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Message: Québec Government plans extension for exploration licenses

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Québec Government plans extension for exploration licenses

posted on May 17, 11 06:03PM (Log in to use the IP Check tool) ^[?]

Québec Government plans extension for exploration licenses

Tekst

Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) reported
today that the Québec government has introduced
legislation to extend the terms of all the oil and gas
exploration licenses issued in the province.

Pursuant to Bill 18 introduced by the Ministry of
Natural Resources in the National Assembly, the
Minister intends to suspend the term of the
exploration licenses for petroleum, natural gas and
underground reservoirs in the province of Québec.
Holders of these licenses are also exempted from
performing the work required under the Mining Act for
a three year period from the coming into force of the
Act. The details of the Bill can be found at:
http://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-18-39-2.html.

Questerre also reported that the Ministry of
Sustainable Development, Environment and Parks
("MDDEP") has announced the mandate and membership of
the committee that will oversee the strategic
environmental assessment ("SEA") for shale gas
development in Québec. The committee will have a total
of 11 members and include representatives from
ministries of municipal affairs, natural resources,
the education and research sector, the sustainable
development and environmental sector and industry. It
will be chaired by MDDEP.

The committee's mandate will include delivery of a
report on the strategic environmental assessment to
address the issues identified and provide
recommendations for the regulatory regime to govern
shale gas development. The details of the announcement
are available at: 
http://communiques.gouv.qc.ca/gouvqc/communiques/GPQF/Mai2011/12/c4048.html?slang=en

Questerre Energy Corporation is an independent energy
company focused on shale projects. The Company is
leveraging its expertise to commercialize projects
like its Utica shale gas discovery in the St. Lawrence
Lowlands, Québec. Questerre is committed to the
economic development of its resources in an
environmentally conscious and socially responsible manner.

For further information, please contact:

Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 | (403) 777-1578 (FAX) |Email:
info@questerre.com