Deep Sky: Utica Resources condemns the Quebec government's investment and calls for the respect of the judicial process and property rights

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Deep Sky: Utica Resources condemns the Quebec government's investment and calls for the respect of the judicial process and property rights

Canada NewsWire

QUEBEC CITY, Nov. 21, 2023 /CNW/ - Utica Resources ("Utica") was shocked and saddened to learn of today's rushed announcement during which the Government of Quebec announced investment into Deep Sky, a recently created company which has taken money from Investissement Québec ("IQ").

Today's announcement by Pierre Fitzgibbon of a $25 million participation in Deep Sky would fund projects that would take place on properties owned by Utica. These very properties are the object of litigation at the Quebec Superior Court regarding Bill 21 – a bill by which the government of Quebec has expressed its clear view that it can take anyone's property at will, with no compensation. 

It is unthinkable that the government would use public monies to engage in such activities with disputed assets. Furthermore, it is deeply cynical of Deep Sky and the Government to make this announcement within the period of deliberation of the Superior Court.

Utica is wholly confident that property rights exist in Quebec and that Quebec judicial system will confirm it. Notwithstanding that, it will fully defend its assets and reserves all of its legal rights against Deep Sky and the investor syndicate, including Investissement Québec, Business Development Bank of Canada (BDC) Brightspark Ventures, Whitecap Venture Partners and OMERS Ventures, in the case that its funding of Deep Sky prejudices Utica's rights.

The Superior court is being asked by Utica to void Bill 21 and to confirm that the Quebec Charter of Rights and Freedoms protects the right to the enjoyment of one's property. Only with fair market value being paid prior to expropriation can expropriation possibly be fair.

Mario Lévesque, CEO of Utica, declared: "I am shocked that the government is acting this way, knowing full well that the court is looking at this very important case, including the Deep Sky angle – the case will determine the fate of property rights in Quebec. We invested money, time and efforts in good faith, on the basis of existing laws and regulations. We are entitled to be compensated at fair market value for our properties. Better yet, we would be allowed to develop them for the good of all."

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.

The lawsuit is available upon request.

SOURCE Ressources Utica

Cision View original content: http://www.newswire.ca/en/releases/archive/November2023/21/c5744.html

Copyright CNW Group 2023

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