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Press Release

What is a conventional hydrocarbon deposit?

When we talk about oil and gas in Quebec or elsewhere and especially the possibility of reservoirs, it is not everyone who can easily tell the difference between the types of natural reservoirs rocks. Moreover, in the media, confusion remains and therefore leaves people with a certain apprehension in the face of this unknown. In this blog, we will talk about the so-called conventional hydrocarbons reservoirs rocks.

“For a hydrocarbon deposit to qualify as a conventional oil and gas system, the presence of a source rock, a reservoir rock and a cover rock is necessary. In this system, hydrocarbons migrate from the source rock where they formed to the reservoir rock where they will be stored. The degree of porosity and high permeability of a rock characterizes its ability to be a reservoir rock. Hydrocarbons remain trapped in the reservoir rock through a cover rock (seal) that is characterized by a lower degree of porosity and permeability. (Source: MERN)

The first thing to remember about these conventional reservoirs is that for these, the methods of extraction of their hydrocarbons have been well known for more than 160 years (1859: Titusville, Pennsylvania) and above all they do not require the use of hydraulic fracturing. And as the above definition of MERN says, to be conventional, the reservoir must be porous, permeable and naturally insulated by a impermeable layer preventing a migration of hydrocarbons to the surface (blog # 2: seeps). This implies that, for the production of a conventional reservoir, a simple well will be necessary to extract hydrocarbons at the surface. This method is ultimately very similar to that used to produce drinking water, but at greater depths.

So why talk about conventional reservoirs? 

It is that a reframing of the terms used in the public space is necessary. Indeed, for several years, there has been talk in the public discourse on hydrocarbons thatshale gas.

 However, these are non-conventional resources. In this case, hydrocarbons are trapped in the source rock (Blog # 1) and that to recover them, hydraulic fracturing is the only cost-effective way to create the porosity and permeability that are necessary to enable production.

You have to know that in Quebec there are possibilities of conventional reservoirs (which can be exploited without fracturing). The latter are located mainly in the Gaspé / Lower St. Lawrence in the Devonian and Silurian rocks, but also in the St. Lawrence Lowlands in the limestone formations of Trenton and Black River. (Ordovician).

Do you have any questions about this scientific note? You can contact the Squatex team at any time to answer your questions!

For questions of a scientific nature:

Alexandre Aubiès-T., PhD., Geo.

aaubies@squatex.com

For media Inquiries:

Jean-François Thibault, ing. jr

jfthibault@squatex.com

What work is done during the exploratory phase?

In order to find natural gas and oil resources, it is necessary to have a good scientific strategy to choose and carry out the good work. The exploratory phase in the field of hydrocarbons corresponds to a maximum risk taking for investors, and one could say minimum for the environment because the presence of the resource is then only assumed. So we will see here how the oil companies spend their money, hoping in the end that their investments are not going to be in vain and that they will find a deposit large enough to be produced economically.

As a first step, the company must obtain from the government, which is the owner of the natural resources, exploration permits over a territory.  The territory is usually selected according to geological assumptions that are based on existing studies or by similarity with producing regions. An exploration permit gives the company the right to search for hydrocarbons only.  It does not allow to produce them. The MERN calls them “Research Permits”.

On the MERN web site, we find a very good summary of what needs to be done by the companies in order to hope to find the resource and, if they find it, how to apply for a production license: “Based on the geological knowledge and the Hydrocarbons potential of a given territory, geological or geophysical studies can be conducted and drilling work carried out. Geological work includes the field examination of rock outcrops, litho-geochemical analyses and geological compilations. With regard to geophysical work, these are methods of researching hydrocarbons by indirect measures of the physical properties of the basement. This work is done by air or directly on the ground. The most frequently used survey types in oil and gas exploration are seismic, gravimetric, magnetic and magnetotelluric surveys. Finally, drilling works include the preparation of the drilling site, drilling, completion, modification, testing and temporary or permanent closures. »Of course, it is very rare, especially in Quebec, that companies can quickly find oil or gas reservoirs.  Therefore, this work can be spread over several years or even decades.

What are the regions favorable to the discovery of hydrocarbons in Quebec?

As we have seen in the posted note #1on the formation of hydrocarbons, two important points must be considered:

– The Source Rock: where hydrocarbons are formed

– The Reservoir Rock: where hydrocarbons are accumulating

In order to have a Source Rock, it is necessary to have a low-agitated sediment deposit medium, deprived of oxygen and with good transport of organic matter such as in a river delta or a sedimentary basin edge.  For the Reservoir Rocks, it is a bit more complex because they must be in the migration path of the hydrocarbons escaping from the Source Rock to be able to trap them, they must have a good porosity and also must be in a trapping situation:

  • Stratigraphic Trap:Superposition/alternation of impermeable and porous rocks
  • Structural Trap:A fold in the succession of rocks or a fault system that shifts the porous and impermeable rocks creating a natural plug 
  • Mixed Trap:associated with the formation or intrusion of a salt diapir (rising of the salt to the surface as observed in the Îles-de-la-Madeleine).

What do we have in Quebec ?

Have the above conditions met here in the past? Based on different scientific articles, on the MERN reports and even on sites more accessible for the uninitiated (like Planet Earth), the answer is unanimous: Yes, Quebec presents several regions with a potential for the discovery of hydrocarbons.

Quebec is divided into four geological regions: the Grenville-Churchill-Superior, the St. Lawrence Lowlands, the Appalachians and, in the Gulf of St. Lawrence, the Îles-de-la-Madeleine basin.

The first geological region located mainly in the northern part of Quebec is that of the Grenville, Churchill and Superior, which contains mostly very old rocks (several billion years). They may be conducive to mineralization but not to the presence of hydrocarbons because the rocks in this province are mainly crystalline and non-sedimentary.

The second geological region is now better known for having experienced a recent conflict situation. Indeed, the St. Lawrence Lowlandsregion contains a natural gas-rich Source Rockformation, the Utica shale Formation. Because it is a Source Rock it is complicated to produce the gas because it  requires hydraulic fracturing to create porosity.  However, there is also in the Lowlandsthe Trenton Formationthat is also potentially interesting. This formation is best known by our Ontario and American neighbours with proven reserves and produced discoveries. It is a Reservoir Rockwith good porosity which is in contact with the Source Rock (Utica) and it does not require fracking to get the resource.

The third region corresponds to the Appalachians. This old mountain range is conducive to more conventional discoveries such as in Gaspésie-Bas-Saint-Laurent, that of Galt, Bourque, Haldiman and the Massé structure, which present structural reservoirs that are often complex. These reservoirs are found in several formations such as Forillon, Westpoint and Sayabecand do not require hydraulic fracturing.

The fourth region is located in the marine environment of the Îles-de-la-Madeleineregion, where a very deep basin exists containing Source Rocksand numerous Reservoir Rocks.  The exploration of the years 1970 to 1980, however, did not produce any discovery of hydrocarbons.

Squatex Resources and Energy is advantageously positioned in two of these regions with high potential: The Lowlandsand Lower St. Lawrence(Appalachians).

What is natural oil seeps?

If you walk in a forest or a trail near you, you may notice a greasy substance flowing from a rock or even into a stream. Is it pollution? Probably not! Indeed, during our last blog post on hydrocarbon formation formation des hydrocarbureswe talked about the Source Rock essentially, but what happens next?

The oil and gas formed in the Source Rock suffers enormous pressures due to the weight of the rock that has accumulated above it.  As oil and gas are lighter than water and rock, these migrate upward with the formation water (from the old sea).

So there are two possibilities 1) Oil and natural gas are trapped by a Reservoir-Rock which is covered by a waterproof layer or 2) There is no Reservoir-Rock or impermeable layer. This second possibility, which is most common, then produces a natural phenomenon that since millions of years and which is called natural surface seeps.

The figure below comes from a very good article from the Ministry of Energy and Natural Resources (MERN) and highlights the natural nature of the seeps, i.e. without human intervention.

Natural seeps are the first indices for geologists seeking hydrocarbons from the potential presence of subsurface reservoirs.

In the Province of Quebec, many areas have long been known to be teeming with natural hydrocarbon seeps. For example the Gaspésie (Northern Peninsula and Gaspé Bay), La Mauricie (The Devil’s Fountain), the St. Lawrence lowlands between Montreal and Quebec where methane was measured by the government in 1966 in drinking water in thousands of wells, and in the St. Lawrence River where several methane seeps have recently been identified by the Geological Survey of Canada. All these indications show that the potential for hydrocarbons in Quebec is far from negligible and deserves to be studied carefully.

The seeps are 100% natural phenomena! So when you walk in the woods, keep an eye open, you never know, you may find the future big oil field Quebecers!

Do you have any questions about this scientific note? You can contact the Squatex team at any time to answer your questions!

For questions of a scientific nature:

Alexandre Aubiès-T., PhD., Geo.

aaubies@squatex.com

For media Inquiries:

Jean-François Thibault, ing. jr

jfthibault@squatex.com

How are hydrocarbons generated?

The generation of hydrocarbons (oil and natural gas) can be explained in a simple way by a slow process that can be divided into 3 main stages: 1) Formation of the Source Rock; 2) Burial of the Source Rock; and 3) Formation of gas and oil.

It should be noted that the “Source Rock” is a sedimentary rock derived from erosion processes that is naturally rich in organic matter and in which hydrocarbons are formed. Not to be confused with Reservoir Rock which is a rock in which hydrocarbons accumulate.(From : Dictionnaire de géologie 4eédition, Foucault et Raoult).

1- Formation of the Source Rock

After the death of a living organism (plant or animal), the material of which it is composed is recycled either by being eaten by scavengers or bacteria, or by being directly transformed into carbon dioxide (CO2), nitrate, sulphate, etc. to be released in the atmosphere or in the groundwater. However, 0.1% of this material escapes this fate and ends up being deposited in sediments at the bottom of the seas or lakes which are low-agitated and low-oxygenated environments, thus favorable to preserve this organic matter. Due to anaerobic bacteria, this mixture is transformed into dark and smelly mud that accumulates and hardens over time to become a source rock with at least a 1-2% organic matter content.

The environments most conducive to significant accumulations of organic matter have the following characteristics: i) They are located in warm climate conducive to the formation of plankton II) are near the mouth of rivers or deltas where a greater amount of organic matter is carried; and III) are far from a mountain range which limit the presence of heavier mineral sediments.

2- Burial of the Source Rock

Under the weight of the accumulating sediments, the source rock sinks into the earth’s crust at a rate of a few meters to a few hundred meters per million years. This progressive phenomenon is called subsidence and creates what is called a sedimentary basin.

Burial gradually submits the source rock to increasingly strong pressures and temperatures. The organic matter it contains is crushed by the weight of the sediments (at a depth of 1000 m, temperature is 50 °c and the pressure reaches 250 bars).

Under these physical conditions, the nitrogen, sulfur and phosphorus atoms end up disappearing and the organic matter is gradually transforming into kerogen, a mixture of water, CO2, carbon and hydrogen that will allow for the genesis of oil and gas.

3- Formation of gas and oil

At depth of burial of about 2000m and at a temperature of 100 ° C, the kerogen begins to transform into hydrocarbons.

At depths between 2000m and 3800m, we are in what we call the oil window(liquid oil) in which the kerogen generates on average more oil than gas.

And at depths between 3800m and 5000m, the peak of theoil windowis reached and we enter into the gas windowin which the kerogen gives more and more light parts and the generation of gas (methane) takes over the formation of oil. 

Hydrocarbons Formation, taken from the course Planet Earth Université Laval (P. Bourque)

There you go! It is by being subjected to these different phases that some organisms end up being transformed into hydrocarbons!

Do you have questions about this scientific note? You can always contact the Squatex team who will answer your questions!

For scientific questions:

Alexandre Aubiès-T., PhD., Geo.

aaubies@squatex.com

For media inquiries:

Jean-François Thibault, ing. jr

jfthibault@squatex.com

Slim-hole drilling: the choice of Squatex

Resources and Energy Squatex inc. (Squatex) has always sought to innovate and use Quebec know-how to carry out his projects. During its first exploratory drilling in the Lower St. Lawrence, Squatex used mining drills. Indeed, the goal was to collect rock samples less than 200m deep, what is more simply called stratigraphic drilling. Squatex therefore wondered if these boreholes could not be better exploited. Indeed, Quebec is recognized worldwide for these mining drills and the quality of its workers. Why not use this expertise for the oil field?

After several researches on the various methods, it turned out that that of the slim-hole drilling was already used all over the world by big oil groups, by using smaller platforms oil. What is called small diameter drilling is all drilling with rods less than 8″ in diameter. With this technique, it became possible to use mining drills usually drilling in 3po 1/2 for oil drilling in Quebec.

Use of Slim-hole drilling

The first test we conducted in the field with this method was done in 2012 with the drilling of Massé No. 1 in the municipality of Ste-Jeanne d’Arc. At that time, the Hydrocarbons law did not exist, and oil and gas exploration companies depended on the Mining law. It should be understood here that a stratigraphic drilling in the eyes of the law did not need a permit, or even safety systems present on oil drills. As we planned to drill more than 1500m deep, we then forced the contractors to equip the drill with the same standards as the oil drills, ie Blow Out Preventers (or BOP) which are safety valves.

At the end of this drilling, in the summer of 2013, we made a further improvement, namely the use of closed water circulation. This improvement was intended to better control what comes in and out of the well. As a result of Massé No. 1, we also had the BOPS improved, because the overpressure during this drilling, showed us that only hydraulic valves would not be sufficient in case of greater pressure and so we also raised mechanical BOPS. At this point, we had a mining drill with all the equipment needed to ensure the safety of the workers, as well as where we work. It should be noted that no incidents occurred during the drilling and that all the delicate situations were well managed by the Squatex team.

Obviously, at that moment, we could collect drill cores, but since in the oil world it is more the so-called indirect methods that are used, for example what are called the “e-logs” or logging, we decided to also use these methods, in 2014 during the drilling of Massé No. 2. Indeed, we made logs on our small diameter drill. This approach allowed us to discover the potential of the Massé structure.

Benefits of Slim-hole drilling

Why do we find that Slim-hole drillingis part of the solution for a responsible exploration of oil and natural gas in Quebec?

First, it saves money: for the same price as a conventional oil drilling, we have 2 to 3 slim-hole drill holes and therefore the possibility of well delineating the reservoir.

Then a small diameter borehole has a reduced environmental footprint. It should be known that an oil drilling represents a zone with the grounds of 120m on 120m for the drill and other installations, that is to say 14 400m2 of total surface. A slim-hole drill is 40m by 40m, or 1600m2, which is 9 times less ground than conventional drilling. This reduced footprint also results in a reduction of all the aspects conducive to causing nuisance to the community (noise, coming and going of trucks, etc.), even the amount of water used is less.

Ultimately, slim-hole drilling is a safe, economically beneficial, and more environmentally friendly option than the more traditional methods of oil drilling. Finally, they mobilize the heritage of a know-how from home, which has something to make us proud.

Letter to the Minister of Energy and Natural Resources

Brossard, November 15, 2018

Minister, 

On December 10, 2016 the previous government passed a new law governing the hydrocarbon sector. This law according to the experts was among the most severe in the world. Despite this severity, our industry has welcomed this legislation, saying that we could live with it and that the environmentalists would be satisfied. Last June, your predecessor, Minister Moreau, filed a series of regulations relating to this law in droves. These regulations came into effect on September 20th. These have undergone last minute changes compared to those adopted following the public hearings held on the subject. Many of these regulations significantly limit the scope of the law in some respects and make the work of exploration companies almost impossible, constituting a sort of disguised moratorium. The new regulations create tasks and obligations that will cause the short-term disappearance of small Quebec companies like ours. 

Our Company, RESOURCES AND ENERGY SQUATEX INC, is a 100% Quebecer publicly traded junior company (www.squatex.com), which was founded in 2001. The company currently holds oil and gas exploration licenses in Quebec. These permits cover a total area of 6,560.9 square kilometers on which it has so far invested more than $ 18 million. Of these permits, 2,173.7 Km2 are located in the St. Lawrence Lowlands of the and 4,313.4 km2 in the Lower St. Lawrence. Since its inception, Squatex has specialized in the search for conventional oil and gas resources, while innovating to significantly reduce the ecological footprint on the ground and without resorting to hydraulic fracturing of the rock. The most important work was carried out in the Lower St. Lawrence region, which led in 2013 to one of the largest hydrocarbon discoveries in Quebec: Potential reservoir Massé containing high quality natural gas and oil (Appendix 1). 

Since 2012, because of the many government uncertainties that have persisted, investors interested in oil and gas have fled Quebec. The loss of equity capital of companies operating in Quebec due to lack of confidence in government policies has caused serious harm to those who can not now find the capital needed to continue their activities. This problem mainly affects junior companies like Squatex. 

If nothing is done to amend the regulations that took effect on September 20, a Quebec junior company like Squatex will disappear. The fruit of the experience and professional expertise acquired during 17 years of work will be lost, while the company has a huge development potential, both in terms of employment and the economy, for the Lower St. Lawrence region and for all of Quebec. 

So, Minister, for the moment Squatex does not intend to resort to the courts as we mentioned in our press release issued November 08, 2018 (Appendix 2) that we sent by email. We believe that the current situation calls for urgent action on your part. We first ask that you temporarily freeze the application of the current rules by December 20, 2018 (the date on which penalties are scheduled) in order to allow the junior companies to survive, while making certain modifications necessary for this survival. Secondly, we are asking for a meeting with you and your colleagues as soon as possible so that we can share with you our plans and recommendations to help and promote the economic development of the hydrocarbon sector in Quebec. 

You will find hereby a summary description of the current problematic concerning the regulations of the Hydrocarbons Act which we suggest you to modify (Appendix 3). 

Hoping for a favorable response from you, Minister, please accept our best regards. 

Jean-Claude Caron 

President 

Squatex’viewpoint on the position of Quebec Oil and Gas Association (QOGA)

BROSSARD, QC, Nov. 8, 2018 /CNW Telbec/ – (CNSX: SQX) – The management of Squatex Energy and Resources Inc. (Squatex) is dissociating itself from the alleged legal actions recently taken against the Government of Quebecconcerning the regulation of hydrocarbons.

It was publicly stated that this lawsuit was made “on behalf” of Quebec’s oil and gas companies and that it was supported by the Quebec Oil and Gas Association (QOGA). However, it should be noted that Squatex is not part of the QOGA, has never been consulted and also dissociates itself from the aforementioned support for the prosecution.

Let a chance to the new government

The new Quebec government has just taken office and it is normal for its members, and particularly the Minister of Energy and Natural Resources, to take the time to get to know their many files and to position themselves on various societal issues, including the exploration and exploitation of hydrocarbons.

The management of Squatex means to the Government of Quebec, the municipalities as well as the citizens that it intends to continue working with its stakeholders as well as the various levels of government to implement projects that are part of a reasonable, structuring and sustainable management of Quebec’s oil and gas resources.

To this end, Squatex will soon be asking for a meeting with the Minister of Energy and Natural Resources to discuss issues related to the oil and gas sector and, in particular, to review certain regulations presented in June by former Minister Moreau which seem inappropriate and that deserve to be re-examined and modified.

Squatex’s vision

Squatex’s management firmly believes that it is imperative that the development of hydrocarbons in Quebec be done in accordance with the culture and traditions of Quebec, particularly in terms of consultation and social dialogue.

Indeed, this tradition of dialogue, rooted in the history of Quebec, has demonstrated that it allows the establishment of sustainable national objectives and consistent plans for government action.

About Squatex Energy and Resources Inc.

Squatex Energy and Resources Inc. (CNSX: SQX) is a junior Quebec oil and gas exploration company founded by Mr. Jean-Claude Caron in 2001 and whose head office is located at 7055, Taschereau boulevard, Suite 500, Brossard, Quebec, J4Z 1A7. The main activity of the company is, as operator, to carry out works and studies aiming at the evaluation of the oil and gas potential of a territory of 656,093 hectares (ha) under exploration license (70% Net). Squatex holds 224,933 ha of exploration permits in the St. Lawrence Lowlands and 431,160 ha of permits in the Lower St. Lawrence. Squatex also holds a 28% net interest in 8,000 ha under another lease 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 future economic results of Squatex and involve known and unknown risks, uncertainties and other factors that could materially affect the results, performance or achievements of the Company in relation to that expressed or implied by the statements of Squatex. Actual events or results could be very different. Consequently, the decision to invest in the securities of Squatex should not be based on such statements at any time. Squatex disclaims any intention and any obligation to update these forward-looking statements.

JEAN-CLAUDE CARON ACQUIRES ADDITIONAL SHARES FROM SQUATEX

Brossard, Qc, August 23, 2018 – Jean-Claude Caron, Director and President of Resources and Energy Squatex Inc. (“Squatex”) (CSE: SQX) announces that 9129-2862 Québec Inc. (“9129”), a wholly-owned corporation, has subscribed on August 22, 2018 a total of 18,008,780 Squatex common shares, at a price of $ 0.10, to settle all of Squatex’s debts towards 9129 totalling $ 1,800,878.09 as at August 21, 2018. These debts represented the sums advanced by 9129 over the years to fund the various activities of Squatex.

Prior to this investment, Jean-Claude Caron held, directly and indirectly through 9129, 61,808,806 Squatex common shares, or 58.40% of the 105,841,876 Squatex shares issued and outstanding. Following this acquisition, Jean-Claude Caron, directly and indirectly through 9129, holds 79,817,586 Squatex common shares, representing 64.45% of the 123,850,656 Squatex shares issued and outstanding.

Jean Claude Caron and Squatex’s board of directors considered that it was advantageous for Squatex to clean up its balance sheet by eliminating its debts. Jean-Claude Caron and 9129 intend to continue to hold their Squatex shares for investment purposes and may, depending on the circumstances, increase or decrease their ownership of shares and have no plans or intentions to significant changes to Squatex, including the changes listed in Item 5 of Schedule 62-103F1.

A copy of the Alert Reporting Statement for this release may be obtained from Squatex’s profile at www.sedar.com.

Information

For further information, please do not hesitate to contact Mr. Jean-Claude Caron, President of Squatex, or Mr. René Guimond, CPA, CGA, Vice President Finance Squatex, at 450-766-0861.

Source

Jean-Claude Caron

450-766-0861

Debt settlement by issuing shares

BROSSARD, QC – (CNW Telbec – Aug. 21, 2018) – Squatex Resources & Energy Inc. (Squatex – www.squatex.com) (CSE:SQX)(CSE:SQX.CN)(CNSX:SQX) announces the conclusion of an agreement to pay in shares debts owed by Squatex to 9129-2862 Québec Inc., a company wholly owned by Jean-Claude Caron, director and president of Squatex, which currently holds, directly and indirectly through 9129-2862 Québec Inc., 61,808,806 Squatex common shares, representing 58.40% of the issued and outstanding shares.

A total of 18,008,780 Squatex common shares will be issued to 9129-2862 Québec Inc., at a price of $ 0.10, to settle all debts totaling $ 1,800,878.09 as at August 21, 2018. These debts represent amounts advanced by 9129-2862 Québec Inc. over the years to fund Squatex’s various activities. Squatex considers that it is advantageous at this stage to clean up its’s financial balance sheet by eliminating the debts contracted by Squatex.

This issue of common shares is a transaction with a related person under Regulation 61-101 respecting protection of minority security holders in special transactions but enjoys an exemption from the formal valuation and the shareholder approval since the fair market value of the issued shares does not exceed 25% of Squatex’s market capitalization.

Securities issued will be subject to a holding period of 4 months and 1 day. As a result of this offering, a total of 123,850,656 Squatex common shares will be issued and outstanding and Jean-Claude Caron, directly and indirectly through 9129-2862 Québec Inc., will hold 79,817,586 common shares, or 64,45% of the issued and outstanding shares.

About Resources & Energy Squatex Inc.

Resources & Energy Squatex Inc. is a junior oil and gas exploration company established in 2001 and incorporated under the Canada Business Corporations Act on April 12, 2002, with head office at 7055 Boul. Taschereau, Suite 500, Brossard, Quebec J4Z 1A7. The main activity of the company is, as operator, to carry out works and studies aiming at the evaluation and the full development of the oil and gas potential of a territory of 656,093 hectares under exploration license in the Province of Québec. Squatex holds 224,933 ha of exploration permits in the St. Lawrence Lowlands and 431,160 ha of permits in the Lower St. Lawrence region (70% net interest).

Forward-Looking Statements

Certain statements made herein may constitute forward-looking statements. These statements relate to future events or future economic results of Squatex and involve known and unknown risks, uncertainties and other factors that could materially affect the results, performance or achievements of the Company in relation to that expressed or implied by the statements of Squatex. Actual events or results could be very different. Consequently, the decision to invest in the securities of Squatex should not be based on such statements at any time. Squatex disclaims any intention and any obligation to update these forward-looking statements.