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An announcement from Questerre ( (TSE:QEC) ) is now available.
Questerre has closed the acquisition of Red Leaf Resources, a US-based private technology company, by issuing 17.25 million of its common shares to lift its ownership in Red Leaf to over 90%, with the remaining minority interest expected to be acquired through additional share issuance. The deal consolidates control over Red Leaf’s patented HCCO oil shale processing technology and substantial Utah mineral leases, complementing Questerre’s recently acquired PX Energy oil shale production and its large resource position in Jordan, and is intended to strengthen the company’s strategy to commercialize oil shale as a globally competitive resource while modestly increasing its cash outlay through the US$1.6 million purchase of most of Red Leaf’s preferred shares.
The most recent analyst rating on (TSE:QEC) stock is a Hold with a C$0.31 price target. To see the full list of analyst forecasts on Questerre stock, see the TSE:QEC Stock Forecast page.
More about Questerre
Questerre Energy Corporation is a Calgary-based energy technology and innovation company focused on leveraging expertise in low-permeability reservoirs to acquire and develop high-quality oil and gas resources. The company aims to transition its energy portfolio by balancing economic performance with environmental and social considerations, positioning itself as a player in next-generation hydrocarbon development, including oil shale.
Average Trading Volume: 21,031
Technical Sentiment Signal: Buy
Current Market Cap: C$130.7M
Learn more about QEC stock on TipRanks’ Stock Analysis page.