Temporary shut-down for corrective maintenance at PX Energy
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CALGARY, Alberta, July 31, 2026 (GLOBE NEWSWIRE) -- 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.
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.
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
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