Questerre Energy Corporation completed its acquisition of 100 percent of Forbes Resources Brazil Holding SA, the parent company of Parana Xisto SA (“PX Energy”), a privately held shale oil production and refining company based in Brazil, pursuant to a share purchase agreement dated July 28, 2025, as amended on September 26, 2025. Concurrent with the completion of the acquisition, Questerre and Nice Capital Holdings Ltda. entered into a binding term sheet for a 50/50 joint venture of PX Energy.

In addition, Forbes & Manhattan Resources Inc., a subsidiary of Questerre and Papaya Growth Opportunity Corp. I, a special purpose acquisition company, entered into an amendment to the business combination agreement dated April 21, 2025 pursuant to which Forbes & Manhattan Resources assigned to Questerre all of its rights and obligations under the business combination agreement with the SPAC.

Cassels acted as external Canadian counsel for Forbes & Manhattan Resources.