BROSSARD, QUEBEC–(Marketwired – May 25, 2017) – The management of Resources & Energy Squatex Inc. (CSE:SQX)(CSE:SQX.CN)(CNSX:SQX) (Squatex) is pleased to announce that it has entered into an engineering services agreement with Calgary based Fire Creek Ressources Ltd (Fire Creek).
For several years, Squatex has specialized in the technique of small diameter drilling (slim hole) for its exploration. This technique represents a major breakthrough in Quebec in terms of environmental impact because it uses less water, less energy, and requires a much smaller area of land (90% less) than traditional oil drilling techniques. Squatex wanted to add to its team professionals with the same values of respect for the environment. Fire Creek has more than 23 years of experience in more than 22 countries on 6 continents and is recognized as a world leader in the engineering of all types of drilling and related operations leading to the production of reservoir zones. Fire Creek has specialists in various fields of oil and gas development and significant amount of wells drilled safely and successfully, including in Quebec. Fire Creek will be a major asset for the development of conventional reservoirs in the Massé structure in the Lower St. Lawrence (see press release dated May 17th 2016).
Mr. Jean-Claude Caron, Executive Chairman and Chief Executive Officer of Squatex comments: «Squatex is a 100% owned Quebec company with deep environmental and social values. I maintain that the development of hydrocarbons in Quebec can be done with respect for the environment and communities. I believe Squatex, by developing innovative techniques, backed by world-renowned professionals in its future exploration and production projects, will become a benchmark in the field. In so doing, Quebec will have the chance to become a leader in the clean and socially acceptable development of hydrocarbons.»
The President of Squatex takes the opportunity to comment on a recent poll commissioned by the Montreal Economic Institute (MEI) at Léger, which ran from April 17 to 19, 2017 in all regions of Quebec: «The results show that 56% of Quebeckers think we should develop our own hydrocarbon resources. It should be noted that we consume 300,000 barrels per day of imported oil day in Quebec and that the purchase of these barrels causes our economy to lose more than $ 20 million per day. » Mr. Caron adds: «Now that we have a law to regulate the development of hydrocarbons, it would be time to take example from Norway and develop our resources to use the income generated by the oil and gas sector to achieve the energy transition in Quebec more quickly. We are fortunate to be rich in natural resources, so accept to be a wealthy society and give ourselves the means to become an example of good resource management while protecting the environment. »
About Resources & Energy Squatex Inc.
Squatex is a junior oil and gas exploration company established in 2001 whose principal activity is to carry out work and studies for the assessment and development of its oil and gas potential of 656,093 Hectares under exploration permits in Quebec. Squatex holds 224,933 ha (70% Net) of exploration permits in the St. Lawrence Lowlands region and 431,160 ha (70% Net) of licenses in the Lower St. Lawrence region.
This press release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information may include, but is not limited to, statements regarding future plans, costs, objectives or performance of Squatex, or the assumptions underlying any of these elements. Forward-looking information should not be interpreted as a guarantee of future performance or results and is not necessarily a guide to the achievement of such performance or results or the timing of such achievement performance or results. There can be no assurance that events anticipated in the forward-looking information will occur or will be produced, including the development of Squatex’s properties, or if they are realized, the benefits that Squatex will derive from it. The forward-looking information is based on information available at the time it is made and / or in good faith with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the control of Squatex. Actual events or results could differ materially from those anticipated in the forward-looking statements. Squatex does not intend to update or revise any forward-looking information contained in this press release to reflect future information, events or circumstances or otherwise and does not undertake to update or revise any forward-looking information contained in this press release, unless required to do so by applicable law.
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