Questerre updates PX Energy transaction

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CALGARY, Alberta, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the status of its proposed acquisition of Parana Xisto SA (“PX Energy”), a privately held oil shale production and refining company based in southern Brazil by way of acquisition of the shares of its indirect parent companies, Forbes & Manhattan Resources Inc. (“F&M Resources”) and Forbes Participaҫões Ltda (the “Acquisition”).

Michael Binnion, President & Chief Executive Officer of Questerre, commented, "Our top priority has been completing due diligence on the Acquisition to ensure we have an accretive transaction for our shareholders. Site visits have confirmed that operationally the existing facilities are well maintained and in full compliance from a HSE perspective. We have also reviewed their proposed growth projects that are designed to increase throughput."

He added, "Our financial due diligence has identified a larger requirement for both short-term and long-term liquidity since we announced the transaction. We believe meeting this urgent need through a comprehensive agreement with financial partners is vital. It will mitigate the risks of a corporate reorganization process that could have other impacts on their business."

"In addition, we have been working with our financial advisors on an arrangement with the bondholders to ensure they have a path towards realizing a full recovery of their principal. Although we have not yet reached an agreement, we are continuing discussions. We have also been in discussions with the holders of convertible notes issued by F&M Resources as well the parties related to its agreement with Papaya Growth Opportunity Corp. I, a NASDAQ-listed Special Purpose Acquisition Company. We remain focused on a sustainable capital structure for the company given the liquidity requirements and existing cash flow capacity of the base business", he further added.

He concluded, "We still see the strategic value in this acquisition to advance our oil shale strategy. Additionally, the company's refining license provide opportunities to further expand their distribution business. We remain committed to collaborating with all stakeholders on a transaction that restores the company's financial flexibility and establishes a viable path to realize its potential."

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