Questerre Energy Corporation Class A · TSX:QEC
Questerre Energy Corporation Class A — Investor Presentation (June 2026)
33 slides from Questerre Energy Corporation Class A's investor presentation, June 2026
Slide 1: Corporate Presentation June 2026
Corporate Presentation June 2026 1
Slide 2: Cash-Flow Funded Base with Option on Multi-Billion Barrel Oil Shale Resources
Cash-Flow Funded Integrated oil shale company producing over 5,200 boe per day Base with Option on • 3,900 boe per day from oil shale with next-gen Multi-Billion Barrel technology and billion barrels + oil in place • 1,300 boe per day from conventional assets Oil Shale Resources Realizing value from
Slide 3: Brazil, Utah, Kingdom of Jordan, Western Canada, Quebec
Brazil Integrated oil shale mining and refining operations Utah Patented technology and large oil resource through Red Leaf subsidiary Kingdom of Jordan Significant oil shale deposit being assessed for commercial development BRAZIL Western Canada Condensate-rich Montney resource in Alberta Proven To
Slide 4: Financial and operational overview
Financial and operational overview For the quarter ended March 31, 2026 Operating and Financial Results Capitalization and Liquidity (Common Shares) Adj. Funds Flow from Operations ($) $ 20.8 million Market Capitalization (June 10, 2026) $ 120 million Capital Expenditures ($) $ 1.8 million Long Term
Slide 5: First Quarter 2026 Recap
First Quarter 2026 Recap 5
Slide 6: Brazil Take-or-Pay Contracts Protect Cash Flow
Brazil Take-or-Pay Contracts Protect Cash Flow Shortfalls are billed, collected and included in Adjusted Funds Flow from Operations (AFFO) Customers pay for shortfalls 95% of fuel oil under contract In AFFO, not revenue Liability settled per contract Firm contracts require payment for any 80% of rev
Slide 7: Reconciling Net Loss to Adjusted Funds Flow: A Paper Loss, but a Record Cash Quarter
Reconciling Net Loss to Adjusted Funds Flow: A Paper Loss, but a Record Cash Quarter Adjusting for the non-cash accounting charges and the business was strongly cash-generative 1 ARE WE GENERATING CASH? Net loss → Adjusted Funds Flow 2 RECONCILING Adjusted Funds Flow → Cash +20.8 Reported net loss o
Slide 8: Working Capital Deficit
Working Capital Deficit Current assets & current liabilities (C$ million) Current Liabilities not settled in cash Current assets C$51M Component C$M % Settles in Current liabilities C$101M PX Energy acquisition (SPAC & convertible notes) 22.8 59% Shares Non-cash (settles in shares or other contracts
Slide 9: Secured Debt
Secured Debt Face Value C$110M (US$80M) PIK all 2026 interest added to principal No parental guarantees or obligations Secured bonds: reconciling carrying value to face value (000s) Q1 2026 finance expense: C$17.9M Secured bonds Carrying value at March 31, 2026 116,875 C$ US$ 85,310 C$1.3M cash inte
Slide 10: Market Outlook for PX Energy oil sales
Market Outlook for PX Energy oil sales Local market dynamics are shifting Higher prices are attracting lower-quality competing products — e.g. recycled fuel oil at 25–30% lower prices than PX Energy. Supporting a long-standing customer An 8+ year contract holder is challenged to meet minimums — we'r
Slide 11: The Vision: Turn Billions of Barrels of Oil in Place to Resources and Reserves
One of the largest undeveloped oil resources globally The Vision: • Four trillion barrels in United States alone Turn Billions of (1) Barrels of Oil in • Targeting over 8 billion barrels in place with existing projects No large-scale development to date with Place to Resources high costs and high wa
Slide 12: Executing the Strategy: Bridging the Gap from Concept to Production
Executing PX Energy acquisition provides the Strategy: integrated oil shale platform with mining, production and refining Bridging the Gap operations from Concept Consolidated Red Leaf ownership to to Production advance proprietary technology on its oil shale assets Next Steps: • Restructuring PX En
Slide 13: PX Energy An Integrated Oil Shale Platform
PX Energy An Integrated Oil Shale Platform 13
Slide 14: An integrated oil shale operation
An integrated oil shale operation • Mining, production and refining with ~US$100 million in revenue over last two years(1) • Three decades+ of operating history with strong safety culture 3,900 boe per day of production • Main product is fuel oil that sells for a 10% premium to Brent • Run-up in pri
Slide 15: A Clear Path to Profitability
A Clear Path Transform a break-even operation to profitability at US$55 per barrel to Profitability Brent • $8 million in cost cutting in 2026 and a further $8 million targeted for 2027 Cost cutting initiatives implemented in 2026 • Renegotiated power contracts • Vendor consolidation for equipment m
Slide 16: Near-Term Limestone Growth Prospects and Future Opportunities
Near-Term Limestone Oil Sludge Expansion Strategic joint venture Growth Monetizing a mining Diversify and grown supply Partnership opportunity byproduct to reduce while expanding processing with major fuel distributor Prospects mining costs with profit- capacity for high margin on imports, gasoline
Slide 17: Next Steps
Next Steps Focus on cost cutting while prioritizing safety and operational effectiveness Cost cutting generates cash flow to de- lever financially and build balance sheet capacity to fund a pilot project for Red Leaf technology Long term test of HCCO technology to reduce internal fuel costs and impr
Slide 18: Red Leaf Resources Inc.
Red Leaf Resources Inc. A breakthrough technology • Very few moving parts and high thermal efficiency = step change in capex and opex estimates of <US$30 per barrel • Built in carbon capture and no water or external energy needed for process • Over 20 patents in place and pilot validated Next Step:
Slide 19: Western Canada: A base of production and cash flow
Western Canada A base of production and cash flow 19
Slide 20: Current Production, Capital Discipline, Funding
Current Production • 1,300 boe per day mainly from condensate rich Montney at Kakwa, Alberta • Follows divestiture of 650 boe per day for $23.5 million in cash effective May 1, 2026 Capital Discipline • Operators maintaining pace of development within existing cash flow • Future drilling at Kakwa No
Slide 21: St. Lawrence Lowlands, Quebec
St. Lawrence Lowlands, Quebec 21
Slide 22: Seeking full value for a giant discovery
Seeking full value for a giant discovery Giant natural gas resource • Independent assessment of 7 Tcf (risked contingent resources of 1.6 Tcf and prospective resources of 5.4 Tcf)(1) • Engineered to reduce GHG emissions and includes carbon recycling and storage and low-emissions gas production(2) Go
Slide 23: A Shovel-Ready Solution to the Energy Crisis
A Shovel-Ready Growing electricity energy shortage – increasing imports and risk of rising Solution to the prices Energy Crisis • Provincial energy company has become a net importer in a reversal from past years(1) • Rising rate concerns for small and medium sized businesses (2) Questerre discovery
Slide 24: Protecting Shareholder Rights
Protecting Shareholder Rights Following the legal process • Justice agrees to Questerre advancing as a ‘test case’ to expedite legal process • Establishing a trial date for hearing on the merits of the case following remaining procedural matters Government assessing Questerre expert witness report •
Slide 25: Next Steps
Next Steps Increase awareness of Questerre discovery as a solution to the energy shortage and emissions challenge • Potential to develop LNG exports from Quebec Pursuing claim for unjust enrichment and breach of contract against Government • Establish trial date for hearing on merits • Work with oth
Slide 26: Corporate Outlook and Investment Summary
Corporate Outlook Continue cost-cutting initiatives at PX Energy and sale market diversification initiatives Fund future development in Western Canada with operating cash flow and unutilized credit facility Complete listing for Preferred Shares Investment Summary Rare exposure to transformational oi
Slide 27: Management and Board
Management and Board 27
Slide 28: Board of Directors and Management
Board of Directors Management Michael Binnion, President & Chief Executive Officer Michael Binnion, President & Chief Executive Officer Bjorn Inge Tonnessen, Chairman Filippo Segatori, VP Oil Shale • Former CEO & President, Edge Petroleum AS • Former CEO & President, Spike Exploration AS, now part J
Slide 29: Forward Looking Information
Forward Looking Information 29
Slide 30: Forward-looking information and statements
This presentation contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends“, “outlook”, “strategy”, “poten
Slide 31: Forward-looking information risks and uncertainties
The forward-looking information and statements included in this presentation are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other fac
Slide 32: Millcreek Report
Millcreek Report In October 2016, Questerre commissioned an independent assessment of its oil shale resources in Jordan (the “Millcreek Report”). The Millcreek Report was conducted by Millcreek Mining Group, an independent qualified reserves evaluator, as defined by NI 51-101 with an effective date
Slide 33: Questerre Energy Corporation contact details
Questerre Energy Corporation Suite 1650, 801 Sixth Avenue SW Calgary, Alberta • T2P 3W2 • Canada Tel: +1.403.777.1185 Fax: +1.403.777.1578 www.questerre.com info@questerre.com 33