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  3. Questerre Moves To Fully Acquire Red Leaf Resources What This Means For Its Oil Shale Strategyt
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  • 01 Dec 2025
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Questerre Moves to Fully Acquire Red Leaf Resources: What This Means for Its Oil Shale Strategyt

Questerre Energy Corporation has taken a decisive step in its long-term oil shale strategy. The company announced plans to acquire the remaining common equity in Red Leaf Resources, a U.S.-based technology developer known for its patented HCCO® oil-shale processing technology.

This move strengthens Questerre’s push to create an integrated, tech-driven platform for next-generation oil shale development.

Why This Acquisition Matters?

Red Leaf is not a typical energy company. Its value lies in:

  • HCCO® oil-shale technology with integrated carbon capture
  • Mineral leases in Utah covering over 7,000 acres
  • A wax processing facility permit
  • US$9M in cash and investments

Questerre already owns ~40% of Red Leaf. Consolidating the rest would give it full control over technology, assets, and strategic direction.

Leadership Commentary: A Strategic Leap

Michael Binnion, Questerre’s President and CEO, framed the move as a natural next step.

Consolidating Red Leaf strengthens our oil shale platform. HCCO® offers a compelling path to responsible oil-shale production with carbon capture integration.

With the recent PX Energy acquisition, Questerre now sees a unified platform emerging—technology, production, refining, and resources across:

  • Utah
  • Jordan
  • Brazil

According to Binnion, Brazil may serve as the launchpad for a small-scale commercial HCCO® project.

How the Deal Is Structured?

A third-party valuation priced Red Leaf at US$43M, adjusted for discounts related to control and liquidity. This results in an acquisition price of US$7.5M, pending working-capital adjustments.

Key details:

  • Shareholders representing ~40% of non-Questerre common shareholders have agreed to the exchange.
  • Preferred shareholders (US$1.9M), including those holding 60% of preferred shares, intend to participate.
  • The exchange ratio is 94 Questerre shares for 1 Red Leaf share, based on a 30-day average price of CA$0.31 (US$0.22).
  • Questerre could issue up to 20 million new shares to complete the deal.
  • Closing is expected by the end of the month, subject to regulatory approvals.

What This Means for Questerre’s Future?

Questerre describes itself as an energy technology and innovation company. This acquisition underscores that position.

The company believes that the future of oil and gas will depend on:

  • Strong economics
  • Environmental integration
  • Social acceptance

With full ownership of Red Leaf, Questerre gains tighter control over a technology that could define its future portfolio—and potentially reshape oil shale development globally.

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