Questerre Energy Corporation Class A · TSX:QEC
Questerre Energy Corporation Class A — Investor Presentation (June 2026)
29 slides from Questerre Energy Corporation Class A's investor presentation, June 2026
Slide 1: QGAS Preferred Shares Investor Presentation
QGAS Preferred Shares Investor Presentation June 2026
Slide 2: Important Information and Disclaimer (I/II)
IMPORTANT INFORMATION AND DISCLAIMER (I/II) Introduction: This Presentation (as defined below) has been prepared by Questerre Energy Corporation (the "Company", and together with its consolidated subsidiaries, the "Group") with assistance from SB1 Markets AS. The Presentation (as defined below) is i
Slide 3: Important Information and Disclaimer (II/II)
IMPORTANT INFORMATION AND DISCLAIMER (II/II) The GLJ Report used probabilistic methods to generate low, best and high estimates of total petroleum initially in place ("TPIIP"), both discovered and undiscovered. Recoverable Contingent and Prospective Resources over Questerre's acreage were estimated
Slide 4: Summary of Risk Factors
SUMMARY OF RISK FACTORS Investing in the Preferred Shares involves a high level of risk and the Group is and will be exposed to numerous risk factors, of which a brief summary is outlined below. Further details on each risk factor are provided in the Information Document. All prospective investors s
Slide 5: Table of Contents
Table of Contents 1 Background 2 Quebec assets 3 Next steps – The path to development 4 Next steps – The legal process 5 Appendix
Slide 6: Investment summary
Investment summary Questerre Key terms for the Preferred Shares (QGAS) Developing large scale resources including oil shale and shale gas through new technology Current production of ~5,200 barrel of oil equivalent (boe) Series 2 Preferred Shares (“Preferred 45.2 million Preferred Shares per day fro
Slide 7: Proper governance and strong investor protection
Proper governance and strong investor protection Governance Investor protection Advisory Oversight Committee Preferred Director Veto Technical Committee • Oversight Committee (the • The Preferred Director is • No settlement of the • Standing advisory ‘’OC”) elected by Preferred nominated by the OC l
Slide 8: A dual class share structure is optimal for maximizing value
A dual class share structure is optimal for maximizing value across both the Quebec asset and all other assets In January 2026 the shareholders in Questerre approved the creation of Preferred Shares which track the value and represent the economic rights of Quebec assets. The Common Shares are inten
Slide 9: Table of Contents
Table of Contents 1 Background 2 Quebec assets 3 Next steps – The path to development 4 Next steps – The legal process 5 Appendix
Slide 10: Pursuing a business and political solution while protecting legal rights
Pursuing a business and political solution while protecting legal rights QEC business2 QGAS business Giant gas discovery in St. Lawrence Lowlands 23 Tcf (3.9 bn boe) unrisked and 7 Tcf (1.2 bn boe) risked 1 natural gas discovery onshore Quebec independently assessed by GLJ, a global energy consultin
Slide 11: Eastern Canada's largest gas discovery
Eastern Canada’s largest gas discovery 30 years subsurface experience – first-mover advantage in capturing the fairway for an extension of the prolific US Utica shale Delineated by over 30 wells with estimated C$165 million invested in its licenses between 2006 and 2021 Energy equivalent of producti
Slide 12: LNG export to Europe opportunity
LNG export to Europe opportunity Europe actively seeking LNG supplies Germany recently signed 8-year deal with Argentina’s Southern Energy Germany's state-owned energy utility signs 20-year deal with LNG project in British Columbia Becancour or Rabaska in Quebec are possible locations for export ter
Slide 13: Timeline of activities
Timeline of activities The pilot program was In August, the Government In March, Questerre files In January, the The Company acquired suspended pending the results of Quebec enacts amended claim against reorganization was interests in the St. of a strategic environmental regulations to ban hydraulic
Slide 14: Table of Contents
Table of Contents 1 Background 2 Quebec assets 3 Next steps – The path to development 4 Next steps – The legal process 5 Appendix
Slide 15: Energy shortage and security concerns revitalize interest in local gas production
Energy shortage and security concerns revitalize interest in local gas production Growing electricity energy shortage – increasing imports and risk of rising prices Hydro-Quebec has become a net importer in a reversal from past years1 Rising rate concerns for small and medium sized businesses2 Incre
Slide 16: Questerre discovery – a shovel-ready and scalable solution
Questerre discovery – a shovel-ready and scalable solution Extensive drilling to date has identified sweet spots that could be brought on production in under 18 months from Government approvals Frees up high value hydro-electricity for local consumption and exports Quebec rationing electricity for n
Slide 17: A first step – Carbon storage pilot
A first step – Carbon storage pilot Quebec more prospective for carbon storage reservoirs than conventional natural gas Pilot Location reservoirs Co2 emitters Government of Quebec seeking pilot projects for carbon storage under Bill 21 and now Bill 17 Questerre invited to apply for pilot in 2023 Gov
Slide 18: Table of Contents
Table of Contents 1 Background 2 Quebec assets 3 Next steps – The path to development 4 Next steps – The legal process 5 Appendix
Slide 19: Legal action underway to protect shareholder rights
Legal action underway to protect shareholder rights Case overview Case progress Target • In 2022, the government of Quebec • In January 2026, the Justice approved • Reinstate the revoked licenses, enacted Bill 21, ending petroleum Questerre’s case to proceed as a lead effectively allowing Questerre
Slide 20: Expert estimate of economic losses from C$700m-C$4.8bn
Expert estimate of economic losses from C$700m -C$4.8bn Summary of the expert report1 Basis for preparation CADm (rounded) Low Midpoint High • Expert report prepared by a Big-4 firm and dated 30 August 2024 Scenario 1 Economic loss, as at September 30, 2018 $704M $782M $860M • Economic loss is deter
Slide 21: Potential timeline for hearing of main case
Potential timeline for hearing of main case The case is before the Quebec Superior Court and the main hearing is anticipated to take place in late 2027 or in early 2028 Judgement expected within 6 months after ending of the main hearing The judgment rendered by the Quebec Superior court may be appea
Slide 22: Summary
Summary Significant asset exposure Multiple potential paths to value Economic interest in ~3 billion boe of natural gas Development (pre-arranged farm-in terms), on (unrisked), one of the largest undeveloped resources successful legal settlement (expert assessment: in North America1 C$700M - C$4.8bn
Slide 23: Appendix
Appendix 23
Slide 24: Experienced management and board of Directors
Experienced management and board of Directors Board of Directors Management Michael Binnion, President & Chief Executive Officer Michael Binnion, President & Chief Executive Officer Bjorn Inge Tonnessen, Chairman Jason D’Silva, Chief Financial Officer • Former CEO & President, Edge Petroleum AS • Fo
Slide 25: Stock conversion and cancellation/liquidation
Stock conversion and cancellation/liquidation Stock Conversion Cancellation/liquidation The Company has an option to convert the 2 Preferred Shares into The Series 2 Preferred Shares are tied to the outcome of the Litigation. Common Shares instead of paying the 2 Litigation Dividend Amount, From and
Slide 26: Group financials – Income statement
Group financials – Income statement Income statement (CAD thousands) 2024 2025 LTM 2026 Q1 2025 Q1 2026 Petroleum and natural gas sales 36,927 77,136 110,976 9,130 42,970 Royalties (2,776) (6,383) (7,025) (548) (1,190) Unrealized loss on commodity contracts - - (753) - (753) Revenue 34,151 70,753 10
Slide 27: Group financials – Balance sheet
Group financials – Balance sheet Balance Sheet (CAD thousands) 2024 2025 Q1 2026 Balance Sheet (CAD thousands) 2024 2025 Q1 2026 Cash and cash equivalents 31,791 25,419 19,944 Share capital 429,878 435,225 437,268 Accounts receivable 3,242 11,160 13,338 Contributed surplus 29,283 44,427 44,058 Inven
Slide 28: Group financials – Segments
Group financials – Segments Income statement (CAD thousands) Brazil Western Canada Quebec Corporate & other Consolidated 2025 Revenues 31,673 45,463 - - 77,136 Operating costs including royalties (26,452) (26,575) (722) - (53,749) General and administrative (2,393) (5,143) (1,493) - (9,029) Depletio
Slide 29: Questerre Energy Corporation
QGAS Preferred Shares 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