QUESTERRE ENERGY CORPORATION - Ny nyhet i kategori ALL 13.11.2024 00:30

13.11.2024 00:30:11: Questerre Energy Release Q3 2024 Report

President's Message

The challenges for the Quebec energy markets continue to evolve.

Bill 69, requiring an integrated electricity and gas management plan, could
renew interest in natural gas as a transition fuel in Quebec. During the public
consultation process this quarter, we advocated for local natural gas production
as an essential part of the energy mix through the Quebec Energy Association.
With the technical review by the Quebec Ministry of Economy, Innovation and
Energy complete, our application for a carbon storage pilot is advancing through
the approval process. Carbon capture could contribute to meeting Quebec's
climate goals with the on-going consumption of natural gas.

We also committed to developing our Kakwa North acreage this quarter. A three
(1.5 net) well program started in October. We expect them to be completed early
next year and on-stream by the second quarter. This follows the three (0.75 net)
well program on our Kakwa Central acreage this spring with the wells coming on
production late in the third quarter.

Highlights
o Expert witness report filed for legal claim in Quebec
o Three (1.5 net) well program approved at Kakwa North and three (0.75 net)
wells tied-in at Kakwa Central
o Average daily production of 1,913 boe per day with adjusted funds flow from
operations of $3.4 million

Utica, Quebec

The magnitude of the electricity energy shortage in Quebec and its impact on the
economy, including the costs to consumers in the province, was highlighted in
recent editorials in one of Canada's national newspapers.

With the anticipated supply shortfall in 2027, the Montreal Economic Institute
noted that the Government of Quebec rejected industrial development projects
requiring over 20,000 megawatts of power in the last year. The provincial
utility plans to add just under half of this demand or 9,000 megawatts through
an investment of over $150 billion in the next decade in hydro and wind power.
This represents a three-fold increase in annual investment at a cost of over
$17,000 per Quebec resident.

In a separate editorial, Normand Mousseau, a director at the Trottier Energy
Institute in Quebec, noted that despite these planned additions, a failure to
renew the Churchill Falls supply agreement that provides nearly 15% of the
province's electricity supply could leave them in a deficit position again. He
added that although the province has capped increases in residential rates to
3%, it is 'untenable and can only lead to disturbances when rates will have to
catch up with reality.' He concludes, 'that will require a real public
discussion about the energy transition.' Concurrently, to meet their GHG targets
by 2035, a leading ENGO has called for energy sobriety to reduce demand, noting
that Quebecers are among the highest per capita consumers of energy globally.

In our brief submitted to the parliamentary committee on Bill 69, we noted the
scale of our natural gas discovery, its potential role in addressing this energy
deficit and supplying the energy needed for new industries. Based on the
independent assessment of our resources, we estimate the natural gas could
generate electricity equivalent to several decades of output from Churchill
Falls, the second largest hydroelectric dam in Canada.

With very competitive supply costs estimated by the Canadian Energy Research
Institute in a 2015 report, our natural gas could be brought on production much
sooner than the planned renewable projects including hydro and wind farms. In
the short-term, this local natural gas could immediately replace imported
natural gas that supplies the 550 MW Becancour co-gen power plant that provides
peaking power during the winter.

Another benefit would include a contribution to reducing emissions. As we noted
previously, a 2010 estimate by the local gas distribution company, GazMetro, now
known as Energir, suggested that, on a business-as-usual basis, replacing
imported gas with local gas would reduce emissions by 440,000 tonnes of carbon
dioxide equivalent annually. Based on this estimate, the blockade of local
natural gas for over a decade could have materially increased Canadian
emissions.

Though we are hopeful the Government of Quebec sees these benefits and considers
local production as part of the energy mix, protecting our legal rights remains
a priority. As part of this process, we filed our independent report on our
potential economic losses in October. The report estimates the economic losses
to us if our licenses are successfully revoked under three different scenarios
with the estimates ranging between $700 million and $4,800 million. Please refer
to our press release of October 3, 2024. A copy of the report is available on
the disclosure system in Norway and on SEDAR+ in Canada.

Red Leaf Resources Inc.

Our investee, Red Leaf, continues to advance its proprietary technology to
produce oil from shale and its assets in the Uintah Basin in Utah.

In addition to engineering for a small demonstration project in the Kingdom of
Jordan, they are assessing the possibility for a similar project in the US with
a partner. Commissioning of its lab-scale pilot producing two barrels per day
was completed and a first test is scheduled before year-end. The growing demand
for high performance data centres and challenges accessing sufficient power is
also creating opportunities for their land in the basin. They are in the early
stages of validating access on these lands to all essential infrastructure,
including low-cost power at scale, for a possible data centre.

Operating & Financial

The new wells at Kakwa contributed to higher production volumes in the quarter
over the last year. With no new wells in the first two quarters, year to date
production declined and averaged 1,712 boe per day compared to 1,866 boe per day
last year.

Lower commodity prices offset in part by lower operating expenses contributed to
adjusted funds flow from operations of $3.4 million in the quarter (2023: $3
million) and $10.9 million (2023: $12.6 million) year to date. After deducting
capital expenditures of $13.1 million year to date, the Company's working
capital surplus was $27.6 million at the end of the quarter.

Outlook

The new wells at Kakwa North are expected to come on production in the second
quarter next year, contributing to a growth in volumes.

Our legal claim for the illegal revocation of our licenses is one avenue to
realizing the value from our Quebec Utica discovery. Though the third-party
estimates are significant relative to our current market cap, in our view, they
are substantially lower than the economic potential of our discovery if we are
allowed to develop it.

We are still pursuing a business and political solution. Requiring no government
funding, local natural gas is a cheaper, quicker and scalable solution to the
looming energy shortage in the province. Combined with our carbon storage pilot
it could help meet emissions reduction goals. In the absence of consuming the
gas locally, with access to tidewater, they could export this gas as demand for
LNG by both Europe and Asia grows.

Michael Binnion
President and Chief Executive Officer
https://newsweb.oslobors.no/message/631994

QUESTERRE ENERGY CORPORATION - Ny nyhet i kategori ALL 13.11.2024 00:36

13.11.2024 00:36:21: Questerre reports third quarter 2024 l Binnion, President and Chief Executive Officer of Questerre commented,
"The challenges for the Quebec energy markets continue to evolve. Bill 69,
requiring an integrated electricity and gas management plan, could renew
interest in natural gas as a transition fuel in Quebec. During the public
consultation process this quarter, we advocated for local natural gas production
as an essential part of the energy mix through the Quebec Energy Association.
With the technical review by the Quebec Ministry of Economy, Innovation and
Energy complete, our application for a carbon storage pilot is advancing through
the approval process. Carbon capture could contribute to meeting Quebec's
climate goals with the on-going consumption of natural gas."

He added, "We also committed to developing our Kakwa North acreage this quarter.
A three (1.5 net) well program started in October. We expect them to be
completed early next year and on-stream by the second quarter. This follows the
three (0.75 net) well program on our Kakwa Central acreage this spring with the
wells coming on production late in the third quarter."

Highlights
o Expert witness report filed for legal claim in Quebec
o Three (1.5 net) well program approved at Kakwa North and three (0.75 net)
wells tied-in at Kakwa Central
o Average daily production of 1,913 boe per day with adjusted funds flow from
operations of $3.4 million

Consistent with prior periods, Kakwa continued to account for 80% of corporate
production. With three (0.75 net) wells at Kakwa Central brought on production
late in the quarter, production increased over the same period last year but
declined year to date over the prior year. For the third quarter, daily
production averaged 1,913 boe/d (2023: 1,830 boe/d) and for the nine months
ended September 30, 2024, it averaged 1,712 boe/d (2023: 1,866 boe/d).

The higher production volumes were offset by the lower commodity prices in the
current quarter. For the quarter, petroleum and natural gas sales totaled $9.5
million compared to $10.7 million last year and $27.3 million year to date
compared to $32 million in the prior year. This contributed to adjusted funds
flow from operations of $3.4 million (2023: $3 million) in the quarter and $10.9
million for the first three quarters of the year (2023: $12.6 million).

The lower revenue also contributed to a net loss of $0.3 million for the quarter
(2023: $0.3 million loss). The Company reported a net profit of $0.8 million
(2023: $2.3 million) for the nine months ended September 30, 2024. Capital
expenditures in the quarter were $3.4 million (2023: $0.9 million) and $13.1
million year to date (2023: $6.6 million).

As at September 30, 2024, effectively no material amounts were drawn on the
facility and the Company held unrestricted cash and term deposits of $35.9
million. The Company had a net working capital surplus of $27.6 million (2023:
$30.2 million surplus).

The term "adjusted funds flow from operations" and "working capital surplus" are
non-IFRS measures. Please see the reconciliation elsewhere in this press
release.

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 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.

For further information, please contact:

Questerre Energy Corporation
Jason D'Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking
statements or information ("forward-looking statements") including its views
that Bill 69 could renew interest in natural gas as a transition fuel in Quebec,
the ability of carbon capture to contribute to meeting Quebec's climate goals
and the timing for production from the new wells at Kakwa North. Forward-looking
statements are based on several material factors, expectations, or assumptions
of Questerre which have been used to develop such 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 because Questerre can give no assurance
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Further, events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the Company, including, without limitation: the implementation of Bill 69 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 may be found under
in the Company's Annual Information Form for the year ended December 31, 2023,
and other documents available on the Company's profile at www.sedarplus.ca. The
reader is cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements contained in this news release are
made as of the date hereof and Questerre undertakes no obligations to update
publicly or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

Certain information set out herein may be considered as "financial outlook"
within the meaning of applicable securities laws. The purpose of this financial
outlook is to provide readers with disclosure regarding Questerre's reasonable
expectations as to the anticipated results of its proposed business activities
for the periods indicated. Readers are cautioned that the financial outlook may
not be appropriate for other purposes.

(1) For the three-month period ended September 30, 2024, liquids production
including light crude and natural gas liquids accounted for 1,106 bbls/d (2023:
1,050 bbls/d) and natural gas including conventional and shale gas accounted for
4,842 Mcf/d (2023: 4,677 Mcf/d). For the nine-month period ended September 30,
2024, liquids production including light crude and natural gas liquids accounted
for 1,006 bbls/d (2023: 1,077 bbls/d) and natural gas including conventional and
shale gas accounted for 4,236 Mcf/d (2023: 4,734 Mcf/d).

Barrel of oil equivalent ("boe") amounts may be misleading, particularly if used
in isolation. A boe conversion ratio has been calculated using a conversion rate
of six thousand cubic feet of natural gas to one barrel of oil and the
conversion ratio of one barrel to six thousand cubic feet is based on an energy
equivalent conversion method application at the burner tip and does not
necessarily represent an economic value equivalent at the wellhead. Given that
the value ratio based on the current price of crude oil as compared to natural
gas is significantly different from the energy equivalent of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value.

This press release contains the terms "adjusted funds flow from operations" and
"working capital surplus" which are non-GAAP terms. Questerre uses these
measures to help evaluate its performance.

As an indicator of Questerre's performance, adjusted funds flow from operations
should not be considered as an alternative to, or more meaningful than, cash
flows from operating activities as determined in accordance with GAAP.
Questerre's determination of adjusted funds flow from operations may not be
comparable to that reported by other companies. Questerre considers adjusted
funds flow from operations to be a key measure as it demonstrates the Company's
ability to generate the cash necessary to fund operations and support activities
related to its major assets.

Three months ended Sept 30, Nine months ended
Sept 30,
($ thousands) 2024 2023
2024 2023
Net cash from operating activities 4,060 2,382
9,829 11,163
Change in non-cash operating working capital (632) 652
1,027 1,483
Adjusted Funds Flow from Operations 3,428 3,034
10,856 12,646

@Bove Yes. i natt skal det vel ankomme Q3 gode tall og NEWS fr QEC? Håper dette kan sende kursen som forventet oppover mot nye høyder. Snart kommer vel aksjeanalytikere med flere hårete kursmål for inntjeningen til QEC skal jo bli løftet bra opp med erstatning?? + nye brønner og mere olje opp?

QEC er en uforutsigbar aksje.

Har det skjedd noe negativt siden kursen havnet plutselig der ? å ja grønn børs da må jo kursen ned selvsagt...

Nå er det så mange usmakelige kommentarer på disse trådene, at det nesten er en befrielse å se at du fremdeles er med oss, og passer på, SPXL:-)

Skjer ikke mye i Qec gutter, nå har dere ventet i 15år og kommer til å vente flere år til...er det ikke bedre å få noe igjen for pengene de siste årene man har igjen

Driver bunnfiske i qec og seapt hver dag nå 😉

🎯

@IDGAF Følg med på Qec nå. Meget spennende aksje. Nye brønner vil øke inntjeningen markant, resultat av rettsprosess kommer snart. Den gikk opp 8% på Canada børsen i kveld. 💥💥💥 Løftet kan komme nå. Det kan bli HUGE POWER UP.

Skal ikke vektlegge noen prosenter svingninger i olja den ene eller andre veien særskilt verdi for prisingen av qec på det nåværende tidspunkt.

Ingen må høre på denne personen her. Synes du sa olja skulle få et løft? 4% NED siden fredag er veldig mye om du sitter 15xbull. Alle vet at jeg er positiv til qec på sikt. Men ikke på tullepremisser!

Til dere som snakker erstatning så prater vi om kanskje flere år før det blir noen avgjørelse, disse tingene tar tid.

De produserer jo bare olje i Saskatchewan og det er lite.

I Alberta har de størst produksjon, men ikke av olje. Derimot gass, NGL og kondensat. Prisen på kondensat følger vel imidlertid olje bra. Det er i hvert fall vanlig andre steder på kloden.

Helt korrekt. Erstatningen vil slå voldsomt ut i aksjekursen og oljeprisen får nok et sabla bra løft til uka. Da kommer Kvekk`n etter. Når de nå i helgen har begynt å bombe militærbaser i Iran. Det er jo fort gjort å treffe noen oljemål i Iran, da....Da skjer det noe saftig med olja. Hvis olja skyter fart så....Tror jeg må ta noen flere lodd i BULL OLJE x15 NORDNET N14 hos Nordnet.

Det betyr lite hva den ene og andre mener QEC burde få i erstatning,
Først hvis erstatningen er et faktum vil det slå ut på aksjekursen. (Ref. Tynnidioten).

@Olj1 Jepp. Det kan skje mye spennende fremover nå... Som denne her: 4.okt 2024: Deloitte mener Questerre ASA burde få erstatning på opptil 35 ganger dagens aksjekurs hvis de ikke får utvikle gassfunnet i Quebec.

😂🤣

Kommer nok ingenting her, det har det aldri gjort.

Ikke lenge til q3 heller. Kan fort komme mye på rekke og rad neste mnd

@sigj2 Det ble en fin close i dag. Opp 1, 91% på 14 min. Fra kl 16.05 til kl 16.24 kom peaken rett opp. Hmmm...som du skriver oljeprisen opp, flere brønner osv. Må jo bli knalltall. Så forlik, erstatning... Jepp. Lukter gull her nå. 😁💪Kvekke'n kommer brått. Børsmeldinger kan seile inn... Da må jeg være i posisjon. Som jeg er nå.

Stemmer det,Quebec er verdt 10% mere nå hoho

Whoop! Whoop!

🤑🤑🤑

Gassprisen opp 10% og qec i minus.Hmmm

I følge Fjellbris beveget den seg mye og akkurat som forventet. Helt opp til 2.80.

På tide med et skikkelig Fredagsrally.
Aksjekursen har såvidt beveget seg etter kjempemeldingen.
De spyr jo ut mer å mer olje fremover å olja stiger.å Israel planlegger å gjøre mest skade på oljeinstalasjonene til Iran.
Say no more 🤑🤑🤑

Jeg tror mange vil inn i Qec av forskjellige grunner, q3 vil reflektere nye brønn hvor Qec sin andel er ca 700 tønner per dag, det utgjør vel økt produksjon på ca 30 prosent for Qec? Sparebanken 1 markets hadde vel en analyse på kr 3.08 på qec når denne produksjonen taes med. i tillegg borres det nye brønner som skal spuddes i januar, hvor qec har 50 prosent eierskap, ene brønnen skal borres dypere enn tidligere i dette området. stor sansynlighet for funn. kursen i qec kan snart forsvare 3,5 -4 kr per aksje uten å ta med erstatning pilot eller annet.

I alle dager,hva skjedde ikveld?
Natgas opp 10% nå 😁

2-kroning finnes da ikke i Norge. Da må du til Danmark.

Whoop! Whoop!
Ser ut som om 2 kroningen får vente 🤑

Var det du, din luring?

Da slipper vi taket og trekker oss vekk fra ordreboka, og tar helgen.
Som alle sier, en melding kan når som helst komme her nå, og evt over helgen?
November nærmer seg nå med stormskritt!

Lykke til...

Må si jeg er imponert, tuja. !
Godt observert...

Tror på det motsatte. Noen vil ha flere aksjer, og legger ut sperre, samtidig som de ligger skjult på kjøp 2,175.