Brief: Questerre management cuts wages by 20 pct, receives options instead

Questerre Energy (Canada)

23/11/2015 07:20

OSLO, Nov 23 (Reuters) - Questerre QEC.TO  QEC.OL : 
 * As reported in its third quarter 2015 report, Questerre has  
implemented further overhead reductions to maintain its  
financial flexibility in the current commodity price 
environment. 
 * Effective November 1, 2015, the Board of Directors has  
implemented a 20% reduction in the number of working days from 
five to four per week. 
 * As a result, annual salaries for officers and  
employees have been reduced by 20%. 
 * This is in addition to the 10% reduction  
implemented in the first quarter of 2015. 
 * Additionally, the Board of Directors has reduced their fees  
by 10%. 
 * In connection with these additional cost-cutting measures,  
on November 20, 2015, the Company has granted to directors, 
officers and employees a total of 2,612,250 options to acquire 
common shares at a price of $0.235 per common share. 
  
     
     
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com; 0047 23 31 65 97;))