QEC: Temporary shut-down for corrective maintenance at PX Energy
2026-07-31 22:30:00
Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company")
(OSE, TSX: QEC) today announced that its PX Energy oil shale processing facility
in southern Brazil has been temporarily shut down for emergency corrective
maintenance. This follows a critical pipe failure in the furnace that supplies
heat to the main processing facility. Operations personnel initiated the
shutdown promptly to limit any further impact to equipment.
No injuries resulted from the incident and no damage was sustained to the main
processing facility. The shutdown is currently estimated to last approximately
three to four weeks. During this time, the facility will be offline, resulting
in lost production and revenue for the period. The Company estimates the direct
cost of the corrective work at approximately C$1.5 million.
The Company plans to use the shutdown to carry out additional maintenance work
to increase production. This work is designed to improve the inefficiencies at
the main processing facility that developed following the previous scheduled
plant turnaround in 2025. These improvements are forecast to enhance operating
efficiency and increase production rates once the plant returns to service.
The Company anticipates completing this work now should improve operating
efficiency and support higher production rates once the facility returns to
service. The Company believes the resulting production improvements could, over
the following three to six months, help offset the operating costs and lost
revenue associated with the shutdown. There can be no assurance that this will
be achieved: the anticipated improvements depend on the successful remediation
of the 2025 turnaround deficiencies, and unforeseen issues identified during the
work could extend the duration of the shutdown or its cost.
The Company still expects to proceed with its next scheduled plant turnaround in
May 2027, as several of the components to be replaced at that time require long
lead times and will not be available until next year.
Questerre will provide a further update on the progress and results of the
turnaround upon completion of the work.
Questerre is an energy technology and innovation company focused on responsibly
developing oil and gas resources. The Company holds a significant natural gas
discovery in the Quebec Utica shale, widely recognized as one of the most
important undeveloped natural gas resources in Eastern Canada. The Company
believes society can successfully transition its energy portfolio. With new
clean technologies and innovation to responsibly produce and use energy, society
can sustain both human progress and the natural environment.
Questerre is a believer that the future success of the energy industry depends
on a balance of economics, environment, and society. We are committed to being
transparent and are respectful that the public must be part of making the
important choices for our energy future.
For further information, please contact:
Jason D'Silva, Chief Financial Officer
Questerre Energy Corporation
Telephone: +1.403.777.1185 | Fax: +1.403.777.1578 | Email: info@questerre.com
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking
statements or information ("forward-looking statements") within the meaning of
applicable securities laws in Canada. Any statements about Questerre's
expectations, beliefs, plans, goals, targets, predictions, forecasts,
objectives, assumptions, information and statements about possible future
events, conditions and results of operations or performance are not historical
facts and may be forward-looking. Forward-looking information is often, but not
always, 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 future
outcomes. Forward-looking information in this news release includes but is not
limited to the Company's estimates on the duration and cost to complete the
emergency maintenance, and the benefits, if any, including operating
efficiencies and increased production from the corrective maintenance.
Although Questerre believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Questerre can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Current
conditions, economic and otherwise, render assumptions, although reasonable when
made, subject to greater uncertainty. Undue reliance should not be placed on
forward-looking information as actual results may differ materially from those
expressed or implied by forward-looking information.
Events or circumstances may cause actual results to differ materially from those
predicted as a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company, including,
without limitation: the following risk factors: : the timing and ability to
achieve a successful development or settlement outcome to the Quebec litigation,
additional funding requirements; exploration, development, and production risks;
volatility in the oil and gas industry; prices, markets, and marketing of crude
oil and natural gas; liquidity and the Company's substantial capital
requirements; political uncertainty; non-government organizations; changing
investor sentiment; global financial market volatility; adverse economic
conditions; alternatives to and changing demand for petroleum products;
environmental risks; regulatory risks; inability of management to execute its
business plan; competition from other issuers; expiration of licenses and
leases; Indigenous claims; possible failure to realize anticipated benefits of
acquisitions; and reputational risks.
Additional information regarding some of these risks, expectations or
assumptions and other risk factors may be found in the Company's Annual
Information Form for the year ended December 31, 2025, and other documents
available on the Company's profile at www.sedarplus.ca. Readers are cautioned
not to place undue reliance on these forward-looking statements. The
forward-looking statements contained in this news release are made as of the
date hereof and Questerre undertakes no obligations to update publicly or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.
obligations to update publicly or revise\
any forward-looking statements\, whether as a result of new information\, future\
events or otherwise\, unless so required by applicable securities laws.\