Business
Questerre reports first quarter 2026 results
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNI...
About this update from Questerre Energy Corporation Class A
[{"type":"text","content":"Questerre reports first quarter 2026 results\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, May 14, 2026 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) reported today on its financial and operating results for the quarter ended March 31, 2026. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “The turnaround at PX Energy is producing results. In our first full quarter with management control, lifting costs in Brazil were reduced by $7.6 million or over 30% to $17.5 million from $25.5 million last quarter. With stronger oil prices in March, this contributed to Questerre generating adjusted funds flow from operations of $20.8 million — including $6.7 million in revenue related to minimum sales contracts in Brazil — compared to $4.3 million in the fourth quarter of 2025. Further cost reductions are planned for the remainder of the year, and we believe the underlying operation has room to improve.” He added, “In Quebec, the economy and energy situation is evolving. The trade dispute with the United States, a structural electricity shortage, and rising concern about energy security have together rekindled consideration of energy options including local natural gas production. We have been making the case that our Quebec Utica discovery is part of the answer. On the emissions reduction front, we met with the Government on Bill 17, their framework for carbon storage, and on our pending carbon storage pilot application. These steps toward meeting Quebec's decarbonization commitments demonstrate our commitment to finding a business and political solution. Our capital reorganization closed in January, transferring the value of our Quebec assets to preferred shareholders. We are actively evaluating paths to list those shares for trading.” Highlights Average daily production of 6,180 boe per dayAdditional 540 boe per day was invoiced as deferred revenue related to minimum sales contracts in BrazilAdjusted funds flow from operations of $20.8 million including $6.7 million related to minimum sales contracts (net cash from operating activities of $3.1 million)Cost cutting at PX Energy reduces...