Brazil joint venture partner receives regulatory approval

19 Nov 2025 15:45 CET

Calgary, Alberta -- Questerre Energy Corporation (“Questerre” or the “Company”)
(TSX,OSE:QEC) reported today that Nice Capital Holdings Ltda. (“Nice”), a member
of the Nimofast Group (“Nimofast’), has received regulatory approval to proceed
with its joint venture with Questerre for the development of Parana Xisto SA
(“PX Energy”), an oil shale production and refining company based in southern
Brazil (the “Joint Venture”).

The Brazilian Administrative Council for Economic Defense (“CADE”) issued a
certificate yesterday for its final and non-appealable decision to approve the
participation of Nice in the Joint Venture. Nice will acquire a 50% interest in
the Joint Venture through the acquisition of shares of Questerre’s special
purpose subsidiary and the Brazilian holding company that owns 100% of the
equity of PX Energy.

Michael Binnion, President, and Chief Executive Officer of Questerre, commented,
“With the CADE approval in place, we look forward to working with Nimofast to
realize the potential of the PX Energy acquisition. We expect to finalize our
joint venture agreement with them later this month.”

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 realizing the value from its acquisition of PX Energy and the execution
of its joint venture agreement with Nice. 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.

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.

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