Questerre closes acquisition of Red Leaf Resources Inc.

Core Viewpoint - Questerre Energy Corporation has successfully completed the acquisition of Red Leaf Resources Inc., enhancing its strategy to commercialize oil shale as a competitive global resource [1][2]. Acquisition Details - The acquisition involved the exchange of 17.25 million Questerre Common Shares for over 50% of Red Leaf's outstanding common shares, bringing Questerre's total ownership to over 90% [2]. - An additional 3.1 million Questerre Common Shares may be issued to acquire the remaining interest in Red Leaf, subject to securities regulations [2]. Technology and Resources - Red Leaf holds rights to several hundred million barrels of oil shale resources in Utah and is negotiating an extension for exclusive rights to the Isfir-Jafr project in Jordan, which has over several billion barrels of oil shale resources [2]. - The acquisition includes Red Leaf's patented HCCO® technology, which is expected to improve efficiency and economics in unlocking oil shale resources globally [2][4]. Financial Aspects - Questerre will pay approximately US$1.6 million to acquire preferred shares from the majority of Red Leaf's preferred shareholders, excluding the 16% held by Questerre [3]. - Red Leaf's assets include cash and investments totaling US$9 million, along with mineral leases and a permit for a wax processing facility [4]. Company Strategy - Questerre aims to leverage its expertise in low permeability reservoirs to acquire high-quality resources and transition its energy portfolio [5]. - The company emphasizes the importance of balancing economics, environment, and society for the future success of the oil and gas industry [6].