Questerre updates PX Energy transaction

Calgary, Alberta January 6, 2025 - Questerre Energy Corporation ("Questerre"orthe "Company") (TSX,OSE:QEC) reported today the term sheet for a 50/50 jointventure to develop Parana Xisto SA ("PX Energy") with a local Brazilianpartnerhas expired in accordance with its terms.Questerre remains the 100% owner and operator of PX Energy, an oil shaleproduction and refining company based in southern Brazil. As a result, theCompany's financial and operating results for the quarter and period endingDecember 31, 2025, will include the full consolidation of PX Energy.The Company further reported that production at PX Energy continues to remainabove 4,400 barrels of oil equivalent per day. The Company anticipates totalproduction in the fourth quarter of the year, including its production fromWestern Canada, is estimated to average between 6,500 and 7,000 barrels of oilequivalent per day, reflecting continued operational momentum and stable fieldperformance.Questerre is an energy technology and innovation company. It is leveraging itsexpertise gained through early exposure to low permeability reservoirs toacquire significant high-quality resources. We believe we can successfullytransition our energy portfolio.Questerre is a believer that the future success of the energy industry dependson a balance of economics, environment, and society. We are committed to beingtransparent and are respectful that the public must be part of making theimportant choices for our energy future.For further information, please contact:Questerre Energy CorporationJason D'Silva, Chief Financial Officer(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.comAdvisory Regarding Forward-Looking StatementsThis news release contains certain statements which constitute forward-lookingstatements or information ("forward-looking statements") within the meaning ofapplicable securities laws in Canada. Any statements about Questerre'sexpectations, beliefs, plans, goals, targets, predictions, forecasts,objectives, assumptions, information and statements about possible futureevents, conditions and results of operations or performance are not historicalfacts and may be forward-looking. Forward-looking information is often, butnotalways, made through the use of words or phrases such as "anticipates","aims","strives", "seeks", "believes", "can", "could", "may", "predicts","potential","should", "will", "estimates", "plans", "mileposts", "projects", "continuing","ongoing", "expects", "intends" and similar words or phrases suggesting futureoutcomes. Forward-looking information in this news release includes but is notlimited to the Company's estimated production for the fourth quarter of 2025.Although Questerre believes that the expectations reflected in theseforward-looking statements are reasonable, undue reliance should not be placedon them because Questerre can give no assurance that they will prove to becorrect. Since forward-looking statements address future events andconditions,by their very nature they involve inherent risks and uncertainties. Currentconditions, economic and otherwise, render assumptions, although reasonablewhenmade, subject to greater uncertainty. Undue reliance should not be placed onforward-looking information as actual results may differ materially from thoseexpressed or implied by forward-looking information.Events or circumstances may cause actual results to differ materially fromthosepredicted as a result of numerous known and unknown risks, uncertainties, andother factors, many of which are beyond the control of the Company, including,without limitation: the following risk factors: additional fundingrequirements; exploration, development, and production risks; volatility intheoil and gas industry; prices, markets, and marketing of crude oil and naturalgas; liquidity and the company's substantial capital requirements; prices,markets, and marketing of crude oil and natural gas; political uncertainty;non-government organizations; changing investor sentiment; global financialmarket volatility; adverse economic conditions; alternatives to and changingdemand for petroleum products; environmental risks; regulatory risks;inabilityof management to execute its business plan; competition from other issuers;expiration of licenses and leases; Indigenous claims; possible failure torealize anticipated benefits of acquisitions; and reputational risks.Additional information regarding some of these risks, expectations orassumptions and other risk factors may be found in the Company's AnnualInformation Form for the year ended December 31, 2024, and other documentsavailable on the Company's profile at www.sedarplus.ca. Readers are cautionednot to place undue reliance on these forward-looking statements. Theforward-looking statements contained in this news release are made as of thedate hereof and Questerre undertakes no obligations to update publicly orreviseany forward-looking statements, whether as a result of new information, futureevents or otherwise, unless so required by applicable securities laws.Barrel of oil equivalent ("boe") amounts may be misleading, particularly ifusedin isolation. A boe conversion ratio has been calculated using a conversionrateof six thousand cubic feet of natural gas to one barrel of oil and theconversion ratio of one barrel to six thousand cubic feet is based on anenergyequivalent conversion method application at the burner tip and does notnecessarily represent an economic value equivalent at the wellhead. Given thatthe value ratio based on the current price of crude oil as compared to naturalgas is significantly different from the energy equivalent of 6:1, utilizing aconversion on a 6:1 basis may be misleading as an indication of value.This news release is not for publication or distribution, directly orindirectly, in or into the United States. This news release is not an offerofsecurities for sale in the United States. Securities may not be offered orsoldin the United States or to or for the account or benefit of US persons (assuchterms are defined in Regulation S under the United States Securities Act of1933, as amended (the "U.S. Securities Act")), absent registration or anexemption from registration. The securities referred to herein have not beenandwill not be registered under the U.S. Securities Act or any state securitieslaws and, therefore, may not be offered for sale in the United States, exceptintransactions exempt from registration under the U.S. Securities Act andapplicable state securities laws. No public offering of securities is beingmadein the United States. This news release shall not constitute an offer to sellorthe solicitation of an offer to buy nor shall there be any sale of thesecurities in any State in which such offer, solicitation or sale would beunlawful.https://newsweb.oslobors.no/message/663111