Le Lézard
Classified in: Oil industry
Subjects: LAW, CPG

Squatex's claim to the Government


BROSSARD, QC, Oct. 31, 2019 /CNW Telbec/ - Squatex (CNSX: SQX) - The management of Squatex Energy and Ressources Inc. (Squatex), in conjunction with its partner Petrolympic Inc. (Petrolympic) announces that, through its attorneys, a lawsuit against the Quebec Government was filed in Superior Court, Quebec Judicial District.

Through this procedure, Squatex and its partner are asking the Minister of Energy and Natural Resources to return the annual fees it has collected without having the right to do so since 2011, in connection with the oil and gas exploration licences which they owned since September 1st, 2009. The licence period has been suspended since the Oil and Gas Limiting Act came into force on June 13, 2011, so that annual fees were not and still are not payable. As these continued to be collected by the Minister in order to maintain the licences in force, Squatex and its partner are now demanding the return of the sums paid, plus interest.

Squatex would also like to clarify to its shareholders, through this press release, that further legal proceedings could be considered against the Government in order to enforce its rights. Indeed, government and ministerial action in recent years has greatly harmed oil and gas exploration and development in Quebec by reducing the ability to finance itself in the markets.  Squatex's management would like to reassure its shareholders that it is taking all necessary measures to maintain the company's operating capabilities.

About Squatex Energy and Ressources Inc.

Squatex Energy and Ressources Inc. (Squatex; CNSX: SQX) is a Quebec junior oil and gas exploration company founded by Jean-Claude Caron in 2001 with headquarters at 7055 Boul. Taschereau, Office 500, Brossard, Quebec J4Z 1A7. The main activity of the company is, as an operator, to carry out work and studies to assess the oil and gas potential of a territory of 656,093 hectares (ha) under exploration permit (70% Net). Squatex holds 224,933 hectares of exploration permits in the St. Lawrence Lowlands and 431,160 hectares of permits in the Lower St. Lawrence. Squatex also holds a net stake of 28% over 8000 ha under another farm agreement in the St. Lawrence Lowlands.

Forward-Looking Statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or Squatex's future financial performance and involve known and unknown risks, uncertainties and other factors that could significantly alter their results, returns or what is expressed or suggested by Squatex's statements. Actual events or results may differ. Therefore, the decision to invest in securities and Squatex should not at any time be based on these statements. Squatex disclaims any intention and obligation to update its statements.

SOURCE Squatex Energy and Ressources Inc.


These press releases may also interest you

at 07:01
Halper Sadeh LLP, a global investor rights law firm, is investigating: Noble Energy, Inc.  concerning potential violations of the...

at 05:00
At the SNEC 14th (2020) International Photovoltaic Power Generation and Smart Energy Exhibition & Conference, Yingli Solar Reaches Strategic Cooperation with a Number of Important Partners....

8 aoû 2020
FirstEnergy Corp. utilities continue restoration efforts for customers of Jersey Central Power & Light (JCP&L) who lost power as a result of Tropical Storm Isaias. Service has been restored to more than 696,000 JCP&L customers ? more than 88% of the...

8 aoû 2020
Horizon Engineering Associates, LLP (HEA), a professional engineering firm specializing in commissioning, energy consulting and LEED services, is pleased to announce its recent hire of Mr. Colin Milner, CEM, CBCP, MFBA, who has joined the HEA team as...

8 aoû 2020
LONGi Green Energy Technology Co., Ltd, or LONGi Group, a leading global solar technology company, announces an 8-year roadmap to achieve 100% renewable energy use for its global operations by 2028. The world's largest mono-crystalline PV products...

7 aoû 2020
Calfrac Well Services Ltd. ("Calfrac" or the "Company") announces that it has obtained an interim order in connection with the  Company's previously announced recapitalization transaction (the "Recapitalization Transaction") to be implemented...



News published on 31 october 2019 at 19:14 and distributed by: