CALGARY, ALBERTA–(Marketwired – Dec. 2, 2013) –
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS
Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC) (OSLO:QEC) is pleased to report that it has closed its equity offering previously announced on November 20, 2013.
The offering consisted of the issuance of 23,494,753 common shares of the Company (“Common Shares”) at an issue price of NOK 7.40 or C$1.28 per Common Share for gross proceeds of approximately NOK 174 million or approximately C$30 million. There are currently 258,792,291 Common Shares issued and outstanding.
The Common Shares are currently tradable on Oslo Børs (“OSE”). The Common Shares issued are subject to certain resale restrictions in Canada and cannot be traded in Canada or to the benefit of a Canadian resident for four months and a day from the distribution date. The transaction was completed in reliance on exemptions from the EU Prospectus Directive (Directive 2003/71 EC as amended by Directive 2010/73 EU) and the new Common Shares are listed without application to the OSE from the date of registration in the VPS.
The Company intends to use the net proceeds to primarily fund the development of its liquids-rich Montney acreage in the Kakwa-Resthaven area of west central Alberta, Canada.
Pareto Securities AS, RS Platou Market AS and Swedbank First Securities have acted as managers and bookrunners in connection with this placement of Common Shares.
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. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.
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 statements concerning the use of the net proceeds of the offering. Although Questerre believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate, including the timely receipt of the necessary regulatory approvals, the use of net proceeds and assumptions concerning the success of future drilling activities. Those factors and assumptions are based upon currently available information available to Questerre. Such statements are subject to known and unknown risks (including the receipt, in a timely manner, of the necessary regulatory approvals), 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 information, 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.
This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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