Latest news with #QEC
Globe and Mail
4 days ago
- Business
- Globe and Mail
Questerre reports second 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, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) reported today on its financial and operating results for the second quarter ended June 30, 2025. Michael Binnion, President, and Chief Executive Officer of Questerre, commented, 'Our production averaged over 3,000 boe per day in the quarter after the tie-in of the three (1.5 net) Kakwa North wells. We are assessing both owned and third-party processing capacity for these existing volumes and future growth. A follow-up drilling program is now scheduled for the second half of next year.' Commenting on developments in Quebec, he added, 'Interest is growing in our natural gas discovery as a secure and reliable supply in Quebec, particularly among industrial gas users. It is also being considered as the supply for the 550 MW Becancour thermal power plant as it may be converted to produce power for peak demand periods. As we work towards a business solution, we are also following the legal process to protect our shareholders' rights. We recently filed an application for leave to appeal a decision by the Quebec Court of Appeal to reinstate certain provisions of Bill 21 prior to our hearing on the merits of the case.' Highlights Kakwa North wells tied-in and on production Questerre filed leave to appeal to Supreme Court of Canada following Quebec Court of Appeal ruling on Bill 21 Average daily production of 3,091 boe per day for the quarter, almost doubling production from the same period last year Net cash from operating activities of $6.3 million and adjusted funds flow from operations of $5 million despite significantly lower realized prices Following the tie-in of the Kakwa North wells, production volumes this year increased materially compared to last year. Production averaged 3,091 boe/d for the quarter (2024: 1,559 boe/d) and 2,414 boe/d for the first half of the year (2024: 1,612 boe/d). Higher production volumes were partly offset by the lower realized liquids prices resulting in higher revenue for the quarter and six months ended June 30 compared to last year. For the quarter, petroleum and natural gas sales totaled $13.7 million (2024: $8.8 million) and $22.8 million year to date (2024: $17.8 million). The higher revenue contributed to adjusted funds flow from operations of $5 million (2024: $4.5 million) in the quarter and $8.5 million for the first six months of the year (2024: $7.4 million) and cash flow from operations of $6.3 million for the quarter (2024: $3.1 million). The revenue was offset by higher expenses and contributed to a net loss of $0.7 million for the quarter and year to date (2024: $1.3 million income for the quarter and $1.1 million year to date). Capital expenditures in the quarter were $1 million (2024: $7 million) and $18.9 million year to date (2024: $9.7 million). As at June 30, 2025, effectively no amounts were drawn on the facility and the Company held unrestricted cash and term deposits of $18.3 million. As of June 30, 2025, the Company had a net working capital surplus of $13.2 million (2024: $27.6 million surplus). 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 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. Advisory Regarding Forward-Looking Statements This news release contains certain statements which constitute forward-looking statements or information ('forward-looking statements') including its assessment of processing capacity for existing volumes and future growth, the operator's plans for follow-up drilling, and the Company's views on interest in its natural gas discovery growing among industrial gas users. 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 under in the Company's Annual Information Form for the year ended December 31, 2024, and other documents available on the Company's profile at 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 June 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,690 bbls/d (2024: 931 bbls/d) and natural gas including conventional and shale gas accounted for 8,409 Mcf/d (2023: 3,767 Mcf/d). For the six-month period ended June 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,346 bbls/d (2024: 955 bbls/d) and natural gas including conventional and shale gas accounted for 6,412 Mcf/d (2024: 3,942 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.
Yahoo
4 days ago
- Business
- Yahoo
Questerre reports second 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, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Questerre Energy Corporation ('Questerre' or the 'Company') (TSX,OSE:QEC) reported today on its financial and operating results for the second quarter ended June 30, 2025. Michael Binnion, President, and Chief Executive Officer of Questerre, commented, 'Our production averaged over 3,000 boe per day in the quarter after the tie-in of the three (1.5 net) Kakwa North wells. We are assessing both owned and third-party processing capacity for these existing volumes and future growth. A follow-up drilling program is now scheduled for the second half of next year.' Commenting on developments in Quebec, he added, 'Interest is growing in our natural gas discovery as a secure and reliable supply in Quebec, particularly among industrial gas users. It is also being considered as the supply for the 550 MW Becancour thermal power plant as it may be converted to produce power for peak demand periods. As we work towards a business solution, we are also following the legal process to protect our shareholders' rights. We recently filed an application for leave to appeal a decision by the Quebec Court of Appeal to reinstate certain provisions of Bill 21 prior to our hearing on the merits of the case.' Highlights Kakwa North wells tied-in and on production Questerre filed leave to appeal to Supreme Court of Canada following Quebec Court of Appeal ruling on Bill 21 Average daily production of 3,091 boe per day for the quarter, almost doubling production from the same period last year Net cash from operating activities of $6.3 million and adjusted funds flow from operations of $5 million despite significantly lower realized prices Following the tie-in of the Kakwa North wells, production volumes this year increased materially compared to last year. Production averaged 3,091 boe/d for the quarter (2024: 1,559 boe/d) and 2,414 boe/d for the first half of the year (2024: 1,612 boe/d). Higher production volumes were partly offset by the lower realized liquids prices resulting in higher revenue for the quarter and six months ended June 30 compared to last year. For the quarter, petroleum and natural gas sales totaled $13.7 million (2024: $8.8 million) and $22.8 million year to date (2024: $17.8 million). The higher revenue contributed to adjusted funds flow from operations of $5 million (2024: $4.5 million) in the quarter and $8.5 million for the first six months of the year (2024: $7.4 million) and cash flow from operations of $6.3 million for the quarter (2024: $3.1 million). The revenue was offset by higher expenses and contributed to a net loss of $0.7 million for the quarter and year to date (2024: $1.3 million income for the quarter and $1.1 million year to date). Capital expenditures in the quarter were $1 million (2024: $7 million) and $18.9 million year to date (2024: $9.7 million). As at June 30, 2025, effectively no amounts were drawn on the facility and the Company held unrestricted cash and term deposits of $18.3 million. As of June 30, 2025, the Company had a net working capital surplus of $13.2 million (2024: $27.6 million surplus). 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 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. Advisory Regarding Forward-Looking Statements This news release contains certain statements which constitute forward-looking statements or information ('forward-looking statements') including its assessment of processing capacity for existing volumes and future growth, the operator's plans for follow-up drilling, and the Company's views on interest in its natural gas discovery growing among industrial gas users. 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 under in the Company's Annual Information Form for the year ended December 31, 2024, and other documents available on the Company's profile at 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 June 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,690 bbls/d (2024: 931 bbls/d) and natural gas including conventional and shale gas accounted for 8,409 Mcf/d (2023: 3,767 Mcf/d). For the six-month period ended June 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,346 bbls/d (2024: 955 bbls/d) and natural gas including conventional and shale gas accounted for 6,412 Mcf/d (2024: 3,942 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. Three months ended June 30, Six months ended June 30, ($ thousands) 2025 2024 2025 2024 Net cash from operating activities $ 6,288 $ 3,141 $ 9,646 $ 5,769 Change in non-cash operating working capital (1,283 ) 1,314 (1,099 ) 1,659 Adjusted Funds Flow from Operations $ 5,005 $ 4,455 $ 8,547 $ 7,428 Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities. CONTACT: For further information, please contact: Questerre Energy Corporation Jason D'Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) |Email: info@ in to access your portfolio
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Techday NZ
17-06-2025
- Business
- Techday NZ
Riverlane appoints key leaders for global quantum software
Riverlane has announced the appointments of Abe Asfaw as Head of QEC Enablement and Guen Prawiroatmodjo as Senior Engineering Manager for Open-source Software, drawing on experience from several major technology companies. The company stated that the field of quantum computing is moving rapidly, requiring not only hardware improvements but also extensive software development and a skilled developer community to realise practical quantum applications. Riverlane aims to address these needs by expanding its quantum error correction (QEC) capabilities and building a wider international community focused on quantum software and education. Abe Asfaw will assume the newly created role of Head of QEC Enablement. In this role, Asfaw is tasked with establishing and leading Riverlane's global QEC enablement function. His responsibilities will focus on facilitating Deltaflow users, as well as others in the quantum community, in developing the skills required to adopt and implement quantum error correction. This includes developing educational programmes, forming partnerships, and building support mechanisms to foster the practical adoption of QEC techniques. Asfaw joins Riverlane after a period at Google Quantum AI, where he led educational and outreach initiatives and helped steer the company's global engagement in quantum computing research. He previously served as Global Lead for Quantum Education and Open Science at IBM Quantum, and played a significant role in founding educational initiatives such as the Qiskit Global Summer School and IBM Quantum Challenge. Regarding his new position, Abraham Asfaw commented, I am excited to join the talented team at Riverlane that has set its focus on accelerating quantum error correction. This is the key ingredient that will enable the full potential of quantum computers. Accelerating QEC means delivering highly capable and intuitive hardware and software tools and simultaneously building learning pathways to transition the quantum community toward QEC capability with these tools. My focus is on making it easier for researchers and developers to apply QEC in practice, which will in turn drive the broader quantum computing field forward faster. Guen Prawiroatmodjo has been appointed as Senior Engineering Manager for Open-source Software. She will lead the development of an open-source software development kit (SDK) designed to enable quantum programmers to build, test and run fault-tolerant circuits on hardware. The SDK will offer tools for generating logical circuits, performing simulations, decoding, and modelling system noise. The first version of the SDK is planned for release in the third quarter of 2025. Prawiroatmodjo's background includes roles at Microsoft, where she developed core elements of the Quantum Development Kit and contributed to Majorana 1, as well as experience at Rigetti Computing and MotherDuck. At Microsoft, she also maintained the Azure Quantum Python SDK, and at Rigetti, was involved in developing a cloud-deployed quantum processor. Prawiroatmodjo stated that accessible software will be critical as quantum hardware evolves, remarking, Today, quantum hardware itself is starting to become capable to running fault-tolerant circuits, and widely available software has not integrated QEC capability yet. In the NISQ era, developers were able to run small, noisy quantum algorithms on hardware for the first time, but these often had to be repeated many times to account for noise and errors in the system. With Riverlane's upcoming SDK, quantum programmers will be able to take their existing NISQ circuits and implement, test and run them in a fault-tolerant way using the latest advances in quantum error correction. Our goal is not only to make it easier to run QEC experiments, but also to upskill the broader quantum community so more people can build, test and run fault-tolerant quantum programs. According to Riverlane, the global pool of experts in quantum error correction remains limited, as highlighted by the scale of attendance at key conferences. The company believes that software is expected to represent a substantial portion of value in quantum computing, similar to trends seen in classical computing, where software generates over 60% of industry revenue. Riverlane's current strategy, led by Liz Durst, Vice President of QEC Community and former Director of IBM's Qiskit platform, involves strengthening the capacity and reach of its QEC Community team. The company is also actively recruiting across software, quantum science, enablement, and engineering roles, aiming to broaden the base of professionals contributing to QEC infrastructure. The additions of Asfaw and Prawiroatmodjo reflect Riverlane's broader effort to facilitate scalable QEC and foster the required developer community to advance fault-tolerant quantum computing technologies.
Hamilton Spectator
27-05-2025
- Business
- Hamilton Spectator
QEC launches scholarship in memory of electrician who died on job
A memorial scholarship in honour of Noah Paniyuk means the late Qulliq Energy Corp. electrician's legacy lives on, says his daughter Julie Ell. Paniyuk, who lived in Rankin Inlet, died last summer while working on generator repairs in Naujaat. Ell and family members were at the legislative assembly in Iqaluit Monday afternoon as John Main, the minister responsible for QEC, announced the creation of a scholarship in Paniyuk's name. 'It feels amazing to know that there's some part of him that will go on, because he was very dedicated to his work,' Ell said in an interview. 'It makes me happy knowing that other people will have the opportunity to get a scholarship for any trade that they want to go into. Because being a student is a lot of work, financially, because you're basically on your own.' When Paniyuk was a trades student at the Northern Alberta Institute of Technology, his classmates underestimated him, Ell said. However, 'he turned out to be the top of the class and everyone was always asking him for help.' QEC's annual Noah Paniyuk Scholarship Program will award $5,000 to two Nunavut students who are in a trades program or starting one in Canada, Main said. 'There's never been a more crucial time to strengthen Nunavut's workforce as we face growing infrastructure needs, and as national interest in Arctic sovereignty increases alongside new investment in the region,' he said. 'Through this scholarship, Qulliq Energy Corp. reaffirms its commitment to building capacity, honouring legacy, and helping Nunavummiut access meaningful in-demand careers.' Paniyuk was a well-known worker and mentor within QEC, Main said. Last year, Nunavut Employees Union president Jason Rochon said Paniyuk was a member of the Local 07 bargaining team . On Monday, Ell reflected on Paniyuk as a loving father and grandfather. She recalled being a toddler and spending time with him while he was at work. Paniyuk was a 'provider' for his family and others, she said. 'He allowed my mom to be a stay-at-home mom, which I loved cause my mom took care of us all throughout our elementary school days and stuff like that, and my dad always made sure we had food, clothing, and a roof over our head,' she said. 'He was just a hard-working man all around, and he provided country food for elders as well.' After Monday's legislature proceedings, Main told reporters QEC continues to co-operate with the Workers' Safety and Compensation Commission on an investigation of the fatal incident. QEC continues to strengthen its safety and provides support to employees who still mourn the loss of a 'valued co-worker,' he said.
National Post
20-05-2025
- Business
- National Post
IQM to Deliver World-leading 300-qubit Quantum Computer to Finland
Article content IQM will deliver two IQM Radiance quantum computers to VTT in Finland: first a 150-qubit computer in 2026 and a 300-qubit computer in 2027. The 300-qubit system is powered by two superconducting 150-qubit quantum processors. The quantum computers will be specifically designed to serve as testbeds for quantum error correction (QEC) to enable research and development for fault-tolerant quantum computers. The two quantum computers will be integrated with the Finnish HPC infrastructure. Article content Article content ESPOO, Finland — IQM Quantum Computers, a global leader in superconducting quantum computers, announced today the signing of an agreement with VTT Technical Research Centre in Finland to deliver a 150-qubit and a 300-qubit quantum computer. The systems will be delivered in 2026 and 2027 and integrated with the Finnish HPC infrastructure. Article content The 300-qubit quantum computer is purpose-built and designed to support quantum error correction experiments an essential step toward fault-tolerant quantum computing. The system is expected to enable algorithm research for techniques such as circuit knitting. Article content IQM has previously delivered 5-qubit, 20-qubit, and 50-qubit quantum computers to VTT, marking key milestones in the development of Finland's quantum ecosystem. Each system has played a crucial role in advancing research capabilities and supporting the growing needs of the quantum community in Finland. Article content 'We are excited to continue our long-term partnership with VTT and ship our next generation of quantum computers to power Finland's quantum ecosystem,' says Mikko Välimäki, Co-CEO of IQM Quantum Computers. 'We are committed to delivering and deploying full-stack quantum computers worldwide, and Finland will get our highest performing quantum computer to date as the next step on our common journey to reach fault-tolerant quantum computing,' he continues. Article content 'This 300-qubit superconducting quantum computer has the most superconducting qubits procured anywhere in the world. In addition, the delivery schedule is quick,' says Piia Konstari, Project Manager for VTT's quantum computer tendering process. Article content IQM has sold and shipped more on-premises quantum computers in the last 12 months than any other quantum computer manufacturer, while its systems have been deployed by various universities and HPC centers globally. Article content The company's approach is to power local quantum ecosystems with an open and transparent hardware and software platform. In addition, IQM on-premises users will get hands-on access to system hardware and software platforms including pulse-level access to control the qubits. Article content 'This announcement highlights our commitment to deliver on our published development roadmap. The quantum computers will benefit from our strong technology stack including tunable couplers, HPC integration, and an open software stack. Our goal is to allow researchers and developers to start experimenting with the latest quantum error correction technologies and show groundbreaking quantum utility with these computers,' says Jan Goetz, IQM's Co-CEO and Co-founder. Article content IQM is a global leader in superconducting quantum computers. IQM provides both on-premises full-stack quantum computers and a cloud platform to access its computers. IQM customers include the leading high-performance computing centres, research labs, universities and enterprises which have full access to IQM's software and hardware. IQM has over 300 employees with headquarters in Finland and a global presence in France, Germany, Italy, Japan, Poland, Spain, Singapore, South Korea and the United States. Article content VTT is a visionary research, development and innovation partner. We drive sustainable growth and tackle the biggest global challenges of our time and turn them into growth opportunities. We go beyond the obvious to help the society and companies to grow through technological innovations. We have over 80 years of experience of top-level research and science-based results. VTT is at the sweet spot where innovation and business come together. VTT – beyond the obvious. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
