Questerre updates PX Energy transaction

06 Jan 2026 04:00 CET

Calgary, Alberta January 6, 2025 - Questerre Energy Corporation (“Questerre” or
the “Company”) (TSX,OSE:QEC) reported today the term sheet for a 50/50 joint
venture to develop Parana Xisto SA (“PX Energy”) with a local Brazilian partner
has expired in accordance with its terms.

Questerre remains the 100% owner and operator of PX Energy, an oil shale
production and refining company based in southern Brazil. As a result, the
Company’s financial and operating results for the quarter and period ending
December 31, 2025, will include the full consolidation of PX Energy.

The Company further reported that production at PX Energy continues to remain
above 4,400 barrels of oil equivalent per day. The Company anticipates total
production in the fourth quarter of the year, including its production from
Western Canada, is estimated to average between 6,500 and 7,000 barrels of oil
equivalent per day, reflecting continued operational momentum and stable field
performance.

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 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
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 estimated production for the fourth quarter of 2025.

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, 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.

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 news release is not for publication or distribution, directly or
indirectly, in or into the United States. 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 referred to herein 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. No public offering of securities is being made
in the United States. 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.

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