CALGARY, Alberta, Nov. 12, 2025 (GLOBE NEWSWIRE) -- 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."
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.
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 ...
