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CALGARY, Alberta, July 16, 2026 (GLOBE NEWSWIRE) -- Questerre Energy Corporation ("Questerre" or the "Company") (OSE: QGAS) today commented on the Government of Quebec's Integrated Energy Resource Management Plan ("PGIRE" or the "Plan") for 2026-2050, published earlier this month.
The Plan inventories the province's future energy supply. It confirms that natural gas will remain part of Quebec's energy mix and will play a strategic role as the province gradually decarbonizes its energy system. The PGIRE states: "Natural gas remains part of the energy mix and will need to be decarbonized in a gradual and orderly manner. The ability to leverage natural gas distribution infrastructure to achieve decarbonization over time gives this energy source a strategic role."
Michael Binnion, President and Chief Executive Officer of Questerre, commented: "The Government has recognized that natural gas will remain an important part of Quebec's energy system for decades. This is positive for our Utica natural gas discovery and confirms the continuing importance of reliable gas supply during the energy transition."
He added: "While the PGIRE does not mention the Utica gas discovery, polls show Quebecers prefer locally produced natural gas over imports from the United States. Our local natural gas would have a lower greenhouse-gas emissions footprint than the gas Quebec currently imports from the United States."
Questerre believes its Utica discovery offers Quebec a shovel-ready opportunity to strengthen energy security, reduce dependence on imports and supply locally produced natural gas with a lower emissions footprint.
The PGIRE was introduced under Bill 69, An Act to ensure the responsible governance of energy resources and to amend various legislative provisions, adopted in June 2025. It establishes Quebec's long-term policy directions, objectives and targets for electricity and natural gas supply, energy infrastructure and innovation.
The PGIRE is available online at: https://www.quebec.ca/gouvernement/ministeres-organismes/economie/publications/plan-ressources-energetiques.
Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.
Questerre is a believer that the future success of the energy 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.
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements") within the meaning of applicable securities laws in Canada. Any statements about Questerre's expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as "anticipates", "aims", "strives", "seeks", "believes", "can", "could", "may", "predicts", "potential", "should", "will", "estimates", "plans", "mileposts", "projects", "continuing", "ongoing", "expects", "intends" and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes but is not limited to the Company's views on the significance of this natural gas discovery in Quebec, as a shovel-ready opportunity to strengthen energy security, reduce dependence on imports and supply locally produced natural gas with a lower emissions footprint.
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. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.
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 following risk factors: the timing and ability to achieve a successful development or settlement outcome to the Quebec litigation, additional funding requirements; exploration, development, and production risks; volatility in the oil and gas industry; prices, markets, and marketing of crude oil and natural gas; liquidity and the Company's substantial capital requirements; political uncertainty; non-government organizations; changing investor sentiment; global financial market volatility; adverse economic conditions; alternatives to and changing demand for petroleum products; environmental risks; regulatory risks; inability of management to execute its business plan; competition from other issuers; expiration of licenses and leases; Indigenous claims; possible failure to realize anticipated benefits of acquisitions; and reputational risks.
Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company's Annual Information Form for the year ended December 31, 2025, and other documents available on the Company's profile at www.sedarplus.ca. Readers are 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.
