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Be the first with the news that moves the market- Questerre Energy (QEC) is releasing an updated progress report from its work in Utah
- The Calgary-based energy company is attempting to build a railway to serve the Uinta Basin in Utah including the acreage held by Red Leaf Resources
- Questerre currently holds a 40-percent equity interest in Red Leaf
- The Uinta Basin railway would reportedly be the first major freight rail project built in the United States in the last 30 years
- Subject to a final investment decision, construction of the approximately 90-mile railway could commence as early as next year and be operational within two years
- Questerre Energy is down 4.65 percent, trading at $0.20 at 2:03 pm ET
Questerre Energy (QEC) is releasing an updated progress report from its work in Utah.
The Calgary-based energy company is attempting to build a railway to serve the Uinta Basin in Utah including the acreage held by Red Leaf Resources.
Questerre currently holds a 40-percent equity interest in Red Leaf.
The company believes, if built, the railway would significantly enhance the land’s value.
Subject to a final investment decision, construction of the approximately 90-mile railway could commence as early as next year and be operational within two years.
The Uinta Basin railway would reportedly be the first major freight rail project built in the United States in the last 30 years.
“It has become less and less common to successfully permit large infrastructure projects such as railways. We congratulate the Seven County Infrastructure Coalition in Utah and their partners including Rio Grande Pacific, on securing the final permit. With plans to end on Red Leaf’s lands we think this railway will materially enhance its value,” said President and Chief Executive Officer Michael Binnion.
The railway is expected to improve access for waxy oil production in the basin to more lucrative markets on the U.S. Gulf Coast.
Questerre Energy is down 4.65 percent, trading at $0.20 at 2:03 pm ET.
