Questerre reports first quarter 2025 results
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS
CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) reported today on its financial and operating results for the quarter ended March 31, 2025.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, 'Three wells at Kakwa North were completed this quarter. Including flush volumes, our daily production has averaged over 3,500 boe per day since the tie-in in early April. We plan to participate in a follow-up three (1.5 net) well program that could begin this fall.'
He added, 'Securing energy supplies and diversifying markets is a priority in Canada following the seismic shift in US trade policy. This is especially true in Quebec where imports account for nearly half their total energy demand. There is a growing consensus in the province that energy infrastructure, including pipelines and LNG export facilities, should be revisited. Our discovery could provide a secure supply of natural gas and help solve their existing electrical energy shortage while reducing Canadian and global emissions.'
He further added, 'We are following the legal process to protect our shareholders' rights. At a recent hearing, the Justice approved our request to interview several key Government representatives including current and former ministers. The Attorney General is requesting leave to appeal this decision.'
Highlights
Production volumes increased marginally in the first quarter of 2025 to 1,729 boe/d from 1,664 boe/d last year. Production volumes will increase further in the second quarter following the tie-in of the three (1.50 net) wells drilled this year at Kakwa North. For the quarter, petroleum and natural gas revenue remained relatively flat and totaled $9.1 million in the period compared to $9.0 million last year. With revenue offsetting expenses, the Company generated no net income for the quarter compared to a loss of $0.2 million last year. Cash flow from operations was $3.4 million (2024: $2.6 million) and adjusted funds flow from operations of $3.5 million (2024: $3 million).
The Company incurred capital expenditures of $17.9 million for the period (2024: $2.6 million) and reported a working capital surplus of $9.2 million as of March 31, 2025 (2024: $30.2 million).
The term 'adjusted funds flow from operations' and 'working capital surplus' are non-IFRS measures. Please see the reconciliation elsewhere in this press release.
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 the 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.
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ('forward-looking statements') including the Company's views that securing energy security and market access is a priority in Canada following the shift in US trade policy and that its discovery could provide a secure supply of natural gas to Quebec and help solve their existing electric energy shortage while reducing Canadian and global emissions.
Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre's public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in the Company's Annual Information Form for the year ended December 31, 2024, and other documents available on the Company's profile at
www.sedar.com
. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Certain information set out herein may be considered as 'financial outlook' within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
(1) For the three-month period ended March 31, 2025, liquids production including light crude and natural gas liquids accounted for 998 bbl/d (2024: 978 bbl/d) and natural gas including conventional and shale gas accounted for 4,388 Mcf/d (2024: 4,114 Mcf/d).
Barrel of oil equivalent ('boe') amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This press release contains the terms 'adjusted funds flow from operations' and 'working capital surplus' which are non-GAAP terms. Questerre uses these measures to help evaluate its performance.
As an indicator of Questerre's performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre's determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund operations and support activities related to its major assets.
Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
an hour ago
- Hamilton Spectator
Dundee Corporation Announces Voting Results from 2025 Annual Meeting of Shareholders
TORONTO, June 19, 2025 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) ('Dundee' or the 'Corporation') is pleased to announce the voting results from its Annual Meeting of Shareholders (the 'Meeting') which was held earlier today. Shareholders voted in favour of all items of business before the Meeting, as follows: Appointment of Auditor PricewaterhouseCoopers LLP were appointed as Auditor of the Corporation and the directors of the Corporation were authorized to fix the remuneration of the Auditor. Details of the voting results are set out below: Election of Directors The shareholders elected each of the seven nominees listed in the Corporation's Management Proxy Circular. Details of the voting results are set out below: The Corporation also announces the departure of Steven Sharpe as Executive Vice Chair with the Corporation's orderly disposition of its non-mining legacy investment portfolio nearly complete. We would like to thank Mr. Sharpe for his valuable contribution to the organization and wish him continued success in his future endeavors. ABOUT DUNDEE CORPORATION Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol 'DC.A'. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations. FOR FURTHER INFORMATION PLEASE CONTACT: Investor and Media Relations T: (416) 864-3584 E: ir@
Hamilton Spectator
an hour ago
- Hamilton Spectator
Steel industry groups say Carney's retaliatory plan for U.S. tariffs ‘falls short'
OTTAWA - The Canadian Steel Producers Association and United Steelworkers Union are panning Prime Minister Mark Carney's response to U.S. President Donald Trump's punishing tariffs. Their response came hours after Carney announced a tariff countermeasure plan Thursday that includes retaliation against Trump's steel and aluminum tariffs a month from now — depending on how much progress the two world leaders make in their trade discussions. The two steel organizations issued a joint statement late Thursday saying Carney's plan 'falls short of what the industry needs at this most challenging time.' 'We will continue to review the details of the measures and work constructively with the federal government to get a plan that works for Canadian steel producers and the thousands of workers that make up our sector,' Catherine Cobden of the steel industry association and Marty Warren, the union's national director, said in the joint statement. Carney said that while he and Trump are pursuing a deal to end tariffs within the next 30 days, Canadian counter-tariffs will be adjusted on July 21 to 'levels consistent with progress made in the broader trading agreement with the U.S.' 'We must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust U.S. tariffs,' Carney told a press conference on Parliament Hill following a federal cabinet meeting. The announcement came just a few hours before Canadian steel industry representatives were set to publicly call on the government to take immediate action in response to the U.S. tariffs. The steel producers instead held off and scrubbed their press conference. Jean Simard, head of the Aluminium Association of Canada, said in a media statement Thursday that the measures Ottawa announced 'strike the right balance.' He said the government needs to carefully balance 'sending a strong signal towards focused and accelerated negotiations and using a measured approach through adaptive counter-tariffs and reciprocal procurement policies.' 'In this rapidly evolving situation, with potentially high financial impacts due to uncontrollable market reactions, we will need and seek agility and speed for government interventions should we reach the 30-day deadline without a positive resolve,' Simard added. Trump imposed his 25 per cent tariff on all steel and aluminum imports in March and Canada responded with 25 per cent counter-tariffs on U.S. steel and aluminum products in March. But Canada has not changed its tariffs yet since Trump increased U.S. tariffs on steel and aluminum to 50 per cent on June 3. The U.S. steel and aluminum tariffs apply to the entire world, not just Canada, which has led to concerns about dumping — foreign companies flooding the market with products priced far below the prices domestic firms can charge. Trump's escalating tariff war has slammed demand and prices for Canadian steel, prompting layoffs and leaving the industry worried about its future. Ottawa also plans to introduce rules on June 30 that will limit federal procurement to using steel and aluminum from Canada and 'reliable trading partners.' The Carney government will also set new tariff rate quotas of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners. NDP Leader Don Davies said in a media statement Thursday that the Liberal government is only taking baby steps to address the crisis. He called for an emergency response plan packed with supports for workers. 'They're taking one small step after another, which won't make a meaningful difference and will ultimately cost many workers their jobs,' Davies said. Two weeks ago, when Trump increased the tariff rate, the Canadian Steel Producers Association — whose members include Algoma Steel, ArcelorMittal, Rio Tinto and Tenaris — immediately called on Carney to hit back with new tariffs and warned that Canada was being edged out of the U.S. market. They met with Industry Minister Mélanie Joly, who said on June 4 the government 'will take a decision but we need a bit more time right now — not too long.' Just before the cabinet meeting on Thursday, Joly acknowledged that the U.S. tariffs have left Canada's steel and aluminum industries in a state of emergency. 'We know that the Canadian steel and aluminum workers are very anxious and they want us to come up with a solution really, really quickly,' she said. The prime minister also announced Thursday the creation of two separate task forces for steel and aluminum that will meet to monitor the situation and advise the government. This report by The Canadian Press was first published June 19, 2025.
Yahoo
2 hours ago
- Yahoo
OceanaGold Announces Effective Date of Share Consolidation in Connection with Proposed U.S. Listing
VANCOUVER, BC, June 19, 2025 /PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") announces the consolidation of its common shares on the basis of three (3) pre-consolidation common shares for one (1) post-consolidation common share (the "Consolidation") will take effect as of Monday, June 23, 2025 (the "Effective Date"). The shareholders of OceanaGold approved the Consolidation at the Annual General and Special Meeting held on June 4, 2025. The Company is considering a dual listing of its common shares on a major U.S. exchange, including the New York Stock Exchange, in the first half of 2026. The Company believes a U.S. listing could lead to increased interest by a wider audience of potential investors and result in increased marketability and trading liquidity. The motivation of the Consolidation is to raise the per share trading price of the Company's common shares to better comply with minimum trading price requirements of such exchanges. OceanaGold's post-consolidation common shares will be posted for trading on the Toronto Stock Exchange at the opening of trading on the Effective Date, under the current symbol "OGC" and new CUSIP number 675222400. As at the date of this news release, the Company has 693,379,818 common shares issued and outstanding. Following the completion of the Consolidation on the Effective Date, the Company is expected to have approximately 231,126,566 common shares issued and outstanding, subject to rounding. The exercise or conversion price of all performance rights and deferred share units will be proportionately adjusted reflecting the Consolidation ratio. No fractional post-consolidation common shares will be issued in effect with the Consolidation. Any fractional common share interest of 0.50 or more arising from the Consolidation will be rounded up to the nearest whole number, and any fractional common share interest of less than 0.50 will be cancelled. Registered shareholders holding pre-Consolidation common shares through the Direct Registration System ("DRS") will be automatically sent a DRS advice by the Company's transfer agent, Computershare Investor Services Inc. ("Computershare"), representing the number of post-Consolidation common shares they hold following the Consolidation and no further action is required to be taken. Beneficial shareholders holding their common shares through intermediaries such as a broker, trustee or other financial institution should note that such intermediaries may have different procedures for processing the Consolidation than those put in place by the Company for the registered shareholders. Beneficial shareholders who have questions regarding how their common shares will be processed in connection with the Consolidation should contact their intermediaries. Registered shareholders holding their pre-Consolidation common shares in certificate forms will receive a letter of transmittal from Computershare containing instructions on how to exchange their pre-consolidation share certificates for post-Consolidation shares. About OceanaGold OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand. Cautionary Statement for Public Release This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the Company being listed on a major U.S. exchange, including such dual listing leading to increased interest by a wider audience of potential investors, increased marketability and trading liquidity and the expected timing for such listing, and the anticipated Effective Date and effects of the completion of the Consolidation. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. View original content to download multimedia: SOURCE OceanaGold Corporation
