Business
Questerre updates Quebec Spinout and PX Energy transaction
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 updates Quebec Spinout and PX Energy transaction\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. 18, 2025 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) updated corporate developments related to the spin out of its Quebec assets (the “Quebec Spinout”) and the PX Energy transaction. Quebec Spinout The Company reported that a Special Meeting of Shareholders (the “Meeting”) is scheduled for January 15, 2026, to i) elect the Board of Directors for the Company and ii) to approve an amendment to the Company’s Articles for the Quebec Spinout. A copy of the management information circular (the “Information Circular”) prepared for the purposes of the Meeting is available on SEDAR+ in Canada and Newsweb in Norway. The Quebec Spinout transaction will reorganize the share capital to create and distribute a new series of “tracking” preferred shares to Shareholders on the basis of one new preferred share for each existing common share. These tracking preferred shares will be entitled to the economic benefits of Questerre’s Quebec assets and will track the outcome of those assets under the scenarios below: (i) a cash settlement related to the legal action to protect shareholder rights for the Quebec assets, or (ii) a settlement that allows the Quebec assets to be developed. The capital reorganization as proposed does not constitute a taxable event under Canadian or Norwegian tax legislation. Due to Canadian tax legislation applicable to taxable preferred shares, including Part VI.1 tax under the Income Tax Act (Canada), the tracking preferred shares will not be redeemable for a minimum of five years and will be convertible at the option of the Company into Questerre Common Shares upon the occurrence of certain events. An amount equal to 5% of the value of any settlement, plus any costs incurred, will first be allocated to the benefit of Questerre Common Shares to reflect the ongoing management and stewardship of the Quebec assets including the funding of costs related to the legal action. Questerre Common Shareholders may also earn an interest in the income from the ...