Brief: Questerre settles lawsuit, spuds Kakwa well

Questerre Energy (Canada)

04/06/2018 07:33

June 4 (Reuters) - Questerre Energy Corp  QEC.TO :
    * QUESTERRE SETTLES LAWSUIT AND CONSOLIDATES QUEBEC POSITION
    * QUESTERRE - EXECUTED A LETTER OF INTENT WITH A SENIOR
EXPLORATION AND PRODUCTION COMPANY ( "LOI") TO SETTLE
OUTSTANDING LITIGATION AND ACQUIRE ALL THEIR ASSETS IN ST.
LAWRENCE LOWLANDS
    * WILL BE IN A MUCH BETTER POSITION TO COMMUNICATE DIRECTLY
WITH
MUNICIPALITIES AND ADDRESS LOCAL CONCERNS AND ACCEPTABILITY
    * WILL CONTINUE OUR STEP BY STEP APPROACH OF WORKING WITH
GOVERNMENT AND MUNICIPALITIES
    * PURSUANT TO LOI, QUESTERRE WILL ACQUIRE EXPLORATION RIGHTS
TO
753,000 NET ACRES
    * UPON CLOSING OF TRANSACTION, BOTH PARTIES WILL RELEASE
EACH
OTHER FROM ALL CLAIMS RELATED TO OUTSTANDING LITIGATION
    * QUESTERRE: OTHER CONSIDERATION INCLUDING CASH AND SECURITY
REQUIRED FOR ASSUMPTION OF ABANDONMENT AND RECLAMATION
LIABILITIES IS APPROXIMATELY $16.10 MILLION IN AGGREGATE
    * QUESTERRE ALSO REPORTED THAT THE FIRST WELL ON ITS KAKWA
NORTH
ACREAGE, (THE "16-29 WELL"), SPUD LATE LAST WEEK

Source text for Eikon:  urn:newsml:reuters.com:*:nObiBPmSba
Further company coverage:  QEC.TO 

 (Reporting by Oslo newsroom)
 ((terje.solsvik@thomsonreuters.com;))