Premier Legault makes an historic error. Now he must ensure fair compensation for expropriated companies

Quebec, Oct. 20, 2021 /CNW Telbec/ - The announcement by the Quebec government that it plans to ban the exploration and production of hydrocarbons on its territory represents an historic error that will cost Quebecers dearly.

"This decision is all the more ironic in that the Premier is offering Quebecers an economic nationalism that encourages the production and purchase in Quebec of the goods we consume. I agree with Premier Legault on this subject: producing in Quebec is a win for Quebec. This is also true for oil and natural gas. Especially since the natural gas deposit of the St. Lawrence Lowlands could easily meet all our consumption needs, which makes it possible to enrich Quebec and create high-quality jobs while contributing to reducing the GHGs associated with importing natural gas from the United States and Westen Canada," declared the president of Utica Resources, Mr. Mario Lévesque.

"Premier Legault also said yesterday that the pandemic has shown the risk of being dependant for the supply of certain products. In this context, why continue to import the oil and natural gas we consume rather than producing the large deposit right under our feet?" continued Mr. Lévesque.

Fair compensation for expropriated companies

"While we strongly disagree with the Premier's decision and think it's very bad for Quebec, we now expect the Government of Quebec to act fairly and to quickly compensate, at fair market value, the expropriated companies that held rights in Quebec. Expropriation without fair compensation would have devastating effects on Quebec's reputation with international investors whose capital is essential to Quebec's economic development. It would also be contrary to Quebec legislation, which presupposes a compensation at a minimum of fair market value in the event of expropriation. How could it be otherwise? How could anyone whose business or house has been expropriated not be offered at least fair market value compensation by the government?" finally declared Mr. Lévesque.

About Utica Resources

Utica Resources is a Quebec company whose mission is to participate in the energy transition currently underway by developing a diversified portfolio that includes, in addition to light oil and natural gas, renewable energy projects such as hydrogen and CO2 storage. All our projects are carried out with a view to sustainable development, optimal use of available resources, respect for host communities and maximization of local economic benefits.

SOURCE Ressources Utica

Utica Resources, Mr. Mario Lévesque, President and Chief Executive Officer, [email protected]