CALGARY, Alberta, May 03, 2019 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce that it has closed its previously reported private placement of 38.9 million Common Shares (the “Private Placement”) at 2.40 NOK or approximately C$0.38 per Common Share. Gross proceeds were 93.4 million NOK or approximately C$14.5 million.
On closing, the Common Shares issued under the Private Placement are validly issued, fully paid and non-assessable. The Common Shares have been issued in the VPS under the Company’s ISIN CA74836K1003 and are listed and tradable on the Oslo Stock Exchange as from May 2, 2019. These Common Shares are not tradable in Canada or to a Canadian resident for four months and one day from the distribution date.
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 Clean Tech Energy pilot in the St. Lawrence Lowlands, Quebec.
Subsequent to the completion of the Private Placement, the Company has 427,907,033 Common Shares outstanding.
Arctic Securities AS, Pareto Securities AS and Sparebank 1 Markets AS acted as managers and bookrunners in connection with the Private Placement.
Questerre 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.