06:52 AM EDT, 08/25/2025 (MT Newswires) -- Questerre Energy ( QTEYF ) on Monday provided an update on its proposed acquisition of Parana Xisto, or PX Energy, a privately held oil shale production and refining company based in southern Brazil.

The company will acquire PX Energy by way of acquisition of the shares of its indirect parent companies Forbes & Manhattan Resources and Forbes Participacoes Ltda.

Site visits have confirmed that PX Energy's facilities are well-maintained and in full compliance from a health, safety and environment perspective. The company has also reviewed PX Energy's growth projects designed to increase throughput.

Questerre's financial due diligence has identified a larger requirement for both short-term and long-term liquidity, and the company believes meeting this need through a comprehensive agreement with financial partners is vital to mitigate risks of a corporate reorganization process.

Questerre said it has been working with its financial advisers on an arrangement with bondholders and in discussions with holders of convertible notes issued by F&M Resources as it works on a sustainable capital structure for PX Energy given the liquidity requirements and existing cash flow capacity of the base business.

Deal closing is subject to satisfactory due diligence review, board approval, regulatory and shareholder approvals and other conditions.