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Questerre closes acquisition of Red Leaf Resources Inc.
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO U...
About this update from Questerre Energy Corporation Class A
[{"type":"text","content":"Questerre closes acquisition of Red Leaf Resources Inc.\nTHIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY, Alberta, Dec. 30, 2025 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce it has closed the acquisition of Red Leaf Resources Inc. (“Red Leaf”) through the exchange of Red Leaf common shares for Class “A” Common voting shares (“Questerre Common Shares”). Michael Binnion, President and Chief Executive Officer of Questerre, commented, “The closing of the Red Leaf acquisition is another step forward in our strategy to commercialize oil shale as a globally competitive resource. Red Leaf hold rights to over several hundred million barrels of oil share resource in Utah. In Jordan, we are negotiating an extension to our exclusive rights to the Isfir-Jafr project with over several billion barrels of oil shale resource. The recently acquired PX Energy has existing oil shale reserves and resources and is currently producing over 4,000 barrels per day of oil equivalent using the Petrosix technology developed by a Brazilian supermajor. We believe Red Leaf’s HCCO® technology represents a significant improvement in efficiency and economics to unlock these oil shale resources globally.” The Company issued a total of 17.25 million Questerre Common Shares to acquire just over 50% of the outstanding common share capital of Red Leaf from the selling shareholders. Including the nearly 40% currently held by Questerre, Questerre now owns over 90% of the issued and outstanding common shares of Red Leaf. Pursuant to the Red Leaf stockholders agreement, the selling shareholders have exercised the ‘drag along’ provisions requiring the remaining common shareholders to accept the offer on the same terms. Subject to applicable securities regulations, it is anticipated that up to an additional 3.1 million Questerre Common Shares or equivalent consideration will be issued to acquire this remaining interest. The Company also reported that the majority of the preferred shareholders of Red Leaf, including the Chief Executive Officer of Questerre, have agreed to sell their pref...