Questerre Energy Corporation has been selected as the successful bidder in the first bid round under the province of Nova Scotia’s Subsurface Energy Research and Development Investment Program.
Questerre is in the final stages of negotiating a Petroleum Exploration Agreement with the province of Nova Scotia covering lands in the onshore Cumberland Basin of northern Nova Scotia. The basin is prospective for oil and natural gas in multiple formations. Subject to final terms, the agreement will provide Questerre with exclusive exploration rights and the opportunity to advance commercial discoveries to development.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, 'Over 25 years ago, we acquired a significant land position in Quebec that ultimately led to our giant Utica gas discovery. Our entry into Nova Scotia offers a similar opportunity to apply our extensive subsurface expertise in a new prospective basin.'
He added, 'Winning the first bid round allows us to start building relationships in Nova Scotia - with local communities and landowners, the Department of Energy, and research partners such as Dalhousie University. We respect Premier Houston’s efforts to strengthen the province’s energy security, and we intend to earn our place in that effort.
He further added, 'Our experience in Quebec gave us more than the subsurface expertise to evaluate a frontier basin. It also gave us a hard-earned appreciation that earning public confidence is as important to developing a resource as understanding the geology.'
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.
Source: Questerre Energy
