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Highlights
- The proposed 50/50 PX Energy joint venture term sheet expired, leaving Questerre as 100% owner and operator.
- PX Energy production remains above 4,400 barrels of oil equivalent per day, with combined quarterly output estimated at 6,500–7,000 boe/d.
- Full consolidation of PX Energy will be included in Questerre’s financial results for the period ending December 31, 2025.
Questerre Energy Corporation (TSX:QEC) disclosed that the previously announced term sheet for a 50/50 joint venture involving Parana Xisto SA (PX Energy) and a local Brazilian partner is no longer in effect. According to the company, the agreement expired as scheduled, and no replacement arrangement has been finalized.
As a result of the expiry, Questerre retains a 100% ownership interest in PX Energy. The company confirmed that it continues to act as the operator of the oil shale production and refining business located in southern Brazil. There has been no change to PX Energy’s operational structure following the lapse of the term sheet.
Financial Reporting and Consolidation Impact
With Questerre remaining the sole owner of PX Energy, the company stated that its consolidated financial statements will include the full results of the Brazilian subsidiary. This full consolidation applies to both the quarter and the full period ending December 31, 2025.
The company noted that this accounting treatment will capture all revenues, costs, and production volumes associated with PX Energy. No partial or equity-method accounting will be applied, given the absence of a joint venture partner.
Production Levels in Brazil and Canada
Questerre reported that production at PX Energy continues at levels above 4,400 barrels of oil equivalent per day. In addition, the company provided guidance on combined output across its asset base.
Total production for the fourth quarter of the year, including volumes from Western Canada, is estimated to average between 6,500 and 7,000 barrels of oil equivalent per day. The company attributed this range to ongoing operations across its portfolio in Brazil and Canada.
Corporate Focus and Energy Approach
Questerre describes itself as an energy technology and innovation company with experience in developing low permeability reservoirs. The company indicated that this background supports its efforts to acquire and manage resource assets across multiple regions.
The company also stated that it views the future of the energy industry as dependent on the interaction between economic considerations, environmental factors, and societal involvement. Questerre emphasized transparency and public engagement as part of its stated approach to energy development.
Market Activity
QEC shares were trading at CAD 0.31 per share on January 5, 2025.
