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The Company continued to assist its investee, Red Leaf Resources Inc. (“Red Leaf”), advance their assets in the Unitah Basin and their proprietary technology that incorporates carbon capture to produce oil from organic rich material.
Red Leaf is a private Utah based company whose principal assets include its proprietary technology to produce oil from organic material, oil shale leases in the state of Utah and approximately US$10 million in unrestricted cash as of December 31, 2024. It also holds freehold surface rights as well as carbon sequestration rights and a permit for a wax processing facility in the oil-producing Uintah Basin in the state of Utah. The Company currently owns approximately 41% of the common share capital of Red Leaf.
Red Leaf completed the engineering design for a small-scale demonstration project for a consortium of local companies in Jordan. Red Leaf requires additional funding to conclude an agreement to advance this opportunity. A special committee of the Red Leaf board has been appointed to negotiate this agreement directly with the consortium. In early 2025, the company completed a pilot-scale lab test producing over one barrel of oil and demonstrating the rock mechanics within the vessel. The company continues to evaluate broader applications of their technology beyond the production of oil from shale.
Questerre intends to utilize the Red Leaf technology for its project in the Kingdom of Jordan. Discussions with the Government of Jordan for this small-scale commercial project and the related negotiations for the concession agreement for the project remain ongoing. Questerre has been advised that its exclusive rights to the project will expire in May 2025 subject to the execution of a new agreement with the government prior thereto.
