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Highlights
- Questerre enters 50/50 joint venture with Nimofast for PX Energy development.
- Initial liquidity commitment up to USD 50 million shared equally between Questerre and partner.
- Nimofast executives join Questerre’s board, with options and warrants issued.
Questerre Energy Corporation (TSX:QEC) announced the completion of its acquisition of PX Energy, an oil shale production and refining company in southern Brazil. Following the acquisition, Questerre has entered a binding term sheet to establish a 50/50 joint venture with Nice Capital Holdings Ltd, a member of the Nimofast Group, one of Brazil’s leading private fuel importers and distributors.
The joint venture, subject to regulatory approvals including clearance from the Brazilian Administrative Council for Economic Defense (CADE), will be managed jointly. Both parties will have equal shareholder rights, board representation, and financial obligations. An initial liquidity commitment of up to USD 50 million will be shared equally, with a priority to secure third-party financing, if required.
Governance and Board Updates
As part of the joint venture, Ramon Reis, principal and founder of Nimofast, and William Con Steers will join Questerre’s board. Reis and Steers will receive 1,500,000 and 500,000 stock options respectively under the Company’s stock option plan. Additionally, Nimofast will be granted warrants to acquire 40 million common shares of Questerre, exercisable over 18 months once the share price meets specific criteria.
Operational and Strategic Focus
PX Energy will combine Questerre’s upstream resources and technology experience with Nimofast’s downstream distribution and logistics expertise. The collaboration aims to stabilize PX Energy’s operations, explore growth opportunities, and deploy Red Leaf proprietary technology at scale.
Michael Binnion, President and CEO of Questerre, stated: “This Joint Venture combines our experience with the upstream business of resource and technology development, with the downstream distribution and logistics experience of Nimofast. PX Energy will benefit from our joint financial strength as we stabilize the business and explore opportunities for growth. We are particularly excited about advancing the Red Leaf proprietary technology at scale to unlock oil shale globally.”
About Questerre and Nimofast
Questerre is an energy technology and innovation company focused on acquiring and developing high-quality oil and gas resources, with an emphasis on balancing economic, environmental, and societal considerations. Nimofast operates nationwide in Brazil, generating approximately USD 2 billion in annual revenues, and contributes expertise in fuel distribution and supply chain management.
