Questerre Energy (QEC) investor relations material

Strategic positioning and asset overview

• Operates as an integrated oil shale company with 5,200 boe/d production, including 4,000 boe/d from oil shale using next-generation technology and 1,200 boe/d from conventional assets.

• Holds significant oil shale resources in the US, Brazil, Jordan, and Canada, targeting over 8 billion barrels in place.

• Pursues value realization from a giant gas discovery in Quebec, with ongoing business and political negotiations.

• Dual class share structure with preferred shareholders owning Quebec assets and common shareholders owning other assets.

Financial and operational performance

• Q2 2026 production averaged 5,694 boe/d, with $18.3 million in adjusted funds flow and $27.8 million net income.

• Working capital deficit of $19.1 million and $44 million in cash as of September 2026.

• Capital expenditures for the quarter were $2.2 million; debt of $114 million due April 2028.

• Oil and liquids accounted for 76% of revenue, with an operating netback of $57.84/boe.

Oil shale technology and development

• Red Leaf technology enables oil shale production at capex and opex below US$30 per barrel, integrating carbon capture and requiring no external water or energy.

• Acquisition of PX Energy and Red Leaf consolidated proprietary technology and platform.

• PX Energy generated around US$100 million in revenue over the last two years, producing 4,000 boe/d with a focus on premium fuel oil.

• Operational improvements and cost-cutting initiatives aim to achieve profitability at US$55 Brent, with C$11 million in savings targeted for 2026 and 2027.