(450) 766-0861
jccaron@squatex.com

Press release

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.

RESOURCES AND ENERGY SQUATEX INC DOES NOT RECOGNIZE THE COMPETENCE OF MR. MARC DURAND IN THE EXPLORATION AND PRODUCTION OF HYDROCARBONS IN QUEBEC

BROSSARD, November 22, 2017 – Resources & Energy Squatex Inc. (Squatex – www.squatex.com) (CSE: SQX / CSE: SQX.CN / CNSX: SQX) wants to respond publicly to several past and recent allegations often unsubstantiated, erroneous, untruthful or thoughtless of an engineer, retired professor from UQAM, Mr. Marc Durand, on or relate to the oil industry in Quebec and which now tend to distort the debate on the social acceptability of economic projects considered by this industry.
We particularly respond to an article recently published in Le Devoir on November 14, 2017 (http://www.ledevoir.com/environnement/actualites-sur-l-environnement/512898/aurons-nous-droit-a-un-changement-dans-le-dossier-des-hydrocarbures).
Mr. Durand introduces himself as an engineer in applied geology, which may suggest that he is a geologist while he is not a member of the Ordre des géologues du Québec (https://inscription.ogq.qc.ca/directory/SearchResults.aspx?FirstName=Marc&LastName=Durand). Moreover, according to his writings, Mr. Durand does not seem to have already worked significantly in the hydrocarbons sector to acquire his “expertise” in oil and gas.
In the article in Le Devoir, Mr. Durand first mentions his concerns about the future actions of government ministers (whom all Quebeckers elected to make decisions for everyone). We are in a democracy and everyone has the right to think what they want. On the other hand, when he says that “the possibility of finding conventional deposits … has always been low in Quebec”, lower than elsewhere in Canada yes, but possible since he fails to mention the work and discoveries of Squatex in the Lower St. Lawrence (http://squatex.com/?p=688) who demonstrated the existence in 2013 of the Massé structure. This structure covers more than 80km2 and contains porous and permeable reservoirs of conventional type which can contain per square kilometer a potential of 10 million barrels of oil and 10 BCF of gas (http://squatex.com/?p=688). This type of reservoir does not require any hydraulic fracturing to be produced, not at all to be explored. Like other geologists, we think that it can exist in many places in Quebec, including in the St. Lawrence Lowlands.
This is particularly the point in the article of Le Devoir talking about hydraulic fracturing that has somehow made us more startled and question the practical knowledge of Mr. Durand in this field. This efficient and safe production technique, used by some companies in the Utica shales, has greatly evolved since its first use in 1947. It is aimed only to create, when needed in deep unconventional reservoirs, very local fissures in a reservoir rock (with porosity) that lacks permeability to allow the circulation of hydrocarbons from the pores to the borehole for their production at surface. This technique is used very far from the surface and the water table. Every year, tens of thousands of wells are fractured all over the world without creating a problem. The energy that certain people and groups in Quebec put to spread misinformation to create an unjustified fear in people’s thinking is detrimental to Quebec’s development and economy. Prohibiting the fracturing process is no more and no less than prohibiting blue drills rather than red ones.
Another statement from the same article by Mr. Durand: “It is essentially the arrival of hydraulic fracturing in the scenery that has allowed some renewed interest in oil exploration at the end of 2008.”: It is not the case, it is the presence of thick and deep layers of shales in the St. Lawrence Lowlands, such as those explored elsewhere in the US, which in 2008 attracted geologists from new partner companies. Fracturing has nothing to do with their coming.
Squatex has invested and explored since 2001 in the Lower St. Lawrence and made the first important oil and gas discovery of conventional reservoirs in the St. Leon/Sayabec/Val Brillant Formations with a team of Quebec experts using conventional methods and techniques, or as Mr. Durand calls them, “normal”.
Mr. Durand’s writings and positions on the oil and gas industry in Quebec are causing a prejudice to Quebec companies by maintaining the speech of a minority refusing the economic development of this sector presenting a great potential, which currently employs more than 50,000 Quebecers and which could greatly improve our assessment of the fight against climate change. In addition, the climate of uncertainty created by this discourse and its peers prevents small Quebec companies from financing themselves on the public markets. In the medium and long term, these junior companies, for lack of capital, rather than, as Mr. Durand says for lack of possibility of conventional deposits, will leave room for foreign companies that will judiciously export their profits outside Quebec with or without social acceptability.

Squatex Very Well Positioned Following Publication of Draft Regulations for the Oil and Gas Industry in Quebec

BROSSARD, QUEBEC–(Marketwired – Sept. 21, 2017) – Squatex Resources & Energy Inc. (Squatex – www.squatex.com) (CSE:SQX)(CSE:SQX.CN)(CNSX:SQX) is pleased with the filing of new regulations to be linked to Bill 35, which the Quebec government has set up to oversee the harmonious development of the petroleum industry, which will contribute to the growth of the Quebec economy and create new jobs in respect of the environment. This industry framework is in line with Squatex’s priorities.

In the St. Lawrence Lowlands, Squatex has a very large territory under oil and gas licenses of some 224,933 ha (555,809 acres) (www.squatex.com). Its exploration permits are well positioned as they cover an appreciable area of the prospective natural gas zone of the Utica Ordovician shales between the Yamaska fault to the northwest and the Logan fault to the south (see map).

Utica BTSL INRS ver en

The Squatex permits in the Lowlands were originally acquired to explore other important conventional resources deeper into the porous rocks of the Trenton-Black River carbonate Formations near major deep faults. Squatex intends to actively explore these targets that do not require hydraulic fracturing. Numerous examples of dolomitized fields (OntarioMichigan, northwestern New York and elsewhere in the world) show the excellent potential of calcareous formations transformed into dolomites by the circulation of hydrothermal fluids from faults (HTD).

Thanks to its acquired expertise and the equipment developed in the Lower St. Lawrence region in a context of similar rocks showing strong porosities (Massé Structure), Squatex is well equipped to consider an early return to exploratory work in the Lowlands. Indeed, Squatex uses low-impact drilling equipment (Slim Hole). Squatex is constantly looking for innovative solutions for its work in order to minimize the areas affected by its exploration, which could prove to be a guarantee of social acceptability. Squatex has innovated in Quebec using small-diameter drilling techniques that can achieve the same results more accurately than using large diameter conventional oil drills that consume more fuel, more water and use more space on the ground being also more noisy.

In the Lower St. Lawrence, Squatex continues its exploration program as planned on and around the Massé discovery. The next step will be to perform the assessment of productivity on the Masse No.2 well and to measure the pressure of the oil and gas zones encountered while drilling (see press release of May 18, 2016).

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.

Resources & Energy Squatex Inc.: New partnership agreement with INRS / NSERC and adoption of a stock option plan

BROSSARD, QUEBEC–(Marketwired – June 8, 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 a new research and partnership agreement with the National Institute for Scientific Research (INRS-ETE) and the Natural Sciences and Engineering Research Council of Canada (NSERC).

This agreement is a continuation of a development program that Squatex began in 2015 with INRS. This work will be necessary to develop and improve a methodology for the analysis of the porosity in drill cores by three-dimensional digital imaging (tomodensitometry). The data thus obtained on the petrophysical properties of the rock will allow us to know faster and more precisely the heterogeneous conventional carbonate reservoirs such as those encountered in Massé.

Mr. Jean-Claude Caron, Executive Chairman and Chief Executive Officer of Squatex, commented: “Squatex is a pioneering company that is once again emerging from the beaten track and I believe that academic and industrial partnerships like this one are essential for the development of the oil and gas industry in Quebec.”

Squatex also announces the adoption by the Board of Directors of a stock option plan (the Plan) on June 5, 2017 and the allocation, on June 6, 2017, of 1 million options to certain directors. The price was set at $ 0.35 per share and the maturity date for these options was set on June 5, 2022. These options will vest over a one-year period.

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.

Forward-Looking Statements

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.

Squatex to use Fire Creek engineering services

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.

Forward-Looking Statements

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.

Squatex Energy and Ressources to commence trading on Canadian Securities Exchange.

BROSSARD, QC, March 30, 2017 /CNW Telbec/ – Squatex Energy and Ressources Inc. (“Squatex”) (CSE: SQX), a Québec-based oil and gas exploration company, is pleased to announce that its common shares will commence trading on the Canadian Securities Exchange (CSE) at the opening of the market on Monday, April 3, 2017 under the stock symbol “SQX” (ISIN number CA 85224X1087).

Mr. Jean-Claude Caron, President and CEO of Squatex, says: “I am proud and very pleased that after more than 16 years of hard work, the company I founded in 2001 became Quebec’s first oil and gas company to be listed on the stock market for more than a decade. The adoption of Bill 102 on the environment and Bill 35 on the development of hydrocarbons in Québec finally provides a clear legislative framework regulating oil and gas exploration from a technical as well as environmental point of view. These laws are an important step forward, now making the political and social environment favorable for Squatex to continue its explorationanddevelopmentwork.” Mr.Caron adds:”The Massé structure with its conventional reservoirs that require no hydraulic fracturing covers at least 80 km2, or approximately 2% of the territory covered under research permits in the Lower St. Lawrence (4,313 km2).”

Squatex’s planned exploration program for the next two years will provide a better understanding of the exploitable potential of its oil and gas exploration permits.

About Squatex Energy and Ressources Inc.

Squatex is a Québec-based junior oil and gas exploration company established in 2001 which main activity is, as operator, to carry out works and studies aiming at the evaluation and the development of the oil and gas potential of a territory of 656,093 hectares under exploration permits in the Province of Québec. Squatex holds a 70% net interest in 224,933 ha of exploration permits in the St. Lawrence Lowlands and in 431,160 ha of permits in the Lower St. Lawrence region.

Forward-Looking Statements

This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Squatex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”and similar words and the negative form there of are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of Squatex’s properties, or if any of them do so, what benefits Squatex will derive. Forward-looking information is based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Squatex’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risks and Uncertainties” in Squatex’s Management’s Discussion and Analysis for the fiscal year ended March 31, 2016, and under “Risk Factors” in Squatex’s Listing Statement (CSE Form 2A) dated February 27, 2017 copies of which are available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Squatex does not intend, nor does Squatex undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Squatex Energy and Ressources to list on the Canadian Securities Exchange

BROSSARD, QC, Feb. 28, 2017 /CNW Telbec/ – Squatex Energy and Ressources Inc. (“Squatex“) announces that it has received conditional approval to list its common shares on the Canadian Stock Exchange. It is expected that the common shares of Squatex (ISIN number: CA 85224X1087) will commence trading on the Canadian Stock Exchange in mid-march 2017 under the symbol “SQX”, after delivery by Squatex of standard listing documentation to the Canadian Stock Exchange, including a Form 2A – Listing Statement, which was filed by Squatex earlier today. Squatex will issue a press release announcing the date on which its shares will start trading on the Canadian Stock Exchange.

About Squatex

Ressources & Énergie Squatex Inc. is a junior oil and gas exploration company which was incorporated under the Canada Business Corporations Act on April 12th, 2002 and whose registered office is at 7055, Taschereau boulevard, suite 500, Brossard (Quebec) J4Z 1A7. The main activity of the company is, as operator, to carry out work and studies aimed to the assessment of the oil and gas potential of a territory of 656,093 hectares under exploration licenses. Squatex holds a 70% net interest over 217,370 Ha in the St. Lawrence Lowlands area and over 431,339 Ha in the Lower St. Lawrence areaSquatex also holds a 28% net interest in 8000 Ha under another farm-out agreement in the St. Lawrence Lowlands.

Forward-Looking Statements

This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Squatex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements.  Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the Squatex’s properties, or if any of them do so, what benefits Squatex will derive.  Forward-looking information is based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Squatex’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Financial Instruments” and “Risks and Uncertainties in Squatex’s Management’s Discussion and Analysis for the fiscal year ended March 31, 2016, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Squatex does not intend, nor does Squatex undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.