June 4 (Reuters) - Questerre Energy Corp QEC.TO :
* QUESTERRE SETTLES LAWSUIT AND CONSOLIDATES QUEBEC POSITION
* QUESTERRE - EXECUTED A LETTER OF INTENT WITH A SENIOR EXPLORATION AND PRODUCTION COMPANY ( "LOI") TO SETTLE OUTSTANDING LITIGATION AND ACQUIRE ALL THEIR ASSETS IN ST. LAWRENCE LOWLANDS
* WILL BE IN A MUCH BETTER POSITION TO COMMUNICATE DIRECTLY WITH MUNICIPALITIES AND ADDRESS LOCAL CONCERNS AND ACCEPTABILITY
* WILL CONTINUE OUR STEP BY STEP APPROACH OF WORKING WITH GOVERNMENT AND MUNICIPALITIES
* PURSUANT TO LOI, QUESTERRE WILL ACQUIRE EXPLORATION RIGHTS TO 753,000 NET ACRES
* UPON CLOSING OF TRANSACTION, BOTH PARTIES WILL RELEASE EACH OTHER FROM ALL CLAIMS RELATED TO OUTSTANDING LITIGATION
* QUESTERRE: OTHER CONSIDERATION INCLUDING CASH AND SECURITY REQUIRED FOR ASSUMPTION OF ABANDONMENT AND RECLAMATION LIABILITIES IS APPROXIMATELY $16.10 MILLION IN AGGREGATE
* QUESTERRE ALSO REPORTED THAT THE FIRST WELL ON ITS KAKWA NORTH ACREAGE, (THE "16-29 WELL"), SPUD LATE LAST WEEK