Questerre

What Questerre does

Questerre Energy Corporation is a Calgary-headquartered, publicly traded energy technology company (TSX and OSE: QEC) engaged in the acquisition, exploration, and development of non-conventional oil and gas projects. The company operates across Western Canada (Alberta, Saskatchewan, Manitoba) with a focus on the Kakwa area assets, holds a significant undeveloped natural gas discovery in Quebec's Utica shale (Bécancour and Lotbinière regions), and runs international operations through its PX Energy subsidiary in southern Brazil. Production capacity exceeds 4,500 boe/day post the May 2026 Kakwa Central divestiture.

The company's technology portfolio includes the proprietary patented HCCO® oil shale process — successfully validated at commercial scale in a full commercial-sized vessel at the PX Energy facility in Brazil in June 2026 — exclusive exploration rights over one million acres of carbon storage reservoirs in Quebec (Potsdam Cambrian sandstone at depths over 1000m), and a blue hydrogen integration via its ZEG Power letter of intent. It also holds a net-zero energy center partnership with the Abénakis de Wôlinak First Nation in Bécancour covering zero-emissions gas, carbon recycling, methanol, fertilizer, and blue hydrogen production.

Questerre generates revenue primarily from upstream oil and gas production sold into Western Canadian markets, supplemented by strategic asset divestitures (Kakwa Central: $23.5M in May 2026) and a Quebec-asset-linked tracking preferred share structure (Series 2 Preferred Shares) listed on Euronext Growth Oslo. The corporate reorganization completed in January 2026 transferred Quebec assets to preferred shareholders, isolating the higher-risk/optionality Utica shale value into a distinct vehicle while the operating company focuses on Western Canada cash flow, HCCO® commercialization, carbon storage development, and the net-zero energy center partnership. Reported Q1 2026 revenue was $43M USD with a $17.8M net loss but a 30% reduction in lifting costs and a sharp increase in adjusted funds flow from operations.

Name

Questerre

Legal name

Questerre Energy Corporation

Website

https://questerre.com

Company type

Public

Founded year

1961

Operating status

Operating

Headcount range

11–50 employees

Short description

Questerre Energy Corporation is a Canadian publicly traded energy company engaged in acquiring, exploring, and developing non-conventional oil and gas projects across Western Canada, Quebec (Utica shale), and Brazil via its PX Energy subsidiary. It sells production to downstream processors while pursuing proprietary HCCO®, carbon storage, and net-zero energy initiatives.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Natural Gas Extraction (21113), Oil and Gas Extraction (2111), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industries

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC), Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA), Well Completion & Stimulation (Hydraulic Fracturing, Sand Control) (EUAAAAAJ), Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

Keywords

• Oil and gas exploration
• Unconventional gas production
• Oil shale technology
• Carbon storage services
• Natural gas development

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Oil and Gas Production: Revenue from production operations in Western Canada (Alberta, Saskatchewan, Manitoba) and Brazil (PX Energy subsidiary). Q1 2026 revenue of $43 million with production capacity exceeding 4,500 boe per day post Kakwa Central disposition.
2. Tracking Preferred Shares: Series 2 Preferred Shares track economic performance of Quebec assets including Utica shale natural gas discovery. Applied for listing on Euronext Growth Oslo.
3. Asset Divestitures: Strategic portfolio management through asset sales. Closed $23.5 million sale of Kakwa Central assets in May 2026.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Questerre Energy Corporation is an energy technology and innovation company engaged in the acquisition, exploration, and development of non-conventional oil and gas projects. Its core operations include oil and gas production in Western Canada (Alberta Kakwa assets, Saskatchewan) and the development of a significant natural gas discovery in Quebec's Utica shale, alongside proprietary HCCO® oil shale technology testing in Brazil.

Product overview

Questerre Energy is an energy technology and innovation company focused on the acquisition, exploration, and development of non-conventional oil and gas projects. The company operates across multiple regions including Quebec (with significant natural gas discovery in the Utica shale), Alberta (Kakwa assets), and Saskatchewan. Questerre is also developing proprietary technologies including the HCCO® oil shale technology (tested commercially in Brazil at PX Energy), carbon storage projects in Quebec, and blue hydrogen production in partnership with ZEG Power. The company operates through subsidiaries including PX Energy in Brazil and maintains a joint venture with the Abénakis de Wôlinak First Nation for a net-zero emissions energy center.

Differentiator

Problem solved

Functional benefit

Brands

• HCCO®: Proprietary oil shale technology being developed for commercial use at PX Energy facility
• Zero Net Emissions Energy Center

Products and services

• HCCO® Oil Shale Technology Proprietary patented oil shale technology for extracting hydrocarbons from oil shale formations, successfully tested at commercial scale at the PX Energy facility in Brazil.
• Quebec Utica Shale Natural Gas Significant natural gas discovery in Quebec's Utica shale (Bécancour and Lotbinière regions), one of the most important undeveloped natural gas resources in Eastern Canada.
• Alberta Oil and Gas Production Oil and gas exploration and development operations in Alberta, including Kakwa Central (divested May 2026) and Kakwa North assets where the company holds approximately 50% working interest.
• Saskatchewan Oil and Gas Operations Oil and gas exploration and development operations in Saskatchewan.
• Quebec Carbon Storage Project Carbon dioxide storage project in Quebec, involving injectivity testing at depths over 1000m in Potsdam Cambrian age sandstone formation, with exclusive exploration rights for storage reservoirs over one million acres.
• Blue Hydrogen Production (via ZEG Power partnership) One-step hydrogen production process with integrated carbon dioxide capture being evaluated for incorporation into Quebec projects, producing zero emissions hydrogen and pure CO2 stream for recycling or storage.
• Zero Net Emissions Energy Center Joint project with Abénakis de Wôlinak First Nation to develop a net-zero emissions energy center demonstrating circular economy through clean energy projects including zero emissions gas, carbon recycling, methanol and fertilizer production, carbon sequestration, and blue hydrogen.

Quantifiable outcome

• Operating cost reduction from US$59 to US$40 per boe by 2027
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, strategic and supporting.

• PX EnergycoreStrategic or Co-development Partner · 15 June 2026Joint venture for oil shale development using HCCO® technology. Successfully tested HCCO® in commercial-sized vessel at PX Energy facility in southern Brazil. Plans for small-scale commercial demonstration plant and longer tests to define commercial operating parameters.
• Red Leaf ResourcesstrategicStrategic or Co-development Partner · 1 December 2025Acquisition of remaining interest in Red Leaf Resources, a private U.S.-based technology company, for $7.5 million. Valued at approximately $43 million before discounts. Transaction scheduled for end of December 2025.
• Abénakis de Wôlinak First NationcoreStrategic or Co-development Partner · 20 January 2022Economic development agreement for net-zero energy center in Bécancour, Quebec. Center will demonstrate circular economy through clean energy projects including zero emissions gas, carbon recycling, methanol and fertilizer production from captured CO2, carbon sequestration, and blue hydrogen. First nation granted net profit interest and option to acquire direct interest in exploration permits.
• ZEG PowerstrategicTechnology or Integration · 6 April 2021Letter of intent signed for blue hydrogen technology evaluation in Quebec. ZEG Power's one-step hydrogen production process captures CO2 with improved economics, producing zero emissions hydrogen and pure CO2 stream for recycling or storage.
• SB1 Markets ASsupportingImplementation/ SI/ Consulting PartnerEuronext Growth Advisor for listing of Series 2 Preferred Shares on Euronext Growth Oslo.
• Wikborg Rein Advokatfirma ASsupportingImplementation/ SI/ Consulting PartnerLegal advisor for listing of Series 2 Preferred Shares on Euronext Growth Oslo.
• Ernst & Young LLPsupportingImplementation/ SI/ Consulting PartnerAppointed as auditors at Annual General and Special Meeting held June 23, 2026.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Whitecap Resources Inc. Western Canadian intermediate oil and gas producer with operations in Alberta, Saskatchewan, and Manitoba. Comparable to Questerre's Western Canada conventional production footprint.
• Birchcliff Energy Ltd. Montney-focused natural gas and light oil producer in Western Canada. Comparable to Questerre in size, Canadian natural gas focus, and unconventional resource development.
• Crew Energy Inc. Western Canadian natural gas and heavy oil producer. Comparable to Questerre's small-mid cap profile, Western Canadian operations, and mixed gas/oil production.
• Tourmaline Oil Corp. Largest Canadian natural gas-focused E&P with significant operations in the Western Canadian Sedimentary Basin, including Alberta. Directly comparable to Questerre's Western Canada natural gas production and Canadian E&P focus.
• Advantage Energy Ltd. Canadian natural gas and liquids producer with assets in Alberta and northeast British Columbia. Comparable to Questerre's small-cap E&P profile, Canadian natural gas focus, and similar production scale.
• ARC Resources Ltd. Canadian E&P with significant natural gas production in the Montney and liquids in the Peace River area. Comparable to Questerre's unconventional resource focus and Canadian E&P strategy.
• Peyto Exploration & Development Corp. Canadian natural gas-weighted E&P focused on low-cost Deep Basin production in Alberta. Comparable to Questerre's natural gas production profile, low-permeability reservoir expertise, and focus on operational efficiency.
• Paramount Resources Ltd. Diversified Canadian E&P with operations across Alberta, British Columbia, Saskatchewan, and Quebec. Directly comparable given both companies have Quebec natural gas development ambitions alongside Western Canada operations.

Broad incumbents

• Imperial Oil Limited: Major integrated Canadian oil and gas producer with significant upstream operations including natural gas in Alberta and unconventional resource development. Comparable as a Canadian E&P with similar resource plays, though materially larger and more diversified.

Regional players

• Canacol Energy Ltd. Natural gas-focused E&P primarily operating in Colombia. Comparable as a small-mid cap, gas-weighted E&P pursuing similar low-carbon positioning, though operates in South America rather than Canada.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Questerre_Utica
• Facebookfacebook.com/Questerre
• LinkedInlinkedin.com/company/questerre-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Questerre