Questerre Energy Corporation (QEC)

[TekBot]

September 2025 Corporate Presentation

Attached please find an updated corporate presentation.
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Kilde

[Hoven]

Quebec premier promises new legislation inspired by federal major projects law
MONTREAL — Quebec Premier François Legault says his government will table new legislation to speed up environmental approvals, modelled on the federal major projects law.

During a Sunday evening appearance on popular Quebec talk show Tout le monde en parle, Legault said the Quebec bill will be “equivalent” to Bill C-5, Prime Minister Mark Carney’s signature legislation meant to fast-track projects deemed to be in the national interest.

“Currently, it takes years to get environmental permits,” he said. “We can’t afford that.”

Legault said the planned Quebec legislation is known internally as “Q-5,” a reference to the federal law. He said its aim would be to get big projects off the ground faster to create new jobs in the province, though he insisted that environmental protections wouldn’t be sacrificed.

The Quebec premier has recently suggested that his government could “take a pause” on certain environmental policies, however. In another interview with Radio-Canada earlier this month, he claimed Quebec “cannot be the only state in North America making an effort” to fight climate change.

Legault’s governing party, the Coalition Avenir Québec, has been trailing badly in the polls for months and could be wiped out in the next election, set for October 2026. According to poll aggregator Qc125.com, the party could lose all of its 83 seats if an election were held today.

Last week, one of Legault’s former ministers quit his caucus after being shuffled out of cabinet earlier this month. Maïté Blanchette Vézina said she had lost faith in Legault and he should reconsider his future as leader of the party.
But on Sunday, Legault insisted he has the support of “the vast majority” of his caucus, and suggested Blanchette Vézina was merely disappointed at having been dropped from cabinet.

The premier also doubled down on his government’s plans to strengthen secularism rules in Quebec. Last month, Secularism Minister Jean-François Roberge announced he would table a bill to ban prayer in public places.

“The majority of Quebecers do not like to see people on their knees in our streets,” Legault said Sunday. He referred specifically to Muslim prayers taking place as part of pro-Palestinian demonstrations in front of the Notre-Dame Basilica of Montreal, which have sparked tensions in Quebec.

“What’s happening in Gaza is unacceptable,” he said. “But is this our fight?”

Quebec’s national assembly had been scheduled to resume on Sept. 16, but Legault decided to prorogue the legislature until Sept. 30 as he shuffled his cabinet.

This report by The Canadian Press was first published Sept. 21, 2025.

[hgsd300]

Utvilsomt positivt for vår Utica gass.

[TekBot]

Questerre closes PX acquisition and enters joint venture for the project

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce it has entered a binding term sheet (the “Term Sheet”) for a 50/50 joint venture to own and develop Parana Xisto SA (“PX Energy”), an oil shale production and refining company based in southern Brazil (the “Joint Venture”). The Joint Venture partner is Nice Capital Holdings Ltda (“Nice”), a member of the Nimofast Group (“Nimofast”), one of the leading private fuel importers and distributors in Brazil.

Questerre concluded its previously announced acquisition of PX Energy as reported by the Company on July 29, 2025, pursuant to the share purchase agreement dated July 28, 2025 (the “SPA”). The Company has agreed to amend the SPA to directly acquire 100% ownership of Forbes Resources Brazil Holding SA (“Forbes Brazil”), amend certain escrow and indemnity provisions and provide for certain other amendments and assignments as set forth below. Following completion of the acquisition and subject to certain conditions precedent, including the prior approval by the Brazilian Administrative Council for Economic Defense (“CADE”) and the entering into of a definitive joint venture agreement (“JVA”), Nice will subsequently acquire a 50% interest in the Joint Venture through the acquisition of shares of a newly formed holding company (“JV Newco”) and Forbes Brazil.
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Control and management of JV Newco and PX Energy will be shared equally between Nice and Questerre. Both parties will have equal shareholder rights, the rights to appoint board representatives, and the responsibility to make equal financial and other contributions to the Joint Venture. The parties have agreed on an initial liquidity commitment of up to an aggregate of US$50 million on an as needed basis to be shared equally with a priority to secure third party financing. To the extent any equity contribution is required in the near term, Questerre anticipates it will be able to fund its share through its existing financial resources.

In conjunction with the execution of the Term Sheet, Questerre also reported that Ramon Reis, principal and founder of Nimofast, will be joining the Board of Questerre. Additionally, William Con Steers will also be appointed to the Board of Questerre. Mr. Steers has over 30 years of experience in capital markets and project development primarily in Brazil. Mr. Reis and Mr. Steers will be granted 1,500,000 and 500,000 options respectively to acquire common shares in accordance with the Company’s stock option plan.

Nimofast will also be granted warrants to acquire 40 million common shares of Questerre with an exercise price per share equal to the 5-day VWAP as of the date hereof (the “Warrants”) for a period of 18 months following the closing of the acquisition and shall be exercisable once Questerre’s share price is trading at a weighted average price of $0.50 per share over any 20 consecutive trading days. The appointment of the new directors and the issuance of the Warrants are subject to regulatory and other approvals.

Questerre continues to advance its plan to spin out its Quebec-based assets (the “Quebec Spinout”) and is currently finalizing the proposed structure. Once finalized, it is anticipated that existing shareholders of Questerre will receive a new financial instrument representing their interest in the Quebec assets. The Quebec Spinout is intended to be completed prior to the issuance of any common shares of the Company in connection with the acquisition of PX Energy or pursuant to the Warrants. Further information on the Quebec Spinout shall be provided once the final plan is determined.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, “This Joint Venture combines our experience with the upstream business of resource and technology development, with the downstream distribution and logistics experience of Nimofast. PX Energy will benefit from our joint financial strength as we stabilize the business and explore opportunities for growth. We are particularly excited about advancing the Red Leaf proprietary technology at scale to unlock oil shale globally.”

He added, “PX Energy is a major employer in the state of Parana and we are committed to preserving and growing local jobs and building relationships with local contractors. Leveraging our operating experience in Quebec building social acceptability, we are also committed to transparency in our activities and compliance with our corporate governance guidelines.”

Nimofast, one of the leading private fuel importers and distributors in Brazil, has consolidated its position with nationwide coverage, international operations, and annual revenues of approximately US$2 billion. Through Nice, Nimofast will bring not only local expertise but also the ability to enhance supply chain efficiency, market access, and profitability for PX Energy. This Joint Venture creates a unique platform to position PX Energy as a new competitive player in Brazil’s energy landscape — both as a leader in oil shale and as a downstream refining and fuel production company.

Ramon Reis, principal of the Nimofast Group, commented, “We are very proud to join forces with Questerre in this new chapter for PX Energy. For us Brazilians, this asset carries immense symbolic value: it represents technology developed in our country and a strategic contribution to national energy security. In recent years, Nimofast has consolidated its position as one of the leading private fuel importers and distributors in Brazil, with nationwide presence and international operations. The acquisition of PX Energy, in partnership with Questerre, is the materialization of this growth: the combination of our commercial and logistics scale with world-class technological expertise. Together, we will strengthen the refinery, preserve jobs, drive low-carbon innovation, and position PX Energy as a global reference in sustainable shale oil.”

The amendments to the SPA required that certain other agreements be assigned to JV Newco or otherwise be amended to reflect the change of structure. Specifically, the business combination agreement with a Special Purpose Acquisition Company and the agreements with convertible noteholders are to be assigned to JV Newco as part of and as a condition to the closing of the PX Energy acquisition and execution of the JVA.

The Company received confirmation from the trustee that the bondholders of Forbes Brazil adopted the resolution approving the Proposal as defined in the Written Resolution dated 24 September 2025. The confirmation is available online at NewsWeb. The Proposal provided for, among other things, the approval of the acquisition of PX and other amendments to the bond terms subject to the closing of the transaction as disclosed above.

In addition to the various conditions precedent discussed above, completion of the Joint Venture remains subject to customary closing conditions, including:

• Required regulatory consents, including clearance from CADE in Brazil; and
• Execution of the JVA.

Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

For further information, please contact:

Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) within the meaning of applicable securities laws in Canada. Any statements about Questerre’s expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “strives”, “seeks”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “mileposts”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes, but is not limited to, statements in respect of: Consummation of the Joint Venture as set out in the Term Sheet, including the definitive terms of the Joint Venture upon completion and satisfaction of all condition precedents and obtainment of all approvals, if such arrangement is to be consummated at all; anticipated benefits and synergies resulting from the Joint Venture and transactions contemplated in connection therewith; consummation of Questerre’s previously announced acquisition of PX Energy, including the timing thereof, if at all; the parties’ ability to satisfy the initial liquidity commitment of up to an aggregated of US$50 million; Questerre’s ability to fund its share of the Joint Venture through its existing financial resources; the appointment of the new directors to the Board of Questerre, including receipt of all approvals in connection therewith; the grant and eventual exercise of the 40 million warrants granted to Nice, if it is to occur at all; the timing and receipt of any required securityholder, third-party, stock exchange, or regulatory approvals; and completion of the Quebec spin-out, the timing and the definitive terms thereof, if it is to complete at all.

The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to the Company’s experience and its perception of historical trend which have been used to develop such statements and information, but which may prove to be incorrect, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: the timely receipt of approval by the stock exchange, third parties, and regulatory bodies approvals in connection with the Joint Venture and acquisition; all closing conditions to the Joint Venture being satisfied and the closing of the Joint Venture occurring as anticipated; foreign currency exchange rates and interest rates remaining at least as favorable as they currently are; future crude oil, natural gas liquids, and natural gas prices remaining at least as favorable as they currently are; ability of management to execute on key priorities; the effectiveness of various actions resulting from the Company’s strategic priorities; Questerre’s ability to integrate and build on the existing expertise of Nice and its management team through the Joint Venture, and the results anticipated to flow therefrom; and Questerre’s ability to complete the Quebec Spin-out in a timely manner and on commercially reasonable terms.

Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.

Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the following risk factors: the Joint Venture not being completed on the terms anticipated or at all, including due to a closing condition not being satisfied, including, the inability to obtain receipt of all necessary securityholder, third parties, stock exchanges, and regulatory approvals or consents, lack of material changes with respect to the parties and their respective businesses; the synergies expected from the Joint Venture not being realized; the implementation of Bill 21 by the Government of Quebec additional funding requirements; exploration, development, and production risks; volatility in the oil and gas industry; prices, markets, and marketing of crude oil and natural gas; liquidity and the company’s substantial capital requirements; prices, markets, and marketing of crude oil and natural gas; political uncertainty; non-government organizations; changing investor sentiment; global financial market volatility; adverse economic conditions; alternatives to and changing demand for petroleum products; environmental risks; regulatory risks; inability of management to execute its business plan; competition from other issuers; expiration of licenses and leases; Indigenous claims; possible failure to realize anticipated benefits of acquisitions; and reputational risks.

Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Kilde

[Hoven]

QUESTERRE: FULLFØRT KJØP AV PX ENERGY, INNGÅR JOINT VENTURE MED NIMOFAST | Finansavisen

[Hoven]

Instagram

[Hoven]

M.R. Binnion på X: «@KingRichard6592 We will get Quebec» / X

“We will get Quebec”

[Hoven]

Quebec should develop natural gas industry, Alberta premier says | Montreal Gazette

Quebec should develop its own natural gas industry to be ‘strong and sovereign’ within Canada: Alberta premier

Danielle Smith told the Chamber of Commerce of Metropolitan Montreal that she sees opportunities for Quebec and Alberta to find areas of political partnership.

[sulzrox]

Ser litt meir positivt ut no.
Har i 3 år gått mellom ca 1,5 til 2,5. Ser ut til å muligens brytte opp. Dei som har kjøp siste 5 år har positiv avkastning som kan gjere det litt enklere å få positivt moment i aksjen.

Siste 15 år

Siste 10 år

[Hoven]

Carney shifts stance on maintaining emissions cap | Toronto Sun

Carney said he remains in “constructive discussions” with Alberta Premier Danielle Smith — who has called for the emissions cap and the tanker ban to be repealed, along with other environmental regulations she calls “bad laws.”

The two have spoken of a “grand bargain” in recent months that would link Alberta’s desire for a pipeline to the British Columbia coast to the completion of the so-called “Pathways Alliance” carbon-capture project. Smith has said she hopes to have a deal in place by the Grey Cup in mid-November, and have a proposal submitted to the Major Projects Office by the spring. When asked Friday if he supports a new pipeline to the West Coast, Carney said the government believes in “nation building projects,” including conventional energy projects, but they must have material economic benefits, be consistent with climate objectives and provide benefits for Indigenous Peoples.

“It depends on all of those elements and this government will engage with proposals that have a possibility or prospect of achieving those,” he said.

Smith and industry leaders have repeatedly said no pipeline project is worthwhile as long as the emissions cap and tanker ban remain in place. Enbridge CEO Greg Ebel said in a speech last week his company wouldn’t build a “pipeline to nowhere,” referring to the industry’s inability to export oil off the B.C. coast because of the tanker ban.

[Savepig]

Hei @Hoven , det er ikke så mange andre som skriver på QEC-tråden for tiden, så ingen skal komme og påstå du ødelegger tråden ved å spamme den ned.

Men vi har en smule issue ved tiden på at en del brukere blir frustrert over at store mengder AI-generert innhold blir postet, som har gjort at en ny regel har blitt opprettet:

Bruk av AI/KI på TekInvestor

Etter flere gode innspill fra medlemmene har jeg lagt til dette punktet i forumreglene våre: [image] Flagg gjerne innlegg som ikke etterfølger denne regelen fra nå av.

Så hvis mange nok brukere velger å bruke flaggeknappen mot innlegget ditt, slik de kan etter regelen slik den nå står, så vil det forsvinne av seg selv.

Tar gjerne imot input fra AI-brukere om hvordan de synes denne regelen bør praktiseres

[Hoven]

Which industry in each province is most threatened by tariffs? | CBC News

Which industry in each province is most threatened by tariffs?

As U.S. negotiations hit another snag, taxes on Canadian exports pile up

[Hoven]

Project name: Toward a Pilot Project in the Lower Saint Lawrence Lowlands in Quebec
Recipient: Institut national de la recherche scientifique (INRS)
Location: Quebec
Funding amount: $4,999,869
Description: The project will assess a site in the Lower Saint Lawrence Lowlands in Quebec to prepare for a pilot project on geological storage of CO2. The approach involves creating digital replicas of storage reservoirs to accurately measure storage capacity and will apply 3D seismic data, well tests and a numerical reservoir model. The project will also support the development of regulatory frameworks to further the understanding of carbon capture storage potential in Quebec.

Canada advances energy innovation with major investments in carbon technologies and AI solutions - Canada.ca

[kanina]

PX Energy on Instagram: "Hoje celebramos conquistas, aprendizado e o futuro...

[Hoven]

Ferskt oppkjøp av assets i Montney formasjonen:

Ovintiv Expands in Montney Shale with USD $2.7 Billion Deal for NuVista - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow

'Ovintiv said on Tuesday it would buy the rest of NuVista Energy in a cash-and-stock deal valued at $2.7 billion, including debt, strengthening the shale producer’s presence in Canada’s Montney basin.

Last year, the North American company had acquired oil assets from Canadian firm Paramount Resources in the Montney shale for $2.38 billion in cash.

“This acquisition, combined with the inventory additions from our bolt-on acquisition work in the Permian is putting our investors into top tier resource at very attractive full-cycle returns,” said CEO Brendan McCracken.’

Hva vil det si iht prising av QEC`s montney assets:

Grovt estimat

Under forutsetningene over, kunne en salgpris for Questerres Montney-område ligge i området USD 300-450 millioner (om ≈USD 385 mio) gitt de samme «multiple» forholdene som premium transaksjoner.

I Canadian dollar (C$) blir det kanskje rundt C$400-550 millioner, avhengig av vekslingskurs.

Om vi antar et salg av Questerre Energy Corporation sitt montney-område for USD 385 million (ca) som estimert, og selskapet har ca 428,52 millioner utestående aksjer.

Da blir verdien per aksje omtrent, rundt USD 0,90 per aksje.

[TekBot]

Questerre Energy Q3 2025 Report

We are one step closer to our goal of commercially developing oil shale with the acquisition of PX Energy. Their production platform and refining assets round out our portfolio of upstream assets including resources and access to the next generation of technology through our investment in Red Leaf. We are now a vertically integrated oil shale company with assets across the entire value chain.

We joint ventured with a subsidiary of Nimofast, one of the largest private fuel distributors in Brazil, to develop this opportunity. Their expertise in logistics and distribution will be vital to improving product margins and profitability. They will be able to leverage PX Energy’s other assets including ownership of one among ten private refinery licenses issued in the country.
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The acquisition also prompted us to sidecar our Quebec assets. We expect to finalize the structure of this arrangement shortly. Our plan is to distribute to existing shareholders, on a one for one basis, a new security, a tracking share, representing ownership in these assets.

We are continuing our work in Quebec towards a business and political solution while protecting our shareholder rights. We are working with the Government on the approvals for our pilot carbon storage project. We are also consulting on proposed legislation for carbon storage in the province. On the legal front, we completed the examination of key Government witnesses in advance of our trial on the merits of the case.

Highlights
• Questerre closes PX Energy acquisition with over 4,000 boe per day of oil shale production
• Questerre to form a 50/50 joint venture for PX Energy with a subsidiary of Nimofast, a leading private fuel distribution company in Brazil
• Examination of key witnesses underway to protect legal rights in Quebec
• Average daily production of 2,926 boe per day and net cash flow from operating activities of $1.3 million and adjusted funds flow from operations of $2.8 million

PX Energy
We have two primary ways to realize value from this acquisition. First, financially restructure the business to go from essentially operating at a breakeven at US$65 per barrel to profitability at current prices. Second, utilize the production platform to advance Red Leaf’s technology through a commercial scale pilot.

This was reflected in our consideration for the acquisition that was completed through a wholly owned subsidiary. Equity to be issued is Common Shares representing 15% of our share capital, largely subject to the achievement of cash flow targets from the business. Additionally, this included the assumption by relevant entities of a working capital deficit and non-recourse debt obligations including US$80 million in senior secured bonds and US$11 million in convertible notes subject to the applicable conditions precedent.

Increasing the volume of oil produced from the facility is a top priority as most of the operating costs are fixed in nature. In addition to the oil produced from shale, PX Energy also processes large volumes of oil sludge from adjacent refineries. This accounts for one third of their production volumes and much more on a margin basis. As a result, most of the growth capex projects are targeting this oil sludge processing to increase production to an estimated 6,000 boe per day.

We are eager to work with Nimofast on renegotiating PX Energy’s existing sales contracts and forward sales to reflect market prices. Previously, these have been primarily optimized to generate financial liquidity. We are also looking forward to expanding into new business lines including fuel imports and blending to become a fuel production company in Brazil.

Concurrently, together with Red Leaf, we have begun the engineering work for a small-scale demonstration project for their HCCO technology in Brazil. PX Energy’s production facilities include existing mining operations, utilities and other infrastructure necessary for a pilot project. On a proforma basis, a full scale commercial HCCO facility could double production at a cost materially below the replacement cost of the current facilities.

Quebec
In June, the Government of Quebec enacted Bill 69 under closure to address the impending energy shortage in the province. We understand the provincial utility is still assessing the natural gas fired Bécancour power plant as part of its supply inventory, specifically during peak demand periods. We continue to advocate for our discovery, less than ten kilometres from this plant, as a more cost-effective and reliable source of supply both in the short term and long term.

We were recently approached by the Government to consult on new legislation for carbon storage in Quebec. This is an encouraging development given our existing application for a carbon storage pilot project. We are hopeful using sequestration as a tool to reduce emissions opens the door to the production of local gas with low emissions.

Although the Supreme Court of Canada declined to hear our motion to appeal the decision from the Quebec Court of Appeal which overturned the Superior Court’s decision on the stay of application of Bill 21 at the interim stage, we are moving forward on the merits of the main case regarding, inter alia, the constitutionality of Bill 21. Over the last two months, we completed the pre-trial examination of key Government witnesses. The evidence, in our view, strongly supports our legal position. Our next step is to request a trial date for the hearing.

Operating & Financial
Production for the quarter averaged just over 2,900 boe per day, down slightly from the prior quarter. The three (1.5 net) new wells at Kakwa North contributed to our year to date production averaging 2,500 boe per day compared to 1,700 boe per day last year.

Consistent with the second quarter, lower commodity prices largely blunted the benefit of these higher production volumes. Excluding transaction costs related to the PX Energy acquisition, our adjusted funds flow from operations was $2.8 million compared to $3.4 million last year.

Our capital expenditures in the quarter were $2.2 million and year to date totaled $21.2 million, reflecting the costs of the three (1.5 net) Kakwa North wells. Subject to the closing of our joint venture agreement with Nimofast, we plan to fund any growth capital required by PX Energy through our existing financial resources. Our working capital deficit at the quarter end was $40 million and reflects the working capital deficit of $52 million acquired through PX Energy.

Outlook
The PX Energy acquisition has revitalized our strategy to commercialize oil shale, one of the last undeveloped oil resources globally with trillions of barrels of oil in place. For the remainder of this year, we are focused on concluding our joint venture agreement with Nimofast and integrating the management of PX Energy.

Kilde

[TekBot]

Questerre reports third quarter 2025 results

Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the third quarter ended September 30, 2025.

Michael Binnion, President, and Chief Executive Officer of Questerre, commented, “We are one step closer to our goal of commercially developing oil shale with the acquisition of PX Energy. Their production platform and refining assets round out our portfolio of upstream assets including resources and access to the next generation of technology through our investment in Red Leaf. We are now a vertically integrated oil shale company with assets across the entire value chain.”
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He added, “We joint ventured with a subsidiary of Nimofast, one of the largest private fuel distributors in Brazil, to develop this opportunity. Their expertise in logistics and distribution will be vital to improving product margins and profitability. They will be able to leverage PX Energy’s other assets including ownership of one among ten private refinery licenses issued in the country.”

Commenting on Quebec, he noted, “The acquisition also prompted us to sidecar our Quebec assets. We expect to finalize the structure of this arrangement shortly. Our plan is to distribute to existing shareholders, on a one for one basis, a new security, a tracking share, representing ownership in these assets.”

He further added, “We are continuing our work in Quebec towards a business and political solution while protecting our shareholder rights. We are working with the Government on the approvals for our pilot carbon storage project. We are also consulting on proposed legislation for carbon storage in the province. On the legal front, we completed the examination of key Government witnesses in advance of our trial on the merits of the case.”

Highlights

• Questerre closes PX Energy acquisition with over 4,000 boe per day of oil shale production
• Questerre to form a 50/50 joint venture for PX Energy with a subsidiary of Nimofast, a leading private fuel distribution company in Brazil
• Examination of key witnesses underway to protect legal rights in Quebec
• Average daily production of 2,926 boe per day and net cash flow from operating activities of $1.3 million and adjusted funds flow from operations of $2.8 million

Following the tie-in of the new Kakwa North wells in April 2025, production volumes increased compared to last year. Production averaged 2,926 boe/d for the quarter (2024: 1,913 boe/d) and 2,587 boe/d for the nine months ended September 30, 2025 (2024: 1,712 boe/d).

Higher production volumes were partly offset by the lower realized commodity prices resulting in higher revenue for the quarter and nine months ended September compared to last year. For the quarter, petroleum and natural gas sales totaled $11.8 million (2024: $9.5 million) and $34.6 million year to date (2024: $27.3 million). The Company reported adjusted funds flow from operations of $2.8 million (2024: $3.4 million) in the quarter and $11.4 million for the first nine months of the year (2024: $10.9 million) and cash flow from operations of $1.3 million for the quarter (2024: $4.1 million).

The revenue was offset by higher expenses and contributed to a net loss of $5.3 million for the quarter (2024: $0.3 million loss) and $6.0 million year to date (2024: $0.8 million net income). Capital expenditures in the quarter were $2.2 million (2024: $3.4 million) and $21.2 million year to date (2024: $13.0 million).

The term “adjusted funds flow from operations” is a non-IFRS measure. Please see the reconciliation elsewhere in this press release.

Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

For further information, please contact:

Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s views on the acquisition of PX Energy and its benefits to the Company, its joint venture arrangement with Nimofast and the anticipated benefits to PX Energy and the Company, the finalization of the spin out of the Quebec assets, the Company’s work towards and business and political solution in Quebec, the approvals related to its pilot carbon storage project and its expectations regarding the trial on the merits of its case in Quebec. Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre’s public disclosure documents.

Additional information regarding some of these risks, expectations or assumptions and other factors may be found under in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedarplus.ca. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

(1) For the three-month period ended September 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,512 bbls/d (2024: 1,106 bbls/d) and natural gas including conventional and shale gas accounted for 8,485 Mcf/d (2024: 4,842 Mcf/d). For the nine month period ended September 30, 2025, liquids production including light crude and natural gas liquids accounted for 1,402 bbls/d (2024: 1,006 bbls/d) and natural gas including conventional and shale gas accounted for 7,111 Mcf/d (2024: 4,236 Mcf/d).

Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

This press release contains the term “adjusted funds flow from operations” which is a non-GAAP term. Questerre uses this measure to help evaluate its performance.

As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets. Adjusted Funds Flow from Operations is a non-GAAP measure defined as cash flows from operating activities before changes in non-cash operating working capital and excluding the transaction costs related to the PX Energy acquisition.

                                              Three months ended Sept. 30,    Nine months ended Sept. 30,

($ thousands) 2025 2024 2025 2024
Net cash from operating activities $ 1,294 $ 4,060 $ 10,940 $ 9,829
Transaction costs related to PX Energy Acquisition 2,689 - 2,689 -
Change in non-cash operating working capital (1,170) (632) (2,268) 1,027
Adjusted Funds Flow from Operations $ 2,813 $ 3,428 $ 11,361 $ 10,856

Kilde

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Questerre (Buy, tp NOK 3.4) – Brazil ramp-up and Quebec spin-off
ahead
Questerre’s Q3 results reflected expected underlying performance, though reported figures were affected
by one-off PX transaction costs and accounting technicalities. Production slightly exceeded assumptions,
and free cash flow was in line with estimates. More importantly, the recently announced PX Energy
acquisition marks a transformative step, strengthening Questerre’s long-term potential. Following
completion, the company also plans to spin off its Quebec assets to preserve undiluted exposure for
existing shareholders. We repeat our Buy recommendation and NOK 3.4/share target price following the
company’s Q3 report.

SB1M

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[Helt1]

Julekrakket?