M. Legault declares war on property owners

QUEBEC CITY, Feb. 3, 2022 /CNW Telbec/ - After several months of uncertainty and without ever having consulted entrepreneurs, workers and investors in the industry, the Quebec government finally tabled a bill today that aims to expropriate the assets of oil and gas companies without, however, offering financial compensation compliant with Quebec legislation on expropriation.

"Quebec's expropriation laws are clear that fair value must be paid in the event of expropriation.  The bill, as tabled, is unfair and inequitable for companies that have invested in good faith and in compliance with all Quebec laws in order to discover the immense hydrocarbon resources in our subsoil. The government's bad faith is all the more evident in that it is proposing to reimburse the expenses incurred since only 2015, while being aware that the vast majority of the investments that led to the discoveries of oil and natural gas were made between 2006 and 2014. This is a serious lack of respect that will scare away investors who, before deploying capital in Quebec, will rightly wonder what will be the next industry to be expropriated in such a brutal manner" declared Mr. Mario Lévesque, CEO of Utica Resources.

"What the government is proposing to us is nonsense. Imagine that the government expropriates your land, demands you demolish your house, and only compensates you on the expenses you incurred on your house from 2015 to 2021. I would remind you that our property rights are legally the same as any land owner. This piece of legislation would set the dangerous precedent that any law abiding land owner could be expropriated with essentially no compensation and potentially even have to pay for being expropriated. Quebec has now officially become a banana republic with this declaration of war on property owners" continued 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.

About the law

https://www.newswire.ca/news-releases/expropriation-of-oil-and-gas-companies-quebec-must-respect-its-own-legislation-and-pay-fair-value-822663894.html 

SOURCE Ressources Utica