Questerre Energy Corporation (QEC)

TekBot · juni 30, 2026, 10:36am

OSLO BØRS – TRADING SUSPENSION. Questerre preferred shares

TekBot · juli 1, 2026, 6:26am

OSLO BØRS – TRADING RESUMPTION. Questerre Energy Corporation preferred shares

hgsd300 · juli 2, 2026, 10:45am

Fra 23 juni.

TekBot · juli 16, 2026, 6:00am

Quebec confirms strategic role for natural gas in long-term energy plan

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (OSE: QGAS) today commented on the Government of Quebec’s Integrated Energy Resource Management Plan (“PGIRE” or the “Plan”) for 2026–2050, published earlier this month.

The Plan inventories the province’s future energy supply. It confirms that natural gas will remain part of Quebec’s energy mix and will play a strategic role as the province gradually decarbonizes its energy system. The PGIRE states: “Natural gas remains part of the energy mix and will need to be decarbonized in a gradual and orderly manner. The ability to leverage natural gas distribution infrastructure to achieve decarbonization over time gives this energy source a strategic role.”
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Michael Binnion, President and Chief Executive Officer of Questerre, commented: “The Government has recognized that natural gas will remain an important part of Quebec’s energy system for decades. This is positive for our Utica natural gas discovery and confirms the continuing importance of reliable gas supply during the energy transition.”

He added: “While the PGIRE does not mention the Utica gas discovery, polls show Quebecers prefer locally produced natural gas over imports from the United States. Our local natural gas would have a lower greenhouse-gas emissions footprint than the gas Quebec currently imports from the United States.”

Questerre believes its Utica discovery offers Quebec a shovel-ready opportunity to strengthen energy security, reduce dependence on imports and supply locally produced natural gas with a lower emissions footprint.

The PGIRE was introduced under Bill 69, An Act to ensure the responsible governance of energy resources and to amend various legislative provisions, adopted in June 2025. It establishes Quebec’s long-term policy directions, objectives and targets for electricity and natural gas supply, energy infrastructure and innovation.
The PGIRE is available online at: Plan de gestion intégrée des ressources énergétiques | Gouvernement du Québec.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy 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:

Bjorn Inge Tonnessen, Chairman
Hans Jacob Holden, Preferred Director
Jason D’Silva, Chief Financial Officer
Questerre Energy Corporation
Telephone: +1.403.777.1185 | Fax: +1.403.777.1578 | 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 the Company’s views on the significance of this natural gas discovery in Quebec, as a shovel-ready opportunity to strengthen energy security, reduce dependence on imports and supply locally produced natural gas with a lower emissions footprint.

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 timing and ability to achieve a successful development or settlement outcome to the Quebec litigation, 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; 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, 2025, 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.

Kilde

hgsd300 · juli 17, 2026, 10:31am

TekBot · juli 31, 2026, 8:31pm

Temporary shut-down for corrective maintenance at PX Energy

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (OSE, TSX: QEC) today announced that its PX Energy oil shale processing facility in southern Brazil has been temporarily shut down for emergency corrective maintenance. This follows a critical pipe failure in the furnace that supplies heat to the main processing facility. Operations personnel initiated the shutdown promptly to limit any further impact to equipment.

No injuries resulted from the incident and no damage was sustained to the main processing facility. The shutdown is currently estimated to last approximately three to four weeks. During this time, the facility will be offline, resulting in lost production and revenue for the period. The Company estimates the direct cost of the corrective work at approximately C$1.5 million.
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The Company plans to use the shutdown to carry out additional maintenance work to increase production. This work is designed to improve the inefficiencies at the main processing facility that developed following the previous scheduled plant turnaround in 2025. These improvements are forecast to enhance operating efficiency and increase production rates once the plant returns to service.

The Company anticipates completing this work now should improve operating efficiency and support higher production rates once the facility returns to service. The Company believes the resulting production improvements could, over the following three to six months, help offset the operating costs and lost revenue associated with the shutdown. There can be no assurance that this will be achieved: the anticipated improvements depend on the successful remediation of the 2025 turnaround deficiencies, and unforeseen issues identified during the work could extend the duration of the shutdown or its cost.

The Company still expects to proceed with its next scheduled plant turnaround in May 2027, as several of the components to be replaced at that time require long lead times and will not be available until next year.

Questerre will provide a further update on the progress and results of the turnaround upon completion of the work.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy 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:

Jason D’Silva, Chief Financial Officer
Questerre Energy Corporation
Telephone: +1.403.777.1185 | Fax: +1.403.777.1578 | 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 the Company’s estimates on the duration and cost to complete the emergency maintenance, and the benefits, if any, including operating efficiencies and increased production from the corrective maintenance.

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 timing and ability to achieve a successful development or settlement outcome to the Quebec litigation, 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; 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, 2025, 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.

Kilde

TekBot · august 10, 2026, 6:11am

Questerre to host webcast for second quarter 2026 results on August 12, 2026 at 1530 CET

TekBot · august 10, 2026, 6:11am

Questerre webcast for second quarter 2026 results on Wednesday, August 12, 2026 at 1530 CET

TekBot · august 11, 2026, 9:32pm

Questerre reports second quarter 2026 results

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) reported today on its financial and operating results for the quarter ended June 30, 2026.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, “This quarter, we advanced the three core assets in our portfolio. The successful HCCOTM test in Brazil is a major proof point for our oil shale refining technology. In May, we demonstrated the homogeneous charge of low-temperature oxygen in our working gas using a commercial-scale vessel. An extended test is the next step to establish the commercial parameters required to implement our HCCO process in the existing Petrosix refinery. We expect the process could materially reduce internal fuel usage, which currently represents nearly 15% of our production.”
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Commenting on the Company’s Quebec assets, he added, “In June, our preferred shares, representing defined economic rights linked to our Quebec assets under either a settlement or development scenario, were listed on Euronext Growth in Oslo under the ticker QGAS. Depending on the outcome, these rights provide shareholders with 95% of the net proceeds from a settlement or a 50% carried interest in the future development of our Utica discovery. Shortly after the shares started trading, the Quebec government formally recognized the strategic importance of natural gas. This supports our efforts to work with government and industry toward a commercial solution for developing the discovery.”

He further added, “We also completed the sale of our minority working interest at Kakwa Central. Consideration for the assets, which were producing approximately 650 boe per day, was $23.5 million in cash and the assumption of associated reclamation obligations. The proceeds will primarily fund future development at Kakwa North and the expansion of our operated assets in Saskatchewan.”

Highlights for Second Quarter of 2026

• Successful HCCO test using a commercial-scale vessel at the PX Energy facility
• Preferred shares listed for trading on Euronext Growth under the ticker QGAS
• Sale of the Kakwa Central assets for $23.5 million in cash
• Like for like average production increased to 5,700 boe per day this quarter from 5,530 boe per day last quarter (overall production reduced from 6,180 boe per day following the Kakwa disposition of 650 boe per day)
• Adjusted funds flow from operations of $18.3 million, including $6.9 million related to changes in contract liabilities, compared to net cash from operating activities of $9.4 million
• Working capital deficit reduced to $19.1 million at June 30, 2026 from $49.6 million at March 31, 2026 including cash and cash equivalents of $44.2 million at June 30 2026

Production volumes for the second quarter of 2026 and the first half of the year increased over the comparative periods of 2025 following the acquisition of PX Energy in the third quarter of 2025. Production volumes averaged 5,700 boe per day (2025: 3,091 boe per day) for the quarter and 5,935 boe per day for the year to date (2025: 2,414 boe per day) with Brazil accounting for approximately 70% of these volumes in both periods. Production in Canada declined with the sale of the Kakwa Central assets in the second quarter that accounted for 650 boe per day of production. Sales volumes in the quarter were 4,632 boe per day (2025: 3,091 boe per day) with variance to production volumes due to internal fuel consumption and customers lifting volumes below their minimum contractual commitments.

The higher production volumes and higher oil prices contributed to higher petroleum and natural gas revenue for both the quarter and year to date periods ended June 30, 2026. The Company reported revenue of $50.1 million (2025: $13.7 million) for the quarter and $93.1 million (2025: $22.8 million) for the year to date period. The Company reported net income before taxes of $20.6 million for the quarter (2025: $0.7 million loss) and $8.1 million (2025: $0.7 million loss) year to date including a gain of $17.5 million in the current quarter on the sale of the Kakwa Central assets.

The Company’s working capital deficit at June 30, 2026, was $19.1 million (2025: $13.1 million surplus) compared to $49.6 million at March 31, 2026. Capital expenditures for the first half of the year were $4.0 million (2025: $18.9 million) and related largely to Brazil compared to the prior year expenditures on the drilling and completion of wells in Alberta.

The term “adjusted funds flow from operations” and “working capital surplus/(deficit)” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy 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
Bjorn Inge Tonnessen, Chairman +47.902.01.289 | Email : btonnessen-AT-questerre.com
Hans Jacob Holden, Director +47.909.42.667
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 the Company’s views on the impacts of the HCCO test to advance its oil shale refining technology, the potential reductions in internal fuel usage from its application at the existing Petrosix refinery, the Company’s views on working towards a business and political solution in Quebec, and the planned use of proceeds for future development of its assets in Western Canada.

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: 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, 2025, 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.

(1) For the three-month period ended June 30, 2026, liquids production including light crude and natural gas liquids accounted for 4,312 bbls/d (2025: 1,690 bbls/d) and natural gas including conventional and shale gas accounted for 8,295 Mcf/d (2025: 8,409 Mcf/d). For the six-month period ended June 30, 2026, liquids production including light crude and natural gas liquids accounted for 4,392 bbls/d (2025: 1,346 bbls/d) and natural gas including conventional and shale gas accounted for 9,259 Mcf/d (2025: 6,412 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 terms “adjusted funds flow from operations” and “working capital deficit” which are non-GAAP terms. Questerre uses these measures 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.
	Three months ended June 30, 		Six months ended June 30, 
($ thousands) 2026 2025 2026 2025
Net cash from operating activities $ 9,428 $ 6,288 $ 12,510 $ 9,646
Change in non-cash operating working capital 1,909 (1,283) 12,896 (1,099)
Change in contract liabilities 6,926 – 13,651 –
Adjusted Funds Flow from Operations(1) $ 18,263 $ 5,005 $ 39,057 $ 8,547
(1) 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, other than changes in non-cash contract liabilities related to minimum sales volumes, which are included in the measure.

Kilde

TekBot · august 11, 2026, 9:36pm

Questerre 2Q 2026 Financial Statements & MD&A

President’s Message

This quarter, we advanced the three core assets in our portfolio.
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The successful HCCOTM test in Brazil is a major proof point for our oil shale refining technology. In May, we demonstrated the homogeneous charge of low-temperature oxygen in our working gas using a commercial-scale vessel. An extended test is the next step to establish the commercial parameters required to implement our HCCO process in the existing Petrosix refinery. We expect the process could materially reduce internal fuel usage, which currently
represents nearly 15% of our production.

In June, our preferred shares, representing defined economic rights linked to our Quebec assets under either a settlement or development scenario, were listed on Euronext Growth in Oslo under the ticker QGAS. Depending on the outcome, these rights provide shareholders with 95% of the net proceeds from a settlement or a 50% carried interest in the future development of our Utica discovery. Shortly after the shares started trading, as noted below, the Quebec government formally recognized the strategic importance of natural gas. This supports our efforts to work with government and industry toward a commercial solution for developing the discovery.

We also completed the sale of our minority working interest at Kakwa Central. Consideration for the assets, which were producing approximately 650 boe per day, was $23.5 million in cash and the assumption of associated reclamation obligations. The proceeds will primarily fund future development at Kakwa North and the expansion of our operated assets in Saskatchewan.

Highlights
• Successful HCCO test using a commercial-scale vessel at the PX Energy facility
• Preferred shares listed for trading on Euronext Growth under the ticker QGAS
• Sale of the Kakwa Central assets for $23.5 million in cash
• Like for like average production increased in the second quarter to 5,700 boe per day from 5,530 boe per day last quarter (overall production reduced from 6,180 boe per day following the Kakwa disposition of 650 boe per day)
• Adjusted funds flow from operations of $18.3 million, including $6.9 million related to deferred sales revenue, compared to net cash from operating activities of $9.4 million
• Working capital deficit reduced to $19.1 million at June 30, 2026 from $49.6 million at March 31, 2026 including cash and cash equivalents of $44.2 million

Oil Shale

The successful HCCO test advances both our long-term technology strategy and our efforts to improve the near-term profitability of PX Energy.

Low-temperature oxygen is key to the patented Homogeneous Charged Continuous Oxidation or HCCO process. Conventional processes, including the one currently used by PX Energy, generate heat externally to the main processing vessel, known as a retort. HCCO instead generates heat internally as injected oxygen reacts with residual carbon on the spent shale and with lighter hydrocarbons.

This eliminates the need for external heat-generation facilities, reducing capital costs by an estimated 40% per barrel. It also create a pure stream of carbon dioxide that can potentially be used for sequestration or enhanced oil recovery.

This was the first demonstration in a commercial-scale vessel measuring more than 10 metres in diameter and 30 metres tall. The largest previous test was conducted in a vessel measuring less than one metre in diameter and four metres tall. Supported by Red Leaf Resources, our team in Brazil designed, implemented and safely completed the test in less than two months. Over a two-week period, we precisely controlled the rate of oxidation, experienced no runaway temperatures and achieved even, homogeneous heat distribution without hot spots.

We believe this test will improve the Technology Readiness Level of the HCCO process from 4 to 6 on a scale where 9 represents ready for commercial use. We are incorporating the results into the design of a commercial-scale HCCO test.

Our next step is an extended test with continuous oxygen injection to establish commercial operating parameters and determine how much internal fuel consumption can be reduced. We estimate the reduction could be as high as 15% of existing usage, split approximately equally between fuel oil and gas.

Another priority for the team has been restoring the efficiency of the existing retort. Retort efficiency declined during the current quarter to just over 75% from a historical level of approximately 90%. The decline reflects agglomeration, or a buildup of shale on the vessel walls, following an improper restart after scheduled maintenance. This remedial maintenance work is underway during the shutdown.

Higher oil prices, while increasing revenue, have also made it more difficult for some customers to meet their minimum volume commitments under our take-or-pay contracts, as cheaper, lower-quality fuel oil has competed for market share in southern Brazil. We continue to collect cash for shortfall volumes but have incurred additional transportation and storage costs as a result. We are working with the affected customer to recover these costs and help them meet their contractual commitments, although arbitration may ultimately be required to resolve the issue. Of note our customers met 100% of their minimum contract volumes in the month of July as oil prices fell from their highs in April and winter demand increases.

Quebec

The Government of Quebec has formally acknowledged that natural gas will remain important to the province’s energy needs through 2050.

As Hydro-Québec rations electricity allocations for major industrial users, the Quebec Integrated Energy Resource Management Plan 2026-2050 – Our Plan for Quebec’s Energy Future, or “PGIRE,” confirms that electricity alone cannot meet Quebec’s growing energy demand. Released in early July, the PGIRE states that natural gas will remain part of Quebec’s energy mix and play a strategic role as the province gradually decarbonizes its energy system.(1)

The PGIRE also notes that Énergir, the provincial natural gas distribution company, sources its supply almost entirely from Canadian producers under existing contracts. Physically, however, close to half of the gas consumed in Quebec originates in the United States, reflecting the flow of supply from Western Canada and the United States through Ontario and into Quebec.

Our Utica discovery remains a shovel-ready solution to Quebec’s emerging energy challenges. It is positioned to provide reliable energy for baseload industrial demand and peak winter heating while relieving pressure on the electricity grid. It could also reduce Quebec’s reliance on imported natural gas and high-cost renewable natural gas while supporting economic growth. Designed with a low-emissions footprint, locally produced natural gas from the Utica could reduce greenhouse gas emissions compared with imported natural gas at a cost of less than one-third to one-fifth that of imported renewable natural gas(2).

We look forward to resuming discussions with the Government of Quebec following the provincial election this October.

We are also proactively advancing our legal action to protect shareholder rights. At a case management hearing in May, we pushed for an expedited path to a trial on the merits of our case and the quantum of economic damages. The Court established deadlines for the next pre-trial motions, which should allow a hearing date to be scheduled next year.

Operating and Financial

Production averaged 5,700 boe per day in the second quarter, compared to 6,180 boe per day in the first quarter with the disposition completed in May. This reflects the lower volumes from Canada following the Kakwa Central disposition, partly offset by a modest increase in production from Brazil.

Higher oil prices contributed to revenue increasing to $50 million for the quarter and $93 million year to date.
Operating costs in Brazil were approximately $3 million higher than in the previous quarter. This includes $2 million for additional energy costs and an additional $1 million was incurred for increased purchases of waste oil as feedstock to supplement our production due to the lower efficiency of the retort in the quarter. Costs were also incurred for the transportation and storage of under-lifted oil volumes under our sales contracts.

The net finance income for the quarter was $5.9 million and year to date was an expense of $4.6 million. Most of these amounts are non-cash and relate to interest expense and changes in the embedded derivative of the secured bonds that are ring-fenced to PX Energy and its assets. Our cash interest expense in the quarter was $8.5 million including $5 million in accrued interest on the bonds. Interest expense on the bonds in 2026 is added to the principal and not payable in cash until next year. We have the option to continue to add interest to principal in 2027 if oil prices fall below US$65 per barrel.

We reported net income of $27.8 million for the quarter, including a $17.5 million gain on the Kakwa Central disposition. Year-to-date net income was $10.0 million, including a first-quarter loss of $17.8 million. Adjusted funds flow from operations was $18.3 million for the quarter and included $6.9 million related to minimum sales contracts. Year to date, our adjusted funds flow from operations was $39.1 million and included $13.7 million related to minimum sales contracts.

Our working capital deficit at the end of the quarter was $19.1 million, compared with $49.6 million at the end of the first quarter. In addition, the long term debt on our balance sheet is solely the PX Energy secured bonds. These bonds mature in April 2028, and we can extend it until April 2030 for an additional fee.

Outlook

Improving the profitability of PX Energy remains our near-term priority.

The current maintenance will restore plant operations and should increase our production volumes by over 10%. We expect to be fully operational by the end of August, or three to four weeks since the shutdown. During this time, we are managing our oil inventory to satisfy current sales and our contractual commitments.

We are on track to realize $11 million in cost savings this year and are targeting a further $11 million through a second round of cost reductions. On the revenue side, our goal is to diversify our market exposure. Potential new markets include marine fuel supply, which may be better suited to the characteristics of our product. These and other initiatives are intended to build a $10 million reserve to fund the scheduled plant turnaround next spring that will take about a month to complete.

The successful HCCO test advances both our efforts to improve the near-term profitability of PX Energy and our long-term technology strategy. This technology is key to unlocking the significant oil shale resources under our licenses but we must remain profitable in the interim.

The proceeds from the Kakwa Central disposition will support the future development of Kakwa North and the expansion of our operated assets in Saskatchewan.

The release of Quebec’s long term energy plan marked an important turning point. The discussion is no longer whether natural gas has a role in Quebec’s future, but where that gas should come from. Polling conducted by the Quebec Energy Association confirms that Quebecers prefer locally produced natural gas to imports when it is developed using best production practices. We believe our Utica discovery represents the best opportunity to provide that supply while strengthening Quebec’s economy, improving energy security and supporting lower-emission development.

Michael Binnion
President and Chief Executive Officer

Forward Looking Advisory
Please refer to the section Forward Looking Statements in the Management Discussion and Analysis regarding the forward-looking information provided in this President’s Message.

Footnotes:
(1) https://www.quebec.ca/gouvernement/ministeres-organismes/economie/publications/plan-ressources-energetiques
(2) Énergir | Pricing and Tariffs

Kilde

TekBot · august 11, 2026, 9:38pm

Questerre 2Q 2026 Report including Financial Statements & MD&A

President’s Message

This quarter, we advanced the three core assets in our portfolio.
…

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The successful HCCOTM test in Brazil is a major proof point for our oil shale refining technology. In May, we demonstrated the homogeneous charge of low-temperature oxygen in our working gas using a commercial-scale vessel. An extended test is the next step to establish the commercial parameters required to implement our HCCO process in the existing Petrosix refinery. We expect the process could materially reduce internal fuel usage, which currently represents nearly 15% of our production.

In June, our preferred shares, representing defined economic rights linked to our Quebec assets under either a settlement or development scenario, were listed on Euronext Growth in Oslo under the ticker QGAS. Depending on the outcome, these rights provide shareholders with 95% of the net proceeds from a settlement or a 50% carried interest in the future development of our Utica discovery. Shortly after the shares started trading, as noted below, the Quebec government formally recognized the strategic importance of natural gas. This supports our efforts to work with government and industry toward a commercial solution for developing the discovery.

We also completed the sale of our minority working interest at Kakwa Central. Consideration for the assets, which were producing approximately 650 boe per day, was $23.5 million in cash and the assumption of associated reclamation obligations. The proceeds will primarily fund future development at Kakwa North and the expansion of our operated assets in Saskatchewan.

Highlights
• Successful HCCO test using a commercial-scale vessel at the PX Energy facility
• Preferred shares listed for trading on Euronext Growth under the ticker QGAS
• Sale of the Kakwa Central assets for $23.5 million in cash
• Like for like average production increased in the second quarter to 5,700 boe per day from 5,530 boe per day last quarter (overall production reduced from 6,180 boe per day following the Kakwa disposition of 650 boe per day)
• Adjusted funds flow from operations of $18.3 million, including $6.9 million related to deferred sales revenue, compared to net cash from operating activities of $9.4 million
• Working capital deficit reduced to $19.1 million at June 30, 2026 from $49.6 million at March 31, 2026 including cash and cash equivalents of $44.2 million

Oil Shale

The successful HCCO test advances both our long-term technology strategy and our efforts to improve the near-term profitability of PX Energy.

Low-temperature oxygen is key to the patented Homogeneous Charged Continuous Oxidation or HCCO process. Conventional processes, including the one currently used by PX Energy, generate heat externally to the main processing vessel, known as a retort. HCCO instead generates heat internally as injected oxygen reacts with residual carbon on the spent shale and with lighter hydrocarbons.

This eliminates the need for external heat-generation facilities, reducing capital costs by an estimated 40% per barrel. It also create a pure stream of carbon dioxide that can potentially be used for sequestration or enhanced oil recovery.

This was the first demonstration in a commercial-scale vessel measuring more than 10 metres in diameter and 30 metres tall. The largest previous test was conducted in a vessel measuring less than one metre in diameter and four metres tall. Supported by Red Leaf Resources, our team in Brazil designed, implemented and safely completed the test in less than two months. Over a two-week period, we precisely controlled the rate of oxidation, experienced no runaway temperatures and achieved even, homogeneous heat distribution without hot spots.

We believe this test will improve the Technology Readiness Level of the HCCO process from 4 to 6 on a scale where 9 represents ready for commercial use. We are incorporating the results into the design of a commercial-scale HCCO test.

Our next step is an extended test with continuous oxygen injection to establish commercial operating parameters and determine how much internal fuel consumption can be reduced. We estimate the reduction could be as high as 15% of existing usage, split approximately equally between fuel oil and gas.

Another priority for the team has been restoring the efficiency of the existing retort. Retort efficiency declined during the current quarter to just over 75% from a historical level of approximately 90%. The decline reflects agglomeration, or a buildup of shale on the vessel walls, following an improper restart after scheduled maintenance. This remedial maintenance work is underway during the shutdown.

Higher oil prices, while increasing revenue, have also made it more difficult for some customers to meet their minimum volume commitments under our take-or-pay contracts, as cheaper, lower-quality fuel oil has competed for market share in southern Brazil. We continue to collect cash for shortfall volumes but have incurred additional transportation and storage costs as a result. We are working with the affected customer to recover these costs and help them meet their contractual commitments, although arbitration may ultimately be required to resolve the issue. Of note our customers met 100% of their minimum contract volumes in the month of July as oil prices fell from their highs in April and winter demand increases.

Quebec

The Government of Quebec has formally acknowledged that natural gas will remain important to the province’s energy needs through 2050.

As Hydro-Québec rations electricity allocations for major industrial users, the Quebec Integrated Energy Resource Management Plan 2026-2050 – Our Plan for Quebec’s Energy Future, or “PGIRE,” confirms that electricity alone cannot meet Quebec’s growing energy demand. Released in early July, the PGIRE states that natural gas will remain part of Quebec’s energy mix and play a strategic role as the province gradually decarbonizes its energy system.(1)

The PGIRE also notes that Énergir, the provincial natural gas distribution company, sources its supply almost entirely from Canadian producers under existing contracts. Physically, however, close to half of the gas consumed in Quebec originates in the United States, reflecting the flow of supply from Western Canada and the United States through Ontario and into Quebec.

Our Utica discovery remains a shovel-ready solution to Quebec’s emerging energy challenges. It is positioned to provide reliable energy for baseload industrial demand and peak winter heating while relieving pressure on the electricity grid. It could also reduce Quebec’s reliance on imported natural gas and high-cost renewable natural gas while supporting economic growth. Designed with a low-emissions footprint, locally produced natural gas from the Utica could reduce greenhouse gas emissions compared with imported natural gas at a cost of less than one-third to one-fifth that of imported renewable natural gas(2).

We look forward to resuming discussions with the Government of Quebec following the provincial election this October.

We are also proactively advancing our legal action to protect shareholder rights. At a case management hearing in May, we pushed for an expedited path to a trial on the merits of our case and the quantum of economic damages. The Court established deadlines for the next pre-trial motions, which should allow a hearing date to be scheduled next year.

Operating and Financial

Production averaged 5,700 boe per day in the second quarter, compared to 6,180 boe per day in the first quarter with the disposition completed in May. This reflects the lower volumes from Canada following the Kakwa Central disposition, partly offset by a modest increase in production from Brazil.

Higher oil prices contributed to revenue increasing to $50 million for the quarter and $93 million year to date.
Operating costs in Brazil were approximately $3 million higher than in the previous quarter. This includes $2 million for additional energy costs and an additional $1 million was incurred for increased purchases of waste oil as feedstock to supplement our production due to the lower efficiency of the retort in the quarter. Costs were also incurred for the transportation and storage of under-lifted oil volumes under our sales contracts.

The net finance income for the quarter was $5.9 million and year to date was an expense of $4.6 million. Most of these amounts are non-cash and relate to interest expense and changes in the embedded derivative of the secured bonds that are ring-fenced to PX Energy and its assets. Our cash interest expense in the quarter was $8.5 million including $5 million in accrued interest on the bonds. Interest expense on the bonds in 2026 is added to the principal and not payable in cash until next year. We have the option to continue to add interest to principal in 2027 if oil prices fall below US$65 per barrel.

We reported net income of $27.8 million for the quarter, including a $17.5 million gain on the Kakwa Central disposition. Year-to-date net income was $10.0 million, including a first-quarter loss of $17.8 million. Adjusted funds flow from operations was $18.3 million for the quarter and included $6.9 million related to minimum sales contracts. Year to date, our adjusted funds flow from operations was $39.1 million and included $13.7 million related to minimum sales contracts.

Our working capital deficit at the end of the quarter was $19.1 million, compared with $49.6 million at the end of the first quarter. In addition, the long term debt on our balance sheet is solely the PX Energy secured bonds. These bonds mature in April 2028, and we can extend it until April 2030 for an additional fee.

Outlook

Improving the profitability of PX Energy remains our near-term priority.

The current maintenance will restore plant operations and should increase our production volumes by over 10%. We expect to be fully operational by the end of August, or three to four weeks since the shutdown. During this time, we are managing our oil inventory to satisfy current sales and our contractual commitments.

We are on track to realize $11 million in cost savings this year and are targeting a further $11 million through a second round of cost reductions. On the revenue side, our goal is to diversify our market exposure. Potential new markets include marine fuel supply, which may be better suited to the characteristics of our product. These and other initiatives are intended to build a $10 million reserve to fund the scheduled plant turnaround next spring that will take about a month to complete.

The successful HCCO test advances both our efforts to improve the near-term profitability of PX Energy and our long-term technology strategy. This technology is key to unlocking the significant oil shale resources under our licenses but we must remain profitable in the interim.

The proceeds from the Kakwa Central disposition will support the future development of Kakwa North and the expansion of our operated assets in Saskatchewan.

The release of Quebec’s long term energy plan marked an important turning point. The discussion is no longer whether natural gas has a role in Quebec’s future, but where that gas should come from. Polling conducted by the Quebec Energy Association confirms that Quebecers prefer locally produced natural gas to imports when it is developed using best production practices. We believe our Utica discovery represents the best opportunity to provide that supply while strengthening Quebec’s economy, improving energy security and supporting lower-emission development.

Michael Binnion
President and Chief Executive Officer

Forward Looking Advisory
Please refer to the section Forward Looking Statements in the Management Discussion and Analysis regarding the forward-looking information provided in this President’s Message.

Footnotes:
(1) https://www.quebec.ca/gouvernement/ministeres-organismes/economie/publications/plan-ressources-energetiques
(2) Énergir | Pricing and Tariffs

Kilde

TekBot · august 12, 2026, 1:31pm

Questerre Shareholder Update Presentation for Q2 2026 Results

hgsd300 · august 18, 2026, 5:34pm

mhalvorsen · august 18, 2026, 8:50pm

Hva tenker dere om situasjonen i Québec her? Er det noe som kommer til å løses inne rimelig tid? Må vel nesten det om denne skal ta seg videre opp.

hgsd300 · august 19, 2026, 8:52am

Valgkampen i Québec starter 29 august og selve valget går av stabelen 5 oktober. Denne valgkampen og dette valget er svært interessant for oss og hva som skjer / kan skje med tomta vår i Lowlands.

Når det gjelder høringer og rettssaker så snakket jeg litt med ChatGPT, er så mye greier der at det er egentlig det enkleste

Hva skjer i rettssaken nå?

Questerre er ikke ferdig med rettskampen. Saken om selve gyldigheten av Bill 21 går videre, selv om Questerre tapte forsøket på å få den midlertidige suspensjonen av loven gjeninnført.

Det viktigste nye er:

Avhørene av sentrale representanter for Québec-regjeringen ble gjennomført september og oktober 2025.
Saken er nå i den prosessuelle fasen før hovedforhandlingen.
Questerre opplyser at retten har satt frister for de neste pre-trial motions, og at dette skal gjøre det mulig å få fastsatt dato for hovedforhandlingen.
Questerre søker fortsatt en hovedforhandling i 2026.

Det betyr at vi faktisk kan få en stor juridisk katalysator før eller rundt Québec-valget.

Det mest interessante

Questerre sier selv at de kjører to spor samtidig:

Politisk/business-løsning
→ få Québec til å åpne for utvikling av gassressursene.

Juridisk spor
→ få prøvd konstitusjonaliteten til Bill 21.

Questerre beskriver faktisk den politiske/business-løsningen som sitt primære mål, samtidig som de beskytter sine juridiske rettigheter.

Så jeg ville ikke sett på dette som:

«QGAS må vinne rettssaken for å kunne produsere.»

Det er snarere:

Rettsseier kan åpne døren juridisk, mens en politisk løsning kan åpne døren praktisk.

Min vurdering av tidslinjen

Slik jeg ser det nå:

August–høst 2026
→ videre prosessuelle avklaringer
→ eventuell fastsettelse av dato for hovedforhandling.

oktober 2026
→ Québec-valget.

Senere 2026 / 2027
→ mulig hovedforhandling, avhengig av når retten setter saken.

Det betyr at valg + rettssak kan bli to separate katalysatorer ganske tett på hverandre.

Og her blir QGAS interessant

QGAS er nå konstruert som en direkte eksponering mot Québec-verdiene. Questerre opplyser selv at Series 2 Preferred Shares er laget for å reflektere de finansielle utfallene fra Québec-aktivitetene spesifikt.

Derfor kan markedet prise QGAS ganske lavt så lenge sannsynligheten for utvikling er lav.

Men hvis vi plutselig får:

Retten åpner for Questerres argumenter

Ny Québec-regjering er villig til å utvikle gass

Questerre får tilbake en regulatorisk vei til produksjon

…da er det ikke lenger bare en «gammel gassressurs». Da kan markedet begynne å prise reell fremtidig produksjon og kontantstrøm.

Det er derfor jeg synes QGAS har en ganske spesiell asymmetrisk profil: dagens verdi kan være relativt begrenset, mens utfallet dersom Québec-sporet faktisk åpnes kan bli mange ganger høyere.

Men jeg ville ikke satt høy sannsynlighet på full gassproduksjon ennå. Den juridiske saken er komplisert, og selv en seier betyr ikke automatisk at produksjonen starter.

TekBot · august 20, 2026, 6:01am

Government of Quebec approves carbon storage pilot application

Calgary, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (OSE: QGAS) reported today that the Ministry of Economy, Innovation and Energy of Quebec (“MEIE”) has approved the Company’s application for a pilot project for carbon storage in the province of Quebec. The approval was published in the Official Gazette of Quebec on August 19, 2026.

Leveraging the Company’s extensive geotechnical expertise, including proprietary seismic data, the proposed pilot will evaluate subsurface formations for long term carbon dioxide storage potential. It provides for among other things, the drilling of injection and observation wells and includes the use of one of Questerre’s existing wells. The pilot project application has been authorized for a term of five years and may be extended by two additional years.
…

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Michael Binnion, President and Chief Executive Officer of Questerre, commented, “The approval of our pilot application is the first step towards demonstrating Quebec’s carbon storage potential. We are optimistic that the combination of carbon storage to reduce emissions and local gas provides a made in Quebec solution to its goals of reducing greenhouse gas emissions and strengthening its energy security.”

He added, “Much like natural gas, the Government of Quebec’s Integrated Energy Resource Management Plan released last month notes that long term carbon storage is a strategic imperative to decarbonize hard to abate sectors and achieve the province’s emission reduction targets. Our pilot is situated less than ten kilometres away from the Becancour industrial park and proximate to other large emitters in the province.”

He further added, “Our next steps are to work with the provincial and federal Government on funding this pilot project. We are also working with the Government of Quebec on validating our pre-existing rights to explore for carbon storage that we held prior to the enactment of Bill 21.” Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities, was enacted in April 2022.

The Company also reported it has received a notice from MEIE regarding the contested regulatory requirements under Bill 21 to decommission its twelve suspended wells in the province within 36 months of July 30, 2026. Under Bill 17, An Act to amend the Act respecting natural gas storage and natural gas and oil pipelines in order to authorize the implementation of a pilot project relating to the exploration for underground reservoirs or certain fluids, or their operation or exploitation, these existing wells can be utilized in carbon storage pilots. The Company will be reviewing with the Government of Quebec the issue of decommissioning wells in the context of the pilot and other relevant issues. The Company further notes that under Bill 21, the Government will fund up to 75% of qualified expenditures.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy 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
Bjorn Inge Tonnessen, Chairman +47.902.01.289 | Email: btonnessen@questerre.com
Hans Jacob Holden, Director +47.909.42.667
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 the Company’s views on the pilot demonstrating the province’s carbon storage potential, providing a solution to their emissions reduction goals, its plans to work with the provincial and Federal government on funding and its discussions with the Government of Quebec on its decommissioning obligations and its pre-existing rights to explore for carbon storage.

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: 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, 2025, 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.

Kilde

hgsd300 · august 20, 2026, 6:06am

Da er vi på rett spor

Hoven · august 20, 2026, 6:55am

Baie-Comeau LNG-prosjektet kommer under urfolkskontroll og endrer størrelse

Hoven · august 22, 2026, 9:02am

hgsd300 · august 22, 2026, 9:27am

Flott det går veien for «vanlige QEC», satt i aksjen i mange år, sitter kun i QGas nå. Tydligvis ting som skjer bak lukkede dører i Québec også for tiden.

Selv tror jeg disse to aksjene slås sammen igjen skulle ting ordne seg i Québec, noen synspunkter på det ?