Questerre Energy Corporation Class A · TSX:QEC
Questerre Energy Corporation Class A — Pareto Securities' 33rd Annual Energy Conference (September 2026)
26 slides from Questerre Energy Corporation Class A's conference presentation, Sep 16, 2026
Slide 1: Corporate Presentation
Corporate Presentation Pareto Securities’ 33rd Annual Energy Conference September 16, 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 5,200 boe per day Base with Option on • 4,000 boe per day from oil shale with next-gen Multi-Billion Barrel technology and billion barrels + oil in place • 1,200 boe per day from conventional assets Oil Shale Resources Realizing value from a gi
Slide 3: Brazil, Other Oil Shale Projects, Western Canada
Brazil Integrated oil shale mining and refining operations Other Oil Shale Projects Utah, USA - Large oil resource and technology through Red Leaf subsidiary Kingdom of Jordan – Re-establishing rights to a significant oil shale deposit Western Canada BRAZIL Condensate-rich Montney resource in Albert
Slide 4: Financial and operational overview
Financial and operational overview For the quarter ended June 30, 2026 Operating and Financial Results Adj. Funds Flow from Operations ($) $ 18.3 million Production (boe/d) 5,694 Capital Expenditures ($) $ 2.2 million Oil + Liquids Weighting 76% Working Capital Deficit ($) $ 19.1 million Revenue ($/
Slide 5: The Vision: Turn Billions of Barrels of Oil to Resources to Proven 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 of • Targeting over 8 billion barrels in place with existing and applied for projects No large-scale development to date with Resources to • Developmen
Slide 6: Executing the Strategy: Bridging the Gap from Concept to Production for Oil Shale
Executing the Strategy: Completed acquisition of PX Energy - an integrated oil shale platform and Bridging the Gap consolidated ownership of Red Leaf, owner of proprietary technologies from Concept to Production Next Steps: for Oil Shale • Restructuring PX Energy into a positive cash flow company •
Slide 7: PX Energy An Integrated Oil Shale Platform
PX Energy An Integrated Oil Shale Platform 7
Slide 8: An integrated oil shale operation
An integrated oil shale operation • Mining, production and refining with around US$100 million in revenue over last two years(1) • Three decades+ of operating history with strong safety culture 4,000 boe per day of production • Main product is fuel oil that sells for a 10% premium to Brent • Run-up
Slide 9: A Clear Path to Profitability
A Clear Path to Profitability Transform a break-even operation to profitability at US$55 per barrel Brent • Operational improvements underway • Restored production to over 4,000 boe per day following unscheduled maintenance • First test of HCCO technology to reduce internal fuel usage • Diversifying
Slide 10: Next Steps
Next Steps Focus on cost cutting and building new markets 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 Establish cash reserve to fund scheduled mainte
Slide 11: 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 • Embedded carbon capture and no water or external energy needed for process • Over 20 patents in place and pilot validated Next Step:
Slide 12: Western Canada
Western Canada A base of production and cash flow 12
Slide 13: Current Production, Capital Discipline, Funding
Current Production • 1,200 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 • Operator maintaining pace of development within existing cash flow • Future drilling at Kakwa Nor
Slide 14: St. Lawrence Lowlands, Quebec
St. Lawrence Lowlands, Quebec Ticker : QGAS 14
Slide 15: 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) Pu
Slide 16: A Shovel-Ready Solution to the Energy Shortage
A Shovel-Ready Growing electricity energy shortage – Solution to the increasing imports and prices Energy Shortage • Provincial energy company has become a net importer in a reversal from past years(1) Crisis • Rising rate concerns for small and medium sized businesses (2) Questerre discovery – a sh
Slide 17: Protecting Shareholder Rights
Protecting Shareholder Rights Mediation protocol underway • Government of Quebec enters mediation protocol with Questerre et al to resolve outstanding legal claim • Minimum 120 day suspension of next steps in legal process (1) https://www.sedarplus.ca/csa-party/records/document.html?id=0d7b8ac478f14
Slide 18: 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 Following mediation protocol with Government of Quebec 18
Slide 19: Corporate Outlook and Investment Summary
Corporate Outlook Continue cost-cutting initiatives at PX Energy and sales market diversification initiatives Seek business and political solution for Quebec giant discovery Fund future development in Western Canada with operating cash flow Conclude agreement for Nova Scotia acreage Investment Summa
Slide 20: Management and Board
Management and Board 20
Slide 21: 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 22: Forward Looking Information
Forward Looking Information 22
Slide 23: 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 24: Forward-looking information risks
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 25: 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 26: Questerre Energy Corporation
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 26
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