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Sao Mateus do Sul in the state of Parana, is located approximately 900 kilometres from Sao Paulo in southern Brazil. The primary zone of interest is the Irati oil shale formation. The mined oil shale interval is approximately 18m thick consisting of an upper interval of 6m and a lower interval of 6m separately by 6m of limestone inter-burden. PX Energy’s operations in Sao Mateus utilize a technology to produce oil from oil shale developed by an integrated energy company. Its assets include mining, processing and refining operations.
The Acquisition advances the Company’s strategy to commercially develop oil shale resources globally. It provides a platform of producing oil shale operations, including mining, processing and refining facilities as well as oil shale reserves and resources. Average daily production from PX Energy for the fourth quarter was 3,768 bbl/d for crude oil and 3.9 MMcf/d of natural gas. Total proved and probable reserves as of December 31, 2025 were 12.6 MMBoe with a before tax NPV-10% of $372 million.
