CALGARY, Feb. 17, 2017 /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 30.8 million Common Shares at NOK 5.00 or C$0.79 per Common Share for gross proceeds of NOK 154 million or approximately C$24 million (the “Private Placement”).
The Company intends to use the net proceeds from the Private Placement to strengthen its working capital, partially financing its ongoing Montney capital program and the preliminary work for its planned pilot Utica development project in the St. Lawrence Lowlands, Quebec.
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 has 339,103,415 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.