protections," yet Quebec does not do the same for Alberta companies.
Binnion said he is aware of several other oil and gas companies that plan to also sue the Quebec government for fair-value compensation.
"It is by far the largest gas field in North America" 🚀🚀🚀🚀🚀
Redigert 24.06.2022 kl 06:57
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MC Axel
23.08.2022 kl 20:55
5194
Yes, it will be incredibly exciting! although, I think the ban will take effect
if they delay the ban then QEC explodes upwards!
if they delay the ban then QEC explodes upwards!
Fjellbris
23.08.2022 kl 23:19
4720
Domus 23.03 - på forhånd takk, det blir spennende samt veldig hyggelig at du er tilbake på QEC trådene😀👍👏
Redigert 23.08.2022 kl 23:19
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Stilitz
23.08.2022 kl 23:19
4720
Jeg er sterkt tvilende i forhold til om lovforslag 21 noensinne blir vedtatt i Quebec. Den største kritikken retter seg mot at lovforslaget i stor grad vil bidra til å redusere innvandrings kvinner sine rettigheter og trygghet etc. Når det gjelder behandlingen av olje og gass selskaper, tror jeg en del politikere ser frem mot at lovforslaget blir begravet en gang for alle.
MC Axel
23.08.2022 kl 23:38
4654
Canada and Germany sign contract to start hydrogen deliveries by 2025 - Quebec ...
https://canadatoday.news/qc/canada-and-germany-sign-contract-to-start-hydrogen-deliveries-by-2025-15556/
easygo
24.08.2022 kl 00:10
4566
Bra at de finner samarbeidsprosjekter, men det bidrar ingen ting til å løse Europas akutte energimangel i dag og vil neppe gi store bidraget når/hvis de kommer i gang i 2025/2026.
hebbe
24.08.2022 kl 06:23
4387
Mon ikke vi 2 NOK plus i dag 🤷♂️
6710
24.08.2022 kl 08:27
3973
Endelig kommer QEC med modargumentsangreb imod at kunne fratage vigtige elementær rettighed i at kunne drive virksomhed m.fl.
Bravo QEC, klog træk på rette tidspunkt 😀
Bravo QEC, klog træk på rette tidspunkt 😀
minsin
24.08.2022 kl 08:35
3893
Hmm ei melding om.. ingenting.
Intet nytt, utenom det vi har lest om i nyhetsbildet
Intet nytt, utenom det vi har lest om i nyhetsbildet
Peter Sellers
24.08.2022 kl 08:44
3834
@minsin, ja det har du rett i! En børsmelding som ikke er meldepliktig, intet nytt her!
OPC1000
24.08.2022 kl 08:47
3813
Det nye er kanskje at caset ikke er dødt og at det ikke har kommet et ord om at BILL21 ble iverksatt 23. august.
Spennende å se om Elly tar feil iglen (NOK 2).
Det kan uansett være en ypperlig anledning for algoritmene til å skape rally - og få andre til å kaste seg inn i aksjen.
Spennende å se om Elly tar feil iglen (NOK 2).
Det kan uansett være en ypperlig anledning for algoritmene til å skape rally - og få andre til å kaste seg inn i aksjen.
Redigert 24.08.2022 kl 08:52
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Og der fikk du noe å holde deg fast i.. hva er problemet egentlig?
Upup
24.08.2022 kl 09:37
3648
Når en lov er vedtatt og det meldes at den gjelder fra 23.august så er den vel iverksatt fra og med 23.august.
Er det vanlig praksis å melde ifra nok en gang om at det som tidligere er meldt fortsatt gjelder?
Er det vanlig praksis å melde ifra nok en gang om at det som tidligere er meldt fortsatt gjelder?
MC Axel
24.08.2022 kl 09:46
3618
In fact, such laws tend to get a lot of attention. Both from industry and environmental organisations
Something is so wrong here
Something is so wrong here
risksøker
24.08.2022 kl 09:49
3588
Kan noen som har kontakt med; Jason D'Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
ta det opp med han?
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
ta det opp med han?
Loven er ikke gjeldene, den er utfordret av menneskerettsforkjempere og industri som Qec
Redigert 24.08.2022 kl 09:52
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Ja her er det noe som skurrer..
Fjellbris
24.08.2022 kl 10:00
3552
Slettet brukerskrev Og der fikk du noe å holde deg fast i.. hva er problemet egentlig?
Så enig, så enig! Peter Sellers påstår han er aksjonær (mener han skrev en gang han er inne med 10000 aksjer a 1,68), det meste han kommenterer på er negativt vinklet/har en negativ tone. Ser ikke ut som han ønsker å tjene noen kroner på sine aksjer den karen, eller han er glad for dagens melding/info og kurs over 1,9😉
Redigert 24.08.2022 kl 10:01
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OPC1000
24.08.2022 kl 10:00
3583
Jeg vil tro at det er enklere å endre loven, utsette loven eller stoppe loven hvis den ikke har tredd i kraft.
Derfor mener jeg det er relevant å vite om den virkelig trådde i kraft 23. august som annonsert.
Derfor mener jeg det er relevant å vite om den virkelig trådde i kraft 23. august som annonsert.
risksøker
24.08.2022 kl 10:02
3566
Ja, hvem kan ta det opp med;Jason D'Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
Når han våkner.
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
Når han våkner.
Redigert 24.08.2022 kl 10:05
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OPC1000
24.08.2022 kl 10:11
3505
På den annen side - hvis ikke lover var innført ville vel QEC nevnt det i dagens melding.
mofi1
24.08.2022 kl 10:14
3493
Domus skrev Alt er ikke skrevet i stein.
«Alt er ikke skrevet i stein», en spennende kommentar, Domus!
Dette er jo hva vi som ikke sitter så tett på begivenhetene, har håpet på - at realitetene før eller siden vil kunne påvirke politiske beslutninger i Québec.
Men, Domus, du har vel også sagt at Bill21 vil bli gjort gjeldende, så lurer på om du kunne utdype litt hva du tenker på med din kommentar?
Dette er jo hva vi som ikke sitter så tett på begivenhetene, har håpet på - at realitetene før eller siden vil kunne påvirke politiske beslutninger i Québec.
Men, Domus, du har vel også sagt at Bill21 vil bli gjort gjeldende, så lurer på om du kunne utdype litt hva du tenker på med din kommentar?
Redigert 24.08.2022 kl 10:18
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Det er så lite relevant det den figuren kommer med, men han om det.
Bra vi ser det samme angående dagens melding Fjellbris, her tror jeg det ligger noe mer bak som ikke er kommet frem i dagens lys, da av den positive sort.
Bra vi ser det samme angående dagens melding Fjellbris, her tror jeg det ligger noe mer bak som ikke er kommet frem i dagens lys, da av den positive sort.
risksøker
24.08.2022 kl 10:32
3383
I meldingen fra i dag;
Questerre is seeking to have Bill 21, An Act mainly to end petroleum exploration
and production and the public financing of those activities, that unilaterally
terminates its license agreements in Quebec judged illegal and unconstitutional.
Han jobber med saken.
Questerre is seeking to have Bill 21, An Act mainly to end petroleum exploration
and production and the public financing of those activities, that unilaterally
terminates its license agreements in Quebec judged illegal and unconstitutional.
Han jobber med saken.
Domus
24.08.2022 kl 11:08
3231
Blir loven innført når den er «challenged in court», eller må de da avvente hva retten avgjør?
Hvis retten anser at her må det en full høring, blir det utsatt inntil videre…eller??
Hvis retten anser at her må det en full høring, blir det utsatt inntil videre…eller??
mofi1
24.08.2022 kl 11:14
3218
Takk for svar!
Selv om det tilsynelatende er innlysende svar på spørsmålene dine, er det ingenting av dette innlysende for meg når det gjelder Québec:-)
Selv om det tilsynelatende er innlysende svar på spørsmålene dine, er det ingenting av dette innlysende for meg når det gjelder Québec:-)
6710
24.08.2022 kl 11:30
3118
Unset int og positivt, at QEC har stoppet processen, indtil retten har vurderet om QEC m.fl. har en sag eller ej.
MC Axel
24.08.2022 kl 11:32
3155
👍
Looking forward to it being judged illegal
This could also end up costing Quebec dearly in the long run
Looking forward to it being judged illegal
This could also end up costing Quebec dearly in the long run
Kvike11
24.08.2022 kl 11:47
3083
Ser meget positivt ud, måske alt bliver rullet tilbage og tilladelser gives, hvis da forbuddet er vedtaget.
Snart ikke til at finde ud af hvad der er op eller ned,
måske vi skulle spørge en" klog " mand fra finansavisen (molnes ) så vi for alvor kan få skabt kaos
QEC arbejder meget hårdt på af få tilladelserne igen, det er også nu de skal være aktive.
Snart ikke til at finde ud af hvad der er op eller ned,
måske vi skulle spørge en" klog " mand fra finansavisen (molnes ) så vi for alvor kan få skabt kaos
QEC arbejder meget hårdt på af få tilladelserne igen, det er også nu de skal være aktive.
Fjellbris
24.08.2022 kl 12:05
3100
Ja , får håpe fornuften seirer til slutt slik energi situasjonen i verden er nå, les fullstendig krise og mangel på olje/gass pga Putin :-(! Dette på toppen av en klimakrise mm….
Fornuften bør også snart seire mtp å få QEC opp på 2 tallet, 1,97 nå så mulig det endelig skjer i dag😀
Fornuften bør også snart seire mtp å få QEC opp på 2 tallet, 1,97 nå så mulig det endelig skjer i dag😀
Redigert 24.08.2022 kl 12:07
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Sikre gevinst eller sitte?
Ikke lett å være aksjespekulant!
Ikke lett å være aksjespekulant!
minsin
24.08.2022 kl 12:18
3013
Nei , kjøper aksjer jeg...
Fremtiden til Qec er staket opp - det vil komme åpning på Quebec. Prosessene tar gjerne litt tid... Holder fortsatt en knapp på at situasjonen er avklart når Ursula kommer på besøk i september :-)
Fremtiden til Qec er staket opp - det vil komme åpning på Quebec. Prosessene tar gjerne litt tid... Holder fortsatt en knapp på at situasjonen er avklart når Ursula kommer på besøk i september :-)
Redigert 24.08.2022 kl 12:29
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