Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) reported
today that it has concluded an agreement with
Transeuro Energy Corp. ("Transeuro") (TSX-V:TSU) for
Transeuro to acquire the remaining 50% interest in the
Beaver River Field in northeast British Columbia.
Michael Binnion, President and Chief Executive Officer
of Questerre, commented, "We are very pleased to have
executed this final agreement. Through our equity
interest in Transeuro, we will retain an interest in
the Liard shale at Beaver River, which we believe has
significant potential. As the interest in this play
grows, Transeuro now has the flexibility and focus as
the operator to bring in a seasoned industry partner
to unlock this potential."
Pursuant to the agreement, Transeuro will acquire
Questerre Beaver River Inc., a wholly owned subsidiary
of Questerre that owns the 50% interest in the Beaver
River Field. In consideration, Questerre will receive
40 million common shares of Transeuro. Closing is
scheduled for early May and is subject to receipt of
all requisite approvals and other conditions precedent.
Mr. Binnion further added, "The acquisition of our
subsidiary provides for continuity for suppliers,
employees and other stakeholders in the Beaver River
area. Transeuro has been a working interest partner at
the Field since 2005 and we are confident that they
will continue to operate the Field to the standards we
have established."
Questerre has plans to maintain its share position
through a $2 million commitment to a future financing
by Transeuro subject to final terms.
