CALGARY, Nov. 7, 2016 /CNW/ - Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) is pleased to announce
that it has closed its previously reported private placement of
15.2 million Common Shares at NOK
3.00 or $0.49 per Common Share
for gross proceeds of NOK 45.6
million or approximately $7.4
million (the "Private Placement").
The Company intends to use the net proceeds to partially fund
its capital investment program for 2017, repay indebtedness under
its credit facilities and general working capital purposes.
Pareto Securities AS and Swedbank acted as managers and
bookrunners in connection with the Private Placement.
Subsequent to the completion of the Private Placement, the
Company will have 306,524,457 Common Shares outstanding.
Questerre Energy Corporation 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 shale gas discovery in the St. Lawrence
Lowlands, Quebec. It is pursuing
oil shale projects with the aim of commercially developing these
significant resources.
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.
This media release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements"), including the intended uses of the net proceeds, the
leveraging the Company's expertise gained through early exposure to
shale and other non-conventional reservoirs and bringing on
production in the heart of the high-liquids Montney shale fairway.
Forward-looking statements have been based on expectations,
factors and assumptions concerning future events which may prove to
be inaccurate and are subject to numerous risks and uncertainties,
certain of which are beyond the Company's control, including,
without limitation: volatility in the market prices for oil and
natural gas; liabilities inherent in oil and natural gas
operations; fluctuations in foreign exchange or interest rates;
health, safety and environmental risks; stock market volatility;
global economic events or conditions; certain other risks detailed
in Questerre's public disclosure documents; and other factors, many
of which are beyond the control of the Company. Those factors
and assumptions are based upon currently available information
available to Questerre. 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. As such, readers
are cautioned not to place undue reliance on the forward-looking
statements, as no assurance can be provided as to future results,
levels of activity or achievements. 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. 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. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement.
SOURCE Questerre Energy Corporation