CALGARY, Alberta – The Council of the First Nation of the Abenakis of Wolinak in Quebec (the “Abenakis of Wolinak”) and Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that they have signed a joint economic development agreement.
The joint venture will focus on developing a net-zero emissions energy hub in Quebec. The hub will demonstrate the emerging circular economy through pilot projects that produce clean energy, including zero-emissions gas, and assess new carbon recycling technology. These could include the production of methanol, fertilizer as well as cement additives and other high value products using captured carbon dioxide. The hub will also evaluate the potential for carbon dioxide sequestration as well as the production of clean hydrogen using technology developed by ZEG Power, a Norwegian-based company. Questerre executed a letter of intent with ZEG Power last year to evaluate their proprietary leading-edge technology.
Subject to final agreements, the Abenakis of Wolinak will be granted a net profit interest from development on their traditional territories in the Becancour area. The Abenakis of Wolinak will also have the opportunity to acquire a working interest in the exploration licenses from Questerre and directly participate in future development. The parties have committed to the use of local contractors where capacity exists, specifically Wolinak contractors on traditional territories. Based on its previous experience with First Nations in Western Canada, Questerre will use reasonable efforts to help the Abenakis of Wolinak build their contracting capacity.
Michel Bernard, Chief of the Council of the First Nation of the Abenakis of Wolinak, commented, “With the many tragic events in Quebec and Canada, we believe that reconciliation has to move beyond words and to real action. Action that makes a difference for First Nations. We are pleased that Questerre has spent the past few years getting to know us, our history and our land in Quebec. They are the first company to fully recognize our traditional use territories and commit to move forward with full consultation and cooperation with our people. This agreement could bring the prosperity to our Nation and equality for our people while protecting the environment.”
Michael Binnion, President and Chief Executive Officer of Questerre, added “The Abenakis of Wolinak people have a long history in Quebec that pre-dates the arrival of the French colonists. It is important that any development recognizes their historic claims and builds a respectful relationship with these First Nations. Our plans for a net-zero technology hub that incorporates emerging new carbon technology is the solution to meeting Quebec’s ambitious climate goals. We look forward to deepening our cooperation with the Abenakis of Wolinak and with all local stakeholders.”
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
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.