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"concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementsOfCashFlows_PeriodStartLabel_00165": { "value": "35038000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2024-01-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementsOfCashFlows_PeriodEndLabel_00168": { "value": "33314000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2026-01-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementsOfCashFlows_PeriodEndLabel_00167": { "value": "31317000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00", "unit": "iso4217:CAD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00102": { "value": "1. Reporting Entity
Questerre Energy Corporation (\u201cQuesterre\u201d or the \u201cCompany\u201d) is an energy technology and
innovation company actively engaged in the acquisition, exploration and development of oil and gas
projects, specifically, non-conventional projects such as tight oil, oil shale, shale oil and shale gas.
Questerre is incorporated under the laws of the Province of Alberta and is domiciled in Canada. The
address of its registered office is 1650, 801 Sixth Avenue SW, Calgary, Alberta.These consolidated financial statements are presented in Canadian dollars, which is the functional currency of the parent company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0098": { "value": "Questerre Energy Corporation (\u201cQuesterre\u201d or the \u201cCompany\u201d) is an energy technology and innovation company actively engaged in the acquisition, exploration and development of oil and gas projects, specifically, non-conventional projects such as tight oil, oil shale, shale oil and shale gas.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0094": { "value": "Questerre Energy Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0096": { "value": "Questerre Energy Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0099": { "value": "Questerre Energy Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00101": { "value": "Corporation", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0097": { "value": "Canada", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00100": { "value": "Canada", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0095": { "value": "1650, 801 Sixth Avenue SW, Calgary, Alberta.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00103": { "value": "The consolidated financial statements of the Company are comprised of Questerre Energy
Corporation, and its wholly-owned subsidiaries including Questerre Energy Corporation/Jordan, which
holds interests in the oil shale assets in Jordan, Paran\u00e1 Xisto S.A. (\u201cPX Energy\u201d), located in the city
of S\u00e3o Mateus do Sul, Brazil, whose corporate purpose includes: (i) mining, refining, processing,
marketing, distribution, import, export, transportation, and storage of oil from wells, shale, or other
rocks, its derivatives, related products, and biofuels; (ii) production, distribution, and commercialization
of utilities such as steam, water, compressed air, and industrial gases, and Red Leaf Resources Inc.
(Red Leaf\u201d), a technology company in the USA focused on developing, licensing, and commercializing
its proprietary technology with an initial focus on oil shale.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00104": { "value": "a) Segmented Disclosure
Management has determined the operating segments based on information regularly reviewed for
the purposes of decision making, allocating resources, and assessing operational performance by
Questerre\u2019s chief operating decision makers comprising of the Chief Executive Officer and other
members of executive management. The operating segments have been aggregated based on
several factors including geographic location and stage of development as well as the assignment of
reserves and resources.
The accounting policies applied by the segments are the same as those applied by the Company.
The Company\u2019s operating segments at year-end are as follows:
\u2022
Brazil \u2013 Mining, refining, processing, distribution, and storage of oil from shale, or other rocks,
its derivatives and biofuels; production, distribution, and commercialization of utilities such as
steam, water, compressed air, and industrial gases, mainly in Brazil.
\u2022
Western Canada \u2013 Exploration and development activities in Western Canada including
Alberta, Saskatchewan and Manitoba with existing production of natural gas, crude oil and
natural gas liquids.
\u2022
Quebec \u2013 Claim against the Government of Quebec for an attempted revocation of licenses
for a significant natural gas discovery in the province.
\u2022
Corporate & other \u2013 General and administrative resources to manage the respective operating
segments. Includes exploration activities in the Kingdom of Jordan and holdings in Red Leaf.
Segmented assets are those assets associated with each operating segment as recorded on the
consolidated balance sheets.
The table below details the breakdown of assets by operating segment to the consolidated balance
sheets and the reconciliation of loss by operating segment to the consolidated statements of net loss
and comprehensive loss.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Western
\u00a0
Corporate
\u00a0
($ thousands
)
Brazil
Canada
Quebec
& other
Consolidated
Assets by operating segment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Exploration and Evaluation
$
\u2013
$
5,599
$
\u2013
$
\u2013
$
5,599
Property, Plant & Equipment
229,182
131,384
\u2013
784
361,350
Other
30,853
36,282
\u2013
803
67,938
Total Assets, December 31, 2025
$
260,035
$
173,265
$
\u2013
$
1,588
$
434,887
Exploration and Evaluation
$
\u2013
$
13,106
$
\u2013
$
\u2013
$
13,106
Property, Plant & Equipment
\u2013
116,695
\u2013
\u2013
116,695
Other
\u2013
4,644
7,551
28,727
40,922
Total Assets, December 31, 2024
$
\u2013
$
134,445
$
7,551
$
28,727
$
170,723
Results by operating segment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Revenues
$
31,883
$
45,463
$
\u2013
$
\u2013
$
77,346
Expenses
(25,019)
(25,082)
(2,215)
(29,500)
(81,816)
Other income
(32,716)
2,909
\u2013
\u2013
(29,807)
Total Loss, December 31, 2025
$
(25,852)
$
23,290
$
(2,215)
$
(29,500)
$
(34,277)
Revenues
$
\u2013
$
34,151
$
\u2013
$
\u2013
$
34,151
Expenses
\u2013
(26,972)
(671)
(13,363)
(41,006)
Other income
\u2013
\u2013
\u2013
(474)
(474)
Total Loss, December 31, 2024
$
\u2013
$
7,179
$
\u2013
$
(13,837)
$
(7,329)
\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00105": { "value": "a) Segmented Disclosure
Management has determined the operating segments based on information regularly reviewed for
the purposes of decision making, allocating resources, and assessing operational performance by
Questerre\u2019s chief operating decision makers comprising of the Chief Executive Officer and other
members of executive management. The operating segments have been aggregated based on
several factors including geographic location and stage of development as well as the assignment of
reserves and resources.
The accounting policies applied by the segments are the same as those applied by the Company.
The Company\u2019s operating segments at year-end are as follows:
\u2022
Brazil \u2013 Mining, refining, processing, distribution, and storage of oil from shale, or other rocks,
its derivatives and biofuels; production, distribution, and commercialization of utilities such as
steam, water, compressed air, and industrial gases, mainly in Brazil.
\u2022
Western Canada \u2013 Exploration and development activities in Western Canada including
Alberta, Saskatchewan and Manitoba with existing production of natural gas, crude oil and
natural gas liquids.
\u2022
Quebec \u2013 Claim against the Government of Quebec for an attempted revocation of licenses
for a significant natural gas discovery in the province.
\u2022
Corporate & other \u2013 General and administrative resources to manage the respective operating
segments. Includes exploration activities in the Kingdom of Jordan and holdings in Red Leaf.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00106": { "value": "2. Basis of Preparation
a) Statement of compliance
The Company prepares its consolidated financial statements in accordance with International Financial
Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Boards (\u201cIASB\u201d).
The policies applied in these consolidated financial statements are based on IFRS issued and
outstanding as
at March
26, 2026,
the date the Board of Directors approved the statements.
b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for
financial assets classified as fair value through profit and loss which are measured at fair value with
changes in fair value recorded in profit or loss and changes due to currency translation adjustments
recorded through other comprehensive income or loss as disclosed in Note
3.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00107": { "value": "a) Statement of compliance
The Company prepares its consolidated financial statements in accordance with International Financial
Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Boards (\u201cIASB\u201d).
The policies applied in these consolidated financial statements are based on IFRS issued and
outstanding as
at March
26, 2026,
the date the Board of Directors approved the statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00108": { "value": "The policies applied in these consolidated financial statements are based on IFRS issued and
outstanding as
at March
26, 2026,
the date the Board of Directors approved the statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00109": { "value": "c) Functional and presentation currency
These consolidated financial statements are presented in Canadian dollars, which is the functional
currency of the parent company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00110": { "value": "d) Jointly controlled assets
The Company conducts many of its oil and gas production activities through jointly controlled
operations. Interests in joint arrangements are classified as either joint operations or joint ventures,
depending on the rights and obligations of the parties to the arrangement. Joint operations arise when
the Company has rights to the assets and obligations for the liabilities of the arrangement. The
Company recognizes its share of assets, liabilities, revenues and expenses of a joint operation. Joint
ventures arise when the Company has rights to the net assets of the arrangement. Joint ventures are
accounted for under the equity method.Red Leaf Resources Inc. (\u201cRed Leaf\u201d) is a private Utah-based oil shale and technology company
whose principal assets are its proprietary HCCO technology to recover oil from shale, its oil shale
\nleases and its assets in the Uinta Basin in the state of Utah. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00111": { "value": "d) Jointly controlled assets
The Company conducts many of its oil and gas production activities through jointly controlled
operations. Interests in joint arrangements are classified as either joint operations or joint ventures,
depending on the rights and obligations of the parties to the arrangement. Joint operations arise when
the Company has rights to the assets and obligations for the liabilities of the arrangement. The
Company recognizes its share of assets, liabilities, revenues and expenses of a joint operation. Joint
ventures arise when the Company has rights to the net assets of the arrangement. Joint ventures are
accounted for under the equity method.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "d) Jointly controlled assets
The Company conducts many of its oil and gas production activities through jointly controlled
operations. Interests in joint arrangements are classified as either joint operations or joint ventures,
depending on the rights and obligations of the parties to the arrangement. Joint operations arise when
the Company has rights to the assets and obligations for the liabilities of the arrangement. The
Company recognizes its share of assets, liabilities, revenues and expenses of a joint operation. Joint
ventures arise when the Company has rights to the net assets of the arrangement. Joint ventures are
accounted for under the equity method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00112": { "value": "e) Use of estimates and judgments
The timely preparation of consolidated financial statements requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. These estimates and judgments have risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial
year.
Petroleum and natural gas reserves
All of Questerre\u2019s petroleum and natural gas reserves are evaluated and reported on by
independent reserve engineers in accordance with the COGE Handbook and Canadian Securities
Administrators\u2019
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
. The
estimation of reserves is a subjective process. Forecasts are based on engineering data,
anticipated future commodity prices, expected production volumes, future operating and
development costs, all of which are subject to numerous uncertainties and various interpretations.
The Company expects that its estimates of reserves will change to reflect updated information.
Reserve estimates can be revised upward or downward based on the results of future drilling,
testing, production levels and changes in costs and commodity prices. These estimates are
evaluated by independent reserve engineers at least annually.
Proved and probable reserves are estimated using independent reserve engineer reports and
represent the estimated quantities of crude oil, natural gas and natural gas liquids which geological,
geophysical and engineering data demonstrate with a specified degree of certainty to be
recoverable in future
years from known reservoirs and which are considered commercially
producible. If probabilistic methods are used, there should be at least a 50
percent probability that
the quantities actually recovered will equal or exceed the estimated proved plus probable reserves
and there should be at least a 90
percent probability that the quantities actually recovered will equal
or exceed the estimated proved reserves. Reserve estimates impact a number of areas, in
particular, the valuation of property, plant, and equipment (\u201cPP&E\u201d), and the calculation of
depletion. All reserves have been evaluated at December 31, 2025, by an independent qualified
\n
reserves evaluators.
\n
Identification of cash-generating units
\n
The Company\u2019s assets are aggregated into cash-generating units (\u201cCGU\u201d) for the purpose of
\n
calculating depletion and impairment. A CGU is defined as the lowest grouping of assets that
\n
generate identifiable cash inflows that are largely independent of the cash inflows of other assets
\n
or groups of assets. The allocation of assets into CGUs requires significant judgment and
\n
interpretations. Factors considered in the classification include geography and the way
\n
management monitors and makes decisions about its operations.
\n
Impairment of property, plant and equipment, exploration and evaluation assets
\n
The Company assesses its oil and gas properties, including exploration and evaluation assets
\n
(\u201cE&E\u201d), for possible impairment or reversal of previously recognized impairments if there are
\n
events or changes in circumstances that indicate that carrying values of the assets may not be
\n
recoverable or indications that previously recognized losses should be reversed. Determining if
\n
there are facts and circumstances present that indicate that carrying values of the assets may not
\n
be recoverable requires management\u2019s judgment and analysis of the facts and circumstances.
\n
The recoverable amounts of CGUs have been determined based on the higher of value in use
\n
(\u201cVIU\u201d) and the fair value less costs of disposal (\u201cFVLCD\u201d). The net book value of PP&E recognized
\n
is based on historical cost until tested for impairment using market values. The market value of
\n
PP&E is the estimated amount for which PP&E could be exchanged on the acquisition date
\n
between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing
\n
wherein the parties had each acted knowledgeably, prudently and without compulsion. The market
\n
value of oil and natural gas interests (included in PP&E) are generally estimated with reference to
\n
the discounted cash flows expected to be derived from oil and natural gas production based on
\n
internally and externally prepared reserve reports. The significant assumptions are based on Level
\n
3 unobservable information with the primary inputs being forecasted production, escalated pricing,
\n
royalties, operating costs, future development costs. The after-tax discount rate is specific to the
\n
asset with reference to general market conditions. The market value of E&E assets is estimated
\n
with reference to the market values of current arm\u2019s length transactions in comparable locations.
\n
Refer to Notes
10.
\n
Exploration and evaluation assets
\n
The application of the Company's accounting policy for E&E requires judgement in determining
\n
whether it is likely that future economic benefit exists when activities have not reached a stage
\n
where technical feasibility and commercial viability can be reasonably determined. In addition,
\n
Management uses judgement to determine when E&E assets are reclassified to PP&E assets.
\n
Exploration and evaluation assets are subject to ongoing management review to confirm the
\n
continued intent to establish the technical feasibility and commercial viability of the assets. In
\n
making this determination, various factors are considered such as drilling results, future capital and
operating expenditures, including judgement over the amount of economically recoverable
\n
resources, and whether the appropriate government, regulatory, or internal approvals are likely to
\n
be received.
\n
Income tax accounting
\n
Deferred tax assets are recognized when it is considered probable that deductible temporary
\n
differences will be recovered in the foreseeable future. To the extent that future taxable income
\n
and the application of existing tax laws in each jurisdiction differ significantly from the Company\u2019s
\n
estimate, the ability of the Company to realize the deferred tax assets could be impacted.
\n
The determination of the Company\u2019s income and other tax assets or liabilities requires
\n
interpretation of complex laws and regulations. All tax filings are subject to audit and potential
\n
reassessment after the lapse of considerable time. Accordingly, the actual income tax asset or
\n
liability may differ significantly from that estimated and recorded by management.
\n
Business Combinations
\n
In a business combination, management makes estimates of the acquisition-date fair value of
\n
assets acquired and liabilities assumed which includes assessing the estimated fair value of
\n
petroleum and natural gas properties (included in property, plant and equipment) derived from
\n
estimated recoverable quantities of proved and probable oil and gas reserves and the related cash
\n
flows being acquired.
\n
Asset retirement obligation
\n
Determination of the Company\u2019s asset retirement obligation is based on Government regulations,
\n
operator estimates and internal estimates using current costs and technology in accordance with
\n
existing legislation and industry practice and must also estimate timing, a risk-free rate and inflation
\n
rate in the calculation. These estimates are subject to change over time and, as such, may impact
\n
the charge against profit or loss. The amount recognized is the present value of estimated future
\n
expenditures required to settle the obligation using a risk-free rate. The associated abandonment
\n
and retirement costs are capitalized as part of the carrying amount of the related asset. The
\n
capitalized amount is depleted on a unit of production basis in accordance with the Company\u2019s
\n
depletion policy. Changes to assumptions related to future expected costs, risk-free rates and
\n
timing may have a material impact on the amounts presented.
\n
Share based compensation
\n
The Company has a stock option plan enabling employees, officers and directors to receive
\n
Class
\u201cA\u201d Common voting shares (\u201cCommon Shares\u201d) or cash at exercise prices equal to the
\n
market price or above on the date the option is granted. The Company has the right and full
\n
discretion to settle any exercised options by issuing shares and accordingly uses the equity settled
\n
method of accounting. Under the equity settled method, compensation costs attributable to stock
\n
options granted to employees, officers or directors are measured at fair value using the Black-
\n
Scholes option pricing model. The assumptions used in the calculation are the volatility of the stock
price, risk-free rates of return and the expected lives of the options. A forfeiture rate is estimated
on the grant date and is adjusted to reflect the actual number of options that vest. Changes to
assumptions may have a material impact on the amounts presented. A reconciliation of the PP&E assets is detailed below. \n \n
($ thousands
)
Total
Cost or deemed cost:
Balance, December 31, 2023
$
314,321
Additions including change to asset retirement
4,000
Transfer from exploration and evaluation assets
8,605
Balance, December 31, 2024
326,926
Acquired in business combination (Note 5)
258,273
Asset acquisition (Note 6)
916
Capital expenditures
9,596
Transfer from exploration and evaluation assets
23,515
Changes to asset retirement obligation
(5,257)
Foreign exchange adjustments
(9,747)
Balance, December 31, 2025
$
604,222
Accumulated depletion, depreciation and impairment losses:
Balance, December 31, 2023
$
198,386
Depletion and depreciation
11,845
Balance, December 31, 2024
210,231
Depletion and depreciation
33,117
Foreign exchange adjustments
(476)
Balance, December 31, 2025
$
242,873
\n \n
($ thousands
)
Total
Net book value:
At December 31, 2024
$
116,695
At December 31, 2025
$
361,350
A reconciliation of the movements in exploration and evaluation assets is detailed below.
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
13,106
$
12,287
Additions
16,008
16,344
Transfers to property, plant and equipment
(23,515)
(8,605)
Foreign currency translation adjustment - Jordan
\u2013
943
Impairment of Jordan asset
\u2013
(7,863)
Balance, end of period
$
5,599
$
13,106
\n12. Deferred Income Taxes
NOT UPDATED
\n
The tax on the Company\u2019s net loss before taxes differs from the amount that would arise using the
\n
weighted average tax rate applicable to profits or losses of the consolidated entities as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net loss before taxes
$
(34,277)
$
(7,329)
Combined federal and provincial tax rate
23.82%
23.82%
Statutory tax (recovery)
(8,165)
(1,746)
Increase/(deduction) in tax expense resulting from:
\u00a0 \u00a0
Non-deductible differences and permanent items
\u00a0
1,567
Change in deferred tax asset not recognized
\u00a0
179
Change in deferred tax asset due to obtaining control of Red Leaf
\u00a0 \u00a0
Difference in jurisdictional tax rates
\u00a0 \u00a0
Other
\u00a0 \u00a0
Total income tax expense
$
(8,165)
$
-
\n
The Company evaluated the recoverability of its deferred tax assets using forecasted before-tax cash
\n
flows based on proved reserves, with escalating prices and future development costs obtained from
\n
an independent reserve evaluation report and a deduction for estimated general and administrative
\n
costs associated with these proved reserves. As a result, no deferred tax asset was recorded. The
\n
combined statutory tax rate was 23.82% in 2025 and 23.82% in 2024.
\n
The movement in deferred tax assets and liabilities during the
year, without taking into consideration
\n
the valuation allowances, are as follows:
\n
The following temporary differences have not been recognized:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Petroleum and natural gas properties
$
$
165,651
Investments
\u00a0
33,908
Asset retirement obligation and leases
\u00a0
19,420
Tax Reserves
\u00a0
\u2013
Other
\u00a0
\u2013
Capital losses
\u00a0
36,488
Net deferred income tax asset
$
\u2013
$
255,467
\n
A deferred tax asset is recognized to the extent that it is probable future taxable profits will be available
\n
against which the asset can be utilized. See note 2(e) for detail on the related judgments used in this
\n
determination. The provision of deferred tax assets and liabilities reflects the tax consequences that
\n
would follow from the expected recovery or settlement of the carrying amount of its assets and
\n
liabilities. A deferred tax asset is recognized to the extent that it is probable future taxable profits will
\n
be available against which the asset can be utilized. See note 2(e) for detail on the related judgments
\n
used in this determination. The provision of deferred tax assets and liabilities reflects the tax
\n
consequences that would follow from the expected recovery or settlement of the carrying amount of
\n
its assets and liabilities.
\n
Deferred income tax assets are recognized for tax loss carry forwards to the extent that the realization
\n
of the related tax benefit is probably based on estimated future earnings. As of December 31, 2025
\n
our Canadian non-capital loss carry forwards were $xxx and capital loss carry forwards were $xxx
\n
million. The non-capital loss carry forwards begin to expire in 2046 and the capital losses do not expire
\n
but can only be utilize against future capital gains. Our Brazil non-capital loss carry forwards were XXX
\n
million Brazil Reais which does not expire but the annual use is restricted.
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net deferred income tax asset, beginning of year
$
\u2013
$
\u2013
Recognized in deferred income tax expense/(recovery)
\u2013
\u2013
Acquired from Forbes/PX Energy Acquisition
\u2013
\u2013
Change in unrecognized deferred tax assets
\u00a0 \u00a0
Other
\u00a0 \u00a0
Tax charge relating to components of other comprehensive income or
\u00a0 \u00a0
loss
\u2013
\u2013
Net deferred income tax asset, end of year
$
\u2013
$
\u2013
The following table provides a reconciliation of the Company\u2019s total asset retirement obligation:
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Balance, beginning of year
$
19,410
$
19,064
Liabilities incurred
110
352
Acquired on close of business combination (see Note 3)
9,200
\u2013
Revalue of obligation acquired through a business combination
2,590
\u2013
Acquired on asset acquisition
313
\u2013
Liabilities settled
(1,039)
\u2013
Revisions due to change in estimates and discount rates
(5,379)
(49)
Accretion
5,507
(537)
Foreign exchange adjustments
(531)
580
Balance, end of year
$
30,181
$
19,410
Current portion
2,616
\u2013
Non-current portion
27,565
799
Balance, end of period
$
30,181
$
799
\n18. Share Based Compensation
The Company has a stock option program that provides for the issuance of options to purchase
Common Shares to its directors, officers and employees at or above grant date market prices. The
options granted under the plan generally vest evenly over a three-year period starting at the grant date
or one
year from the grant date. The grants expire five
years from the grant date.
Under the Company\u2019s option plan, a put right is included that allows the optionee to settle options
with cash or equity. Under the put right, the optionee will receive the net cash proceeds that is the
excess of the closing price of the Common Shares at the day of the put notice over the exercise price
of the option. The Company has the option to decline a put right exercise at any time. The Company
did not settle any cash options in 2025.
The number and weighted average exercise prices of stock options are as follows:
\u00a0
Options Outstanding
Options Exercisable
\u00a0 \u00a0
Weighted
Weighted
\u00a0
Weighted
Weighted
\u00a0
Number of
Average
Average
Number of
Average
Average
\u00a0
Options
Years to
Exercise
Options
Years to
Exercise
\u00a0
(thousands)
Expiry
Price
(thousands)
Expiry
Price
$0.18 - $0.20
7,775
0.07
$
0.18
14,550
0.65
$
0.19
$0.21 - $0.23
11,725
3.13
0.23
6,100
3.16
0.23
$0.24 - $0.26
5,950
3.10
0.25
6,700
4.10
\u00a0
$0.27 - $0.34
10,340
1.06
0.34
10,945
2.06
0.34
\u00a0
35,790
1.86
$
0.25
38,295
2.06
$
0.25
\n
The following table summarizes information about stock options outstanding and exercisable at
\n
December 31, 2025:
\u00a0
December 31, 2025
December 31, 2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0
Number of
Average
Number of
Average
\u00a0
Options
Exercise
Options
Exercise
\u00a0
(thousands)
Price
(thousands)
Price
Outstanding, beginning of period
38,295
$
0.25
38,140
$
0.26
Granted
6,675
0.23
6,950
0.25
Forfeited
(8,855)
0.22
(620)
0.27
Expired
(325)
0.16
(6,175)
0.29
Outstanding, end of period
35,790
$
0.25
38,295
$
0.25
Exercisable, end of period
28,288
$
0.26
29,704
$
0.25
\n
The fair value of the options granted were calculated using the Black-Scholes valuation model. The
\n
following weighted average assumptions were used in the model for options granted in 2025 and
\n
2024:
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Weighted average fair value per award ($)
0.18
0.19
Volatility (%)
102.60
103.47
Forfeiture rate (%)
8.46
8.85
Expected life (years)
5.00
5.00
Risk free interest rate (%)
2.91
3.54
\n
This forfeiture rate estimate is adjusted to the actual forfeiture rate. Expected volatility and expected
\nlife is based on historical information.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00114": { "value": "e) Use of estimates and judgments The timely preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. These estimates and judgments have risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Petroleum and natural gas reserves All of Questerre\u2019s petroleum and natural gas reserves are evaluated and reported on by independent reserve engineers in accordance with the COGE Handbook and Canadian Securities Administrators\u2019 National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The estimation of reserves is a subjective process. Forecasts are based on engineering data, anticipated future commodity prices, expected production volumes, future operating and development costs, all of which are subject to numerous uncertainties and various interpretations. The Company expects that its estimates of reserves will change to reflect updated information. Reserve estimates can be revised upward or downward based on the results of future drilling, testing, production levels and changes in costs and commodity prices. These estimates are evaluated by independent reserve engineers at least annually. Proved and probable reserves are estimated using independent reserve engineer reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the estimated proved plus probable reserves and there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves. Reserve estimates impact a number of areas, in particular, the valuation of property, plant, and equipment (\u201cPP&E\u201d), and the calculation of \ndepletion. All reserves have been evaluated at December 31, 2025, by an independent qualified \nreserves evaluators. \nIdentification of cash-generating units \nThe Company\u2019s assets are aggregated into cash-generating units (\u201cCGU\u201d) for the purpose of \ncalculating depletion and impairment. A CGU is defined as the lowest grouping of assets that \ngenerate identifiable cash inflows that are largely independent of the cash inflows of other assets \nor groups of assets. The allocation of assets into CGUs requires significant judgment and \ninterpretations. Factors considered in the classification include geography and the way \nmanagement monitors and makes decisions about its operations. \nImpairment of property, plant and equipment, exploration and evaluation assets \nThe Company assesses its oil and gas properties, including exploration and evaluation assets \n(\u201cE&E\u201d), for possible impairment or reversal of previously recognized impairments if there are \nevents or changes in circumstances that indicate that carrying values of the assets may not be \nrecoverable or indications that previously recognized losses should be reversed. Determining if \nthere are facts and circumstances present that indicate that carrying values of the assets may not \nbe recoverable requires management\u2019s judgment and analysis of the facts and circumstances. \nThe recoverable amounts of CGUs have been determined based on the higher of value in use \n(\u201cVIU\u201d) and the fair value less costs of disposal (\u201cFVLCD\u201d). The net book value of PP&E recognized \nis based on historical cost until tested for impairment using market values. The market value of \nPP&E is the estimated amount for which PP&E could be exchanged on the acquisition date \nbetween a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing \nwherein the parties had each acted knowledgeably, prudently and without compulsion. The market \nvalue of oil and natural gas interests (included in PP&E) are generally estimated with reference to \nthe discounted cash flows expected to be derived from oil and natural gas production based on \ninternally and externally prepared reserve reports. The significant assumptions are based on Level \n3 unobservable information with the primary inputs being forecasted production, escalated pricing, \nroyalties, operating costs, future development costs. The after-tax discount rate is specific to the \nasset with reference to general market conditions. The market value of E&E assets is estimated \nwith reference to the market values of current arm\u2019s length transactions in comparable locations. \nRefer to Notes 10. \nExploration and evaluation assets \nThe application of the Company's accounting policy for E&E requires judgement in determining \nwhether it is likely that future economic benefit exists when activities have not reached a stage \nwhere technical feasibility and commercial viability can be reasonably determined. In addition, \nManagement uses judgement to determine when E&E assets are reclassified to PP&E assets. \nExploration and evaluation assets are subject to ongoing management review to confirm the \ncontinued intent to establish the technical feasibility and commercial viability of the assets. In \nmaking this determination, various factors are considered such as drilling results, future capital and \noperating expenditures, including judgement over the amount of economically recoverable \nresources, and whether the appropriate government, regulatory, or internal approvals are likely to \nbe received. \nIncome tax accounting \nDeferred tax assets are recognized when it is considered probable that deductible temporary \ndifferences will be recovered in the foreseeable future. To the extent that future taxable income \nand the application of existing tax laws in each jurisdiction differ significantly from the Company\u2019s \nestimate, the ability of the Company to realize the deferred tax assets could be impacted. \nThe determination of the Company\u2019s income and other tax assets or liabilities requires \ninterpretation of complex laws and regulations. All tax filings are subject to audit and potential \nreassessment after the lapse of considerable time. Accordingly, the actual income tax asset or \nliability may differ significantly from that estimated and recorded by management. \nBusiness Combinations \nIn a business combination, management makes estimates of the acquisition-date fair value of \nassets acquired and liabilities assumed which includes assessing the estimated fair value of \npetroleum and natural gas properties (included in property, plant and equipment) derived from \nestimated recoverable quantities of proved and probable oil and gas reserves and the related cash \nflows being acquired. \nAsset retirement obligation \nDetermination of the Company\u2019s asset retirement obligation is based on Government regulations, \noperator estimates and internal estimates using current costs and technology in accordance with \nexisting legislation and industry practice and must also estimate timing, a risk-free rate and inflation \nrate in the calculation. These estimates are subject to change over time and, as such, may impact \nthe charge against profit or loss. The amount recognized is the present value of estimated future \nexpenditures required to settle the obligation using a risk-free rate. The associated abandonment \nand retirement costs are capitalized as part of the carrying amount of the related asset. The \ncapitalized amount is depleted on a unit of production basis in accordance with the Company\u2019s \ndepletion policy. Changes to assumptions related to future expected costs, risk-free rates and \ntiming may have a material impact on the amounts presented. \nShare based compensation \nThe Company has a stock option plan enabling employees, officers and directors to receive \nClass \u201cA\u201d Common voting shares (\u201cCommon Shares\u201d) or cash at exercise prices equal to the \nmarket price or above on the date the option is granted. The Company has the right and full \ndiscretion to settle any exercised options by issuing shares and accordingly uses the equity settled \nmethod of accounting. Under the equity settled method, compensation costs attributable to stock \noptions granted to employees, officers or directors are measured at fair value using the Black- \nScholes option pricing model. The assumptions used in the calculation are the volatility of the stock price, risk-free rates of return and the expected lives of the options. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Changes to assumptions may have a material impact on the amounts presented. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00113": { "value": "e) Use of estimates and judgments
The timely preparation of consolidated financial statements requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. These estimates and judgments have risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial
year.
Petroleum and natural gas reserves
All of Questerre\u2019s petroleum and natural gas reserves are evaluated and reported on by
independent reserve engineers in accordance with the COGE Handbook and Canadian Securities
Administrators\u2019
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
. The
estimation of reserves is a subjective process. Forecasts are based on engineering data,
anticipated future commodity prices, expected production volumes, future operating and
development costs, all of which are subject to numerous uncertainties and various interpretations.
The Company expects that its estimates of reserves will change to reflect updated information.
Reserve estimates can be revised upward or downward based on the results of future drilling,
testing, production levels and changes in costs and commodity prices. These estimates are
evaluated by independent reserve engineers at least annually.
Proved and probable reserves are estimated using independent reserve engineer reports and
represent the estimated quantities of crude oil, natural gas and natural gas liquids which geological,
geophysical and engineering data demonstrate with a specified degree of certainty to be
recoverable in future
years from known reservoirs and which are considered commercially
producible. If probabilistic methods are used, there should be at least a 50
percent probability that
the quantities actually recovered will equal or exceed the estimated proved plus probable reserves
and there should be at least a 90
percent probability that the quantities actually recovered will equal
or exceed the estimated proved reserves. Reserve estimates impact a number of areas, in
particular, the valuation of property, plant, and equipment (\u201cPP&E\u201d), and the calculation of
\n
depletion. All reserves have been evaluated at December 31, 2025, by an independent qualified
\n
reserves evaluators.
\n
Identification of cash-generating units
\n
The Company\u2019s assets are aggregated into cash-generating units (\u201cCGU\u201d) for the purpose of
\n
calculating depletion and impairment. A CGU is defined as the lowest grouping of assets that
\n
generate identifiable cash inflows that are largely independent of the cash inflows of other assets
\n
or groups of assets. The allocation of assets into CGUs requires significant judgment and
\n
interpretations. Factors considered in the classification include geography and the way
\n
management monitors and makes decisions about its operations.
\n
Impairment of property, plant and equipment, exploration and evaluation assets
\n
The Company assesses its oil and gas properties, including exploration and evaluation assets
\n
(\u201cE&E\u201d), for possible impairment or reversal of previously recognized impairments if there are
\n
events or changes in circumstances that indicate that carrying values of the assets may not be
\n
recoverable or indications that previously recognized losses should be reversed. Determining if
\n
there are facts and circumstances present that indicate that carrying values of the assets may not
\n
be recoverable requires management\u2019s judgment and analysis of the facts and circumstances.
\n
The recoverable amounts of CGUs have been determined based on the higher of value in use
\n
(\u201cVIU\u201d) and the fair value less costs of disposal (\u201cFVLCD\u201d). The net book value of PP&E recognized
\n
is based on historical cost until tested for impairment using market values. The market value of
\n
PP&E is the estimated amount for which PP&E could be exchanged on the acquisition date
\n
between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing
\n
wherein the parties had each acted knowledgeably, prudently and without compulsion. The market
\n
value of oil and natural gas interests (included in PP&E) are generally estimated with reference to
\n
the discounted cash flows expected to be derived from oil and natural gas production based on
\n
internally and externally prepared reserve reports. The significant assumptions are based on Level
\n
3 unobservable information with the primary inputs being forecasted production, escalated pricing,
\n
royalties, operating costs, future development costs. The after-tax discount rate is specific to the
\n
asset with reference to general market conditions. The market value of E&E assets is estimated
\n
with reference to the market values of current arm\u2019s length transactions in comparable locations.
\n
Refer to Notes
10.
\n
Exploration and evaluation assets
\n
The application of the Company's accounting policy for E&E requires judgement in determining
\n
whether it is likely that future economic benefit exists when activities have not reached a stage
\n
where technical feasibility and commercial viability can be reasonably determined. In addition,
\n
Management uses judgement to determine when E&E assets are reclassified to PP&E assets.
\n
Exploration and evaluation assets are subject to ongoing management review to confirm the
\n
continued intent to establish the technical feasibility and commercial viability of the assets. In
\n
making this determination, various factors are considered such as drilling results, future capital and
\n
operating expenditures, including judgement over the amount of economically recoverable
\n
resources, and whether the appropriate government, regulatory, or internal approvals are likely to
\n
be received.
\n
Income tax accounting
\n
Deferred tax assets are recognized when it is considered probable that deductible temporary
\n
differences will be recovered in the foreseeable future. To the extent that future taxable income
\n
and the application of existing tax laws in each jurisdiction differ significantly from the Company\u2019s
\n
estimate, the ability of the Company to realize the deferred tax assets could be impacted.
\n
The determination of the Company\u2019s income and other tax assets or liabilities requires
\n
interpretation of complex laws and regulations. All tax filings are subject to audit and potential
\n
reassessment after the lapse of considerable time. Accordingly, the actual income tax asset or
\n
liability may differ significantly from that estimated and recorded by management.
\n
Business Combinations
\n
In a business combination, management makes estimates of the acquisition-date fair value of
\n
assets acquired and liabilities assumed which includes assessing the estimated fair value of
\n
petroleum and natural gas properties (included in property, plant and equipment) derived from
\n
estimated recoverable quantities of proved and probable oil and gas reserves and the related cash
\n
flows being acquired.
\n
Asset retirement obligation
\n
Determination of the Company\u2019s asset retirement obligation is based on Government regulations,
\n
operator estimates and internal estimates using current costs and technology in accordance with
\n
existing legislation and industry practice and must also estimate timing, a risk-free rate and inflation
\n
rate in the calculation. These estimates are subject to change over time and, as such, may impact
\n
the charge against profit or loss. The amount recognized is the present value of estimated future
\n
expenditures required to settle the obligation using a risk-free rate. The associated abandonment
\n
and retirement costs are capitalized as part of the carrying amount of the related asset. The
\n
capitalized amount is depleted on a unit of production basis in accordance with the Company\u2019s
\n
depletion policy. Changes to assumptions related to future expected costs, risk-free rates and
\n
timing may have a material impact on the amounts presented.
\n
Share based compensation
\n
The Company has a stock option plan enabling employees, officers and directors to receive
\n
Class
\u201cA\u201d Common voting shares (\u201cCommon Shares\u201d) or cash at exercise prices equal to the
\n
market price or above on the date the option is granted. The Company has the right and full
\n
discretion to settle any exercised options by issuing shares and accordingly uses the equity settled
\n
method of accounting. Under the equity settled method, compensation costs attributable to stock
\n
options granted to employees, officers or directors are measured at fair value using the Black-
\n
Scholes option pricing model. The assumptions used in the calculation are the volatility of the stock
price, risk-free rates of return and the expected lives of the options. A forfeiture rate is estimated
on the grant date and is adjusted to reflect the actual number of options that vest. Changes to
assumptions may have a material impact on the amounts presented. A reconciliation of the PP&E assets is detailed below. \n \n
($ thousands
)
Total
Cost or deemed cost:
Balance, December 31, 2023
$
314,321
Additions including change to asset retirement
4,000
Transfer from exploration and evaluation assets
8,605
Balance, December 31, 2024
326,926
Acquired in business combination (Note 5)
258,273
Asset acquisition (Note 6)
916
Capital expenditures
9,596
Transfer from exploration and evaluation assets
23,515
Changes to asset retirement obligation
(5,257)
Foreign exchange adjustments
(9,747)
Balance, December 31, 2025
$
604,222
Accumulated depletion, depreciation and impairment losses:
Balance, December 31, 2023
$
198,386
Depletion and depreciation
11,845
Balance, December 31, 2024
210,231
Depletion and depreciation
33,117
Foreign exchange adjustments
(476)
Balance, December 31, 2025
$
242,873
\n \n
($ thousands
)
Total
Net book value:
At December 31, 2024
$
116,695
At December 31, 2025
$
361,350
A reconciliation of the movements in exploration and evaluation assets is detailed below.
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
13,106
$
12,287
Additions
16,008
16,344
Transfers to property, plant and equipment
(23,515)
(8,605)
Foreign currency translation adjustment - Jordan
\u2013
943
Impairment of Jordan asset
\u2013
(7,863)
Balance, end of period
$
5,599
$
13,106
\n12. Deferred Income Taxes
NOT UPDATED
\n
The tax on the Company\u2019s net loss before taxes differs from the amount that would arise using the
\n
weighted average tax rate applicable to profits or losses of the consolidated entities as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net loss before taxes
$
(34,277)
$
(7,329)
Combined federal and provincial tax rate
23.82%
23.82%
Statutory tax (recovery)
(8,165)
(1,746)
Increase/(deduction) in tax expense resulting from:
\u00a0 \u00a0
Non-deductible differences and permanent items
\u00a0
1,567
Change in deferred tax asset not recognized
\u00a0
179
Change in deferred tax asset due to obtaining control of Red Leaf
\u00a0 \u00a0
Difference in jurisdictional tax rates
\u00a0 \u00a0
Other
\u00a0 \u00a0
Total income tax expense
$
(8,165)
$
-
\n
The Company evaluated the recoverability of its deferred tax assets using forecasted before-tax cash
\n
flows based on proved reserves, with escalating prices and future development costs obtained from
\n
an independent reserve evaluation report and a deduction for estimated general and administrative
\n
costs associated with these proved reserves. As a result, no deferred tax asset was recorded. The
\n
combined statutory tax rate was 23.82% in 2025 and 23.82% in 2024.
\n
The movement in deferred tax assets and liabilities during the
year, without taking into consideration
\n
the valuation allowances, are as follows:
\n
The following temporary differences have not been recognized:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Petroleum and natural gas properties
$
$
165,651
Investments
\u00a0
33,908
Asset retirement obligation and leases
\u00a0
19,420
Tax Reserves
\u00a0
\u2013
Other
\u00a0
\u2013
Capital losses
\u00a0
36,488
Net deferred income tax asset
$
\u2013
$
255,467
\n
A deferred tax asset is recognized to the extent that it is probable future taxable profits will be available
\n
against which the asset can be utilized. See note 2(e) for detail on the related judgments used in this
\n
determination. The provision of deferred tax assets and liabilities reflects the tax consequences that
\n
would follow from the expected recovery or settlement of the carrying amount of its assets and
\n
liabilities. A deferred tax asset is recognized to the extent that it is probable future taxable profits will
\n
be available against which the asset can be utilized. See note 2(e) for detail on the related judgments
\n
used in this determination. The provision of deferred tax assets and liabilities reflects the tax
\n
consequences that would follow from the expected recovery or settlement of the carrying amount of
\n
its assets and liabilities.
\n
Deferred income tax assets are recognized for tax loss carry forwards to the extent that the realization
\n
of the related tax benefit is probably based on estimated future earnings. As of December 31, 2025
\n
our Canadian non-capital loss carry forwards were $xxx and capital loss carry forwards were $xxx
\n
million. The non-capital loss carry forwards begin to expire in 2046 and the capital losses do not expire
\n
but can only be utilize against future capital gains. Our Brazil non-capital loss carry forwards were XXX
\n
million Brazil Reais which does not expire but the annual use is restricted.
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net deferred income tax asset, beginning of year
$
\u2013
$
\u2013
Recognized in deferred income tax expense/(recovery)
\u2013
\u2013
Acquired from Forbes/PX Energy Acquisition
\u2013
\u2013
Change in unrecognized deferred tax assets
\u00a0 \u00a0
Other
\u00a0 \u00a0
Tax charge relating to components of other comprehensive income or
\u00a0 \u00a0
loss
\u2013
\u2013
Net deferred income tax asset, end of year
$
\u2013
$
\u2013
The following table provides a reconciliation of the Company\u2019s total asset retirement obligation:
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Balance, beginning of year
$
19,410
$
19,064
Liabilities incurred
110
352
Acquired on close of business combination (see Note 3)
9,200
\u2013
Revalue of obligation acquired through a business combination
2,590
\u2013
Acquired on asset acquisition
313
\u2013
Liabilities settled
(1,039)
\u2013
Revisions due to change in estimates and discount rates
(5,379)
(49)
Accretion
5,507
(537)
Foreign exchange adjustments
(531)
580
Balance, end of year
$
30,181
$
19,410
Current portion
2,616
\u2013
Non-current portion
27,565
799
Balance, end of period
$
30,181
$
799
\n18. Share Based Compensation
The Company has a stock option program that provides for the issuance of options to purchase
Common Shares to its directors, officers and employees at or above grant date market prices. The
options granted under the plan generally vest evenly over a three-year period starting at the grant date
or one
year from the grant date. The grants expire five
years from the grant date.
Under the Company\u2019s option plan, a put right is included that allows the optionee to settle options
with cash or equity. Under the put right, the optionee will receive the net cash proceeds that is the
excess of the closing price of the Common Shares at the day of the put notice over the exercise price
of the option. The Company has the option to decline a put right exercise at any time. The Company
did not settle any cash options in 2025.
The number and weighted average exercise prices of stock options are as follows:
\u00a0
Options Outstanding
Options Exercisable
\u00a0 \u00a0
Weighted
Weighted
\u00a0
Weighted
Weighted
\u00a0
Number of
Average
Average
Number of
Average
Average
\u00a0
Options
Years to
Exercise
Options
Years to
Exercise
\u00a0
(thousands)
Expiry
Price
(thousands)
Expiry
Price
$0.18 - $0.20
7,775
0.07
$
0.18
14,550
0.65
$
0.19
$0.21 - $0.23
11,725
3.13
0.23
6,100
3.16
0.23
$0.24 - $0.26
5,950
3.10
0.25
6,700
4.10
\u00a0
$0.27 - $0.34
10,340
1.06
0.34
10,945
2.06
0.34
\u00a0
35,790
1.86
$
0.25
38,295
2.06
$
0.25
\n
The following table summarizes information about stock options outstanding and exercisable at
\n
December 31, 2025:
\u00a0
December 31, 2025
December 31, 2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0
Number of
Average
Number of
Average
\u00a0
Options
Exercise
Options
Exercise
\u00a0
(thousands)
Price
(thousands)
Price
Outstanding, beginning of period
38,295
$
0.25
38,140
$
0.26
Granted
6,675
0.23
6,950
0.25
Forfeited
(8,855)
0.22
(620)
0.27
Expired
(325)
0.16
(6,175)
0.29
Outstanding, end of period
35,790
$
0.25
38,295
$
0.25
Exercisable, end of period
28,288
$
0.26
29,704
$
0.25
\n
The fair value of the options granted were calculated using the Black-Scholes valuation model. The
\n
following weighted average assumptions were used in the model for options granted in 2025 and
\n
2024:
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Weighted average fair value per award ($)
0.18
0.19
Volatility (%)
102.60
103.47
Forfeiture rate (%)
8.46
8.85
Expected life (years)
5.00
5.00
Risk free interest rate (%)
2.91
3.54
\n
This forfeiture rate estimate is adjusted to the actual forfeiture rate. Expected volatility and expected
\nlife is based on historical information.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Business Combinations
In a business combination, management makes estimates of the acquisition-date fair value of
\n
assets acquired and liabilities assumed which includes assessing the estimated fair value of
\n
petroleum and natural gas properties (included in property, plant and equipment) derived from
\n
estimated recoverable quantities of proved and probable oil and gas reserves and the related cash
\nflows being acquired.Business combinations
The purchase method of accounting is used to account for acquisitions of businesses and assets that
meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value
of the assets given up, equity instruments issued and liabilities incurred or assumed at the date of
exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their acquisition date fair values. If the consideration of
acquisition given up is less than the fair value of the net assets received, the difference is recognized
immediately in the income statement. If the consideration of acquisition is greater than the fair value
of the net assets received, the difference is recognized as goodwill on the statement of financial
position. Acquisition costs incurred are expensed.
There is an option to apply a concentration test that permits a simplified assessment of whether an
acquired set of activities and assets is in fact a business. The optional concentration test is met if
substantially all of the fair value of the assets acquired is concentrated in a single identifiable asset or
group of similar identifiable assets. An entity may make such an election separately for each
transaction or other event. If the concentration test is met, the set of activities and assets is
determined not to be a business and no further assessment is needed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00116": { "value": "3. Material Accounting Policy Information
The accounting policies set out below have been applied consistently to all periods presented in these
consolidated financial statements.
Basis of consolidation
i)
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power
to govern the financial and operating policies of an entity to obtain benefits from its activities. In
assessing control, potential voting rights that currently are exercisable are considered.
ii)
Transactions eliminated on consolidation
Intercompany balances and transactions, and any unrealized income and expenses arising from
intercompany transactions, are eliminated in preparing the consolidated financial statements.
Foreign currency
i)
Foreign currency transactions
Transactions in foreign currencies are translated into the respective entity's functional currency at the
exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency at the exchange rate at the reporting date. Non-
monetary assets that are measured in a foreign currency at historical cost are translated using the
exchange rate at the date of the transaction. Translation gains and losses are included in earnings in
the period in which they arise.
ii)
Foreign Operations
In preparing the Company's consolidated financial statements, the financial statements of each entity
are translated into Canadian dollars. The assets and liabilities of foreign operations are translated at
the exchange rates at the reporting date. The revenues and expenses of foreign operations are
translated at the exchange rates that approximate those dates of the transactions.
Foreign currency differences are recognized in other comprehensive income (\"OCI\") and accumulated
in the translation reserve.
Business combinations
The purchase method of accounting is used to account for acquisitions of businesses and assets that
meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value
of the assets given up, equity instruments issued and liabilities incurred or assumed at the date of
exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their acquisition date fair values. If the consideration of
acquisition given up is less than the fair value of the net assets received, the difference is recognized
immediately in the income statement. If the consideration of acquisition is greater than the fair value
of the net assets received, the difference is recognized as goodwill on the statement of financial
position. Acquisition costs incurred are expensed.
There is an option to apply a concentration test that permits a simplified assessment of whether an
acquired set of activities and assets is in fact a business. The optional concentration test is met if
substantially all of the fair value of the assets acquired is concentrated in a single identifiable asset or
group of similar identifiable assets. An entity may make such an election separately for each
transaction or other event. If the concentration test is met, the set of activities and assets is
determined not to be a business and no further assessment is needed.
Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows
from the assets have expired or have been transferred and the Company has transferred substantially
all risks and rewards of ownership. Financial liabilities are derecognized when the obligation specified
in the contract is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to settle
on a net basis or realize the asset and settle the liability simultaneously.
The Company classifies its financial instruments in the following categories, at initial recognition,
depending on the purpose for which the instruments were acquired.
Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.
Financial assets at amortized cost
Financial assets at amortized cost are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They include accounts receivable and deposits.
These assets are included in current assets due to their short-term nature. They are recognized initially
at the amount expected to be received, less, when material, a discount to reduce to fair value.
Subsequently, they are measured at amortized cost using the effective interest method less a
provision for impairment.
Cash and cash equivalents include deposits held with banks, less outstanding cheques, and short-
term deposits with original maturities of one
year or less.
Financial liabilities at amortized cost
Financial liabilities at amortized cost comprise credit facilities and accounts payable and accrued
liabilities. Financial liabilities are initially recognized at the amount required to be paid, less, when
material, a discount to reduce the payables to fair value. Subsequently, financial liabilities are
measured at amortized cost using the effective interest method.
Financial liabilities are classified as current liabilities if payment is due within twelve
months.
Investments
The Company had investment in certain private companies including its investment in Red Leaf. The
Company acquired remainder of Red Leaf Resources Inc. in December, 2025, therefore, Red Leaf is
now the wholly owned subsidiary of the Company. See Note 6 for further details.
For the comparative period, the Company used the equity method of accounting to reflect its
ownership in Red Leaf. Under the equity method, the Company\u2019s initial and subsequent investments
are recognized at cost and subsequently adjusted for the Company\u2019s share of Red Leaf\u2019s income or
loss, less distributions received. The Company is deemed to have significant influence in Red Leaf on
the basis that it holds more than 20% of the voting power and the ability to participate in the decision
making process of Red Leaf through its current Board representation.
Share capital
Common Shares are classified as equity. Incremental costs directly attributable to the issue of
Common Shares are recognized as a deduction from equity, net of any tax effects.
Exploration and evaluation assets
Exploration and evaluation costs, including the costs of acquiring licenses, exploratory well
expenditures, costs to evaluate the commercial potential of underlying resources and directly
attributable general and administrative costs, are capitalized as E&E assets. The costs are
accumulated in cost centres by exploration area pending determination of technical feasibility and
commercial viability. Gains and losses on E&E assets are recognized on disposal through the income
statement.
The technical feasibility and commercial viability of extracting a mineral resource is considered to be
determinable based on several factors including the assignment of reserves. A review of each
exploration license or field is carried out, at each reporting date, to ascertain whether technical
feasibility and commercial viability has been achieved. Upon determination of technical feasibility and
commercial viability, intangible exploration and evaluation assets attributable to those reserves are
first tested for impairment and then reclassified from exploration and evaluation assets to property,
plant and equipment.
Every reporting period, the Company evaluates individually significant exploration and evaluation wells
for impairment, if there are specific impairment indicators evident at the well level. If technical
feasibility and commercial viability of the well is not established, the well costs are written off. For
insignificant wells, overall exploration and evaluation well indicators are evaluated. If there are
\n
indicators of impairment, the wells are tested for impairment at the CGU level.
\n
Costs incurred prior to acquiring the legal rights to explore an area are recognized as exploration and
\n
evaluation expense in profit or loss.
\n
Property, Plant and Equipment
\n
The costs to acquire and to develop oil and gas properties, including completing geological and
\n
geophysical surveys and drilling development wells, and the costs to construct and install
\n
development infrastructure are capitalized as oil and gas properties within Property, Plant and
\n
Equipment. Items of PP&E, which include oil and gas development and production assets, are
\n
measured at cost less accumulated depletion and depreciation and accumulated impairment losses.
\n
The costs of planned major inspection, overhaul and turnaround activities that maintain PP&E and
\n
benefit future years of operations are capitalized. Recurring planned maintenance activities performed
\n
on shorter intervals are expensed as operating costs. Replacements outside of a major inspection,
\n
overhaul or turnaround are capitalized when it is probable that future economic benefits will be
\n
realized by the company and the associated carrying amount of the replaced component is
\n
derecognized.
\n
Borrowing costs relating to assets that take over one year to construct are capitalized as part of the
\n
asset. Capitalization of borrowing costs ceases when the asset is in the location and condition
\n
necessary for its intended use, and is suspended when construction of an asset is ceased for
\n
extended periods.
\n
Gains and losses on disposal of an item of PP&E, including oil and natural gas interests, are
\n
determined by comparing the proceeds from disposal with the carrying amount of the property, plant
\n
and equipment and are recognized net within gain (loss) on divestures in profit or loss.
\n
Exchanges of properties are measured at fair value, unless the transaction lacks commercial
\n
substance or fair value cannot be reliably measured. When the exchange is at fair value, a gain or loss
\n
is recognized in profit or loss.
\n
Depletion and depreciation
\n
The net carrying value of development and production assets is depleted using the unit of production
\n
method based on estimated proved and probable reserves, considering estimated future
\n
development costs necessary to bring those reserves into production. These estimates are evaluated
\n
by independent reserve engineers at least annually.
\n
For the capital assets, depreciation is recognized in profit or loss on a straight-line basis over the
\n
respective useful lives.
\n
Depreciation methods and useful lives are reviewed at each reporting date.
Intangibles
Intangibles assets are measured at historical acquisition costs or at fair value when acquired in a
business combination, net of accumulated amortization and, if applicable, accumulated impairment
losses. Subsequent expenditures are capitalized only when they increase the future economic
benefits embodied in the specific asset to which they relate.
Amortization is calculated using the straight-line method based on the estimated useful life of the
assets, which is reviewed at each statement of financial position date.
Impairment
Non-financial assets
The carrying amounts of the Company\u2019s non-financial assets are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s
recoverable amount is estimated and compared to the carrying amount.
For the purpose of impairment testing, assets are grouped together into CGUs. Exploration and
evaluation assets are allocated to related CGUs when they are assessed for impairment, both at the
time of any triggering facts and circumstances as well as upon their reclassification to producing
assets.
The recoverable amount of an asset or a CGU is the greater of its VIU and FVLCD. FVLCD is
determined using discounted future cash flows of proved and probable reserves using an after tax
discount rate for FVLCD. In determining FVLCD, recent market transactions are considered, if
available. In the absence of such transactions, the discounted cash flow model is used. In assessing
VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the
asset.
An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognized in profit or loss.
Impairment losses recognized in prior
years are assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would
have been determined, net of depletion and depreciation or amortization, if no impairment loss had
been recognized. Impairment reversals are recognized in profit or loss.
Impairment of financial assets
Questerre applies the simplified approach to providing for expected credit losses prescribed by IFRS
9
Financial Instruments
(\u201cIFRS 9\u201d) which permits the use of the lifetime expected loss provision for
all trade receivables carried at amortized costs.
At each reporting date, the Company measures the lifetime expected loss provision taking into
consideration Questerre\u2019s historical credit loss experience as well as forward-looking information in
order to establish loss rates. The impairment loss (or reversal) is the amount of expected credit losses
that is required to adjust the loss allowance at the reporting date to the amount that is required to be
recognized. Also refer to Note 6.
Share based compensation
The Company has issued options to directors, officers and employees.
The Company accounts for its stock-based compensation awards on the basis that they will be equity
settled. Under the equity settled method, compensation costs attributable to stock options granted
to employees, officers or directors are measured at fair value at the grant date and expensed over the
vesting period with a corresponding increase to contributed surplus. The exercise of stock options is
recorded as an increase in Common Shares with a corresponding reduction in contributed surplus. A
forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options
that vest.
Provisions
A provision is recognized if, as a result of a past event, the Company has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation. Provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability.
Asset retirement obligation
The Company\u2019s activities give rise to dismantling, decommissioning and site disturbance remediation
activities. Provision is made for the estimated cost of site restoration and capitalized in the relevant
asset category.
Asset retirement obligations are measured at the present value of management\u2019s best estimate of
expenditure required to settle the present obligation at the balance sheet date. The best estimate of
the provision is recorded on a discounted basis using a risk-free interest rate. Subsequent to the initial
measurement, the obligation is adjusted at the end of each period to reflect the passage of time and
changes in the estimated future cash flows underlying the obligation. The increase in the provision
due to the passage of time is recognized as accretion of the asset retirement obligation whereas
increases or decreases due to changes in the estimated future cash flows and risk-free rates are
adjusted through property, plant and equipment or exploration and evaluation assets. Actual costs
incurred upon settlement of the asset retirement obligations are charged against the provision.
Revenue from commodity sales and royalties
Questerre principally generates revenue from the sale of commodities and revenue from royalties on
production from leases where it owns a working interest. Revenue is based on the consideration
specified in a contract and is recorded when control of the product or service passes to the customer
in accordance with terms of the contract. Questerre considers its performance obligations to be
satisfied and control to be transferred when all of the following conditions are satisfied:
\u2022
Questerre has transferred title and physical possession of the commodity to the buyer;
\u2022
Questerre has transferred the significant risks and rewards of ownership of the commodity to the
buyer; and
\u2022
Questerre has the present right to payment.
Revenue represents the Company\u2019s share of commodity sales net of royalty obligations to
governments and other mineral interest owners. Questerre sells its production pursuant to variable
priced contracts. The transaction price for variable priced contracts is based on the commodity price,
adjusted for quality, location or other factors, whereby each component of the pricing formula can be
either fixed or variable, depending on the contract terms. Under these contracts, the Company is
required to deliver a variable volume of crude oil, natural gas, condensate or NGLs and refined
products to the contract counterparty.
Revenue is recognized when a unit of production is delivered to the contract counterparty. The
amount of revenue recognized is based on the agreed upon transaction price, whereby any variability
in revenue is related specifically to the Company\u2019s efforts to deliver production. Therefore, the
resulting revenue is allocated to the production delivered in the period during which the variability
occurs. Revenues are normally collected in the month following delivery except where contract states
due upon delivery. Questerre does not have any contracts where the period between the transfer of
the promised goods or services to the customer and payment by the customer exceeds one year and
therefore Questerre does not adjust its revenue transactions for the time value of money. The
Company enters into contracts with customers that can have performance obligations that are
unsatisfied, or partially unsatisfied, at the reporting date.
Royalty revenue is recognized as it accrues in accordance with the terms of the governing agreement,
which is generally in the month when the product is produced with production volumes primarily
marketed with the payor\u2019s production. Royalty revenue is measured at fair value of the consideration
received when Management can reliably estimate the amount pursuant to the terms of the royalty
agreement. An accrual is included in revenue and accounts receivable for amounts not received at
the reporting date based on historical trends, new wells on stream and current market prices.
Differences between the estimates and actual amounts received are adjusted and recorded in the
period when the actual amounts are received.
Income tax
Deferred tax is recognized using the balance sheet method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is
not a business combination. Deferred tax is measured at the tax rates that are expected to be applied
to temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the related tax
asset will be realized.
The effect of a change in enacted or substantively enacted income tax rates on future income tax
assets and liabilities is recognized in profit or loss in the period that the change occurs unless the
original entry was recorded to equity.
Inventories
The Company\u2019s crude oil inventories may be marketed in their raw state, as well as consumed in the
production process of their by-products. Work-in-process products are composed of product streams
that have already gone through at least one processing unit but still need to be processed, treated, or
converted to be made available for sale. Materials and supplies mainly represent production inputs
and operating materials that will be used in the Company\u2019s activities and are presented at average
purchase cost.
Product inventories are valued at the lower of cost, using a first-in, first-out, or weighted average cost
basis, and net realizable value. Parts and supplies are valued at the lower of weighted average cost
and net realizable value. The cost of inventory includes purchase costs, direct production costs, and
depletion, depreciation and accretion (\u201cDD&A\u201d). Net realizable value is the estimated selling price in
the ordinary course of business less expected selling costs. If the carrying amount exceeds net
realizable value, a write-down is recognized in net earnings (loss).
Net profit or loss per share
Basic per share amounts are calculated using the weighted average number of shares outstanding
during the
year. Diluted per share amounts are calculated using the weighted average number of
shares outstanding, adjusted for the potential number of shares which may have a dilutive impact on
net profit. Potentially dilutive shares include stock options. The weighted average number of diluted
shares is calculated in accordance with the treasury stock method. The treasury stock method
assumes that the proceeds received from the exercise of all potentially dilutive instruments are used
to repurchase Common Shares at the average market price.
Since the options may be settled in cash or shares at the Company\u2019s discretion and therefore there
is no obligation to settle in cash, the share units are accounted for as equity-settled share based
payment transactions and included in diluted profit per share if the effect is dilutive.
Leases
Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases.
Certain short-term leases (less than 12 months) and leases of low-value assets are exempt from the
requirements and may continue to be treated as operating leases. The right-of-use assets recognized
are subsequently depreciated using the straight-line method from the commencement date to the
earlier of the end of the useful life of the right-of-use assets or the end of the lease term. The
estimated useful lives of right-of-use assets are determined on the same basis as those of property
and equipment. In addition, the right-of-use assets are periodically reduced by impairment losses, if
any, and adjusted for certain re-measurements of the lease liabilities.
The lease liabilities are initially measured at the present value of the lease payments that are not paid
at the commencement date, discounted using the interest rate implicit in the lease or, if that rate
cannot be readily determined, the Company's incremental borrowing rate. The Company uses its
incremental borrowing rate as the discount rate.
The lease liabilities are subsequently measured at amortized cost using the effective interest method.
It is re-measured when there is a change in future lease payments arising from a change in an index
or rate, if there is a change in the Company's estimate of the amount expected to be payable under
a residual value guarantee, or if the Company changes its assessment of whether it will exercise a
purchase, extension or termination option.
When the lease liabilities are re-measured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use assets or is recorded in profit or loss if the carrying amount of the
right-of-use assets has been reduced to nil. The Company presents right-of-use assets and lease
liabilities separately in the balance sheet.
The application of IFRS 16 requires significant judgments and estimations to be made. Areas that
require judgment include identifying whether a contract (or part of a contract) includes a lease,
determining whether it is reasonably certain that an extension or termination option will be exercised,
determining whether variable payments are in substance fixed, establishing whether there are
multiple leases in an arrangement and determining the stand-alone amounts for lease and non-lease
components. Other sources of estimation uncertainty in the application of IFRS 16 include estimating
the lease term, determining the appropriate discount rate to apply to lease payments and assessing
whether a right-of-use assets are impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "Basis of consolidation
i)
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power
to govern the financial and operating policies of an entity to obtain benefits from its activities. In
assessing control, potential voting rights that currently are exercisable are considered.
ii)
Transactions eliminated on consolidation
Intercompany balances and transactions, and any unrealized income and expenses arising from
intercompany transactions, are eliminated in preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "i)
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power
to govern the financial and operating policies of an entity to obtain benefits from its activities. In
assessing control, potential voting rights that currently are exercisable are considered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "Foreign currency
i)
Foreign currency transactions
Transactions in foreign currencies are translated into the respective entity's functional currency at the
exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign
currencies are translated into the functional currency at the exchange rate at the reporting date. Non-
monetary assets that are measured in a foreign currency at historical cost are translated using the
exchange rate at the date of the transaction. Translation gains and losses are included in earnings in
the period in which they arise.
ii)
Foreign Operations
In preparing the Company's consolidated financial statements, the financial statements of each entity
are translated into Canadian dollars. The assets and liabilities of foreign operations are translated at
the exchange rates at the reporting date. The revenues and expenses of foreign operations are
translated at the exchange rates that approximate those dates of the transactions.
Foreign currency differences are recognized in other comprehensive income (\"OCI\") and accumulated
in the translation reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows
from the assets have expired or have been transferred and the Company has transferred substantially
all risks and rewards of ownership. Financial liabilities are derecognized when the obligation specified
in the contract is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to settle
on a net basis or realize the asset and settle the liability simultaneously.
The Company classifies its financial instruments in the following categories, at initial recognition,
depending on the purpose for which the instruments were acquired.
Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.Financial liabilities at amortized cost
Financial liabilities at amortized cost comprise credit facilities and accounts payable and accrued
liabilities. Financial liabilities are initially recognized at the amount required to be paid, less, when
material, a discount to reduce the payables to fair value. Subsequently, financial liabilities are
measured at amortized cost using the effective interest method.
Financial liabilities are classified as current liabilities if payment is due within twelve
months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows
from the assets have expired or have been transferred and the Company has transferred substantially
all risks and rewards of ownership. Financial liabilities are derecognized when the obligation specified
in the contract is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to settle
on a net basis or realize the asset and settle the liability simultaneously.
The Company classifies its financial instruments in the following categories, at initial recognition,
depending on the purpose for which the instruments were acquired.
Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.
Financial assets at amortized cost
Financial assets at amortized cost are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They include accounts receivable and deposits.
These assets are included in current assets due to their short-term nature. They are recognized initially
at the amount expected to be received, less, when material, a discount to reduce to fair value.
Subsequently, they are measured at amortized cost using the effective interest method less a
provision for impairment.
Cash and cash equivalents include deposits held with banks, less outstanding cheques, and short-
term deposits with original maturities of one
year or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows
from the assets have expired or have been transferred and the Company has transferred substantially
all risks and rewards of ownership. Financial liabilities are derecognized when the obligation specified
in the contract is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to settle
on a net basis or realize the asset and settle the liability simultaneously.
The Company classifies its financial instruments in the following categories, at initial recognition,
depending on the purpose for which the instruments were acquired.
Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.
Financial assets at amortized cost
Financial assets at amortized cost are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They include accounts receivable and deposits.
These assets are included in current assets due to their short-term nature. They are recognized initially
at the amount expected to be received, less, when material, a discount to reduce to fair value.
Subsequently, they are measured at amortized cost using the effective interest method less a
provision for impairment.
Cash and cash equivalents include deposits held with banks, less outstanding cheques, and short-
term deposits with original maturities of one
year or less.
Financial liabilities at amortized cost
Financial liabilities at amortized cost comprise credit facilities and accounts payable and accrued
liabilities. Financial liabilities are initially recognized at the amount required to be paid, less, when
material, a discount to reduce the payables to fair value. Subsequently, financial liabilities are
measured at amortized cost using the effective interest method.
Financial liabilities are classified as current liabilities if payment is due within twelve
months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows
from the assets have expired or have been transferred and the Company has transferred substantially
all risks and rewards of ownership. Financial liabilities are derecognized when the obligation specified
in the contract is discharged, cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to settle
on a net basis or realize the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "Financial assets and liabilities at fair value through profit or loss
A financial asset or liability is classified in this category if it is held for trading. Derivatives are also
included in this category unless they are designated as hedges. The Company has designated its risk
management contracts in this category.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "Financial assets at amortized cost
Financial assets at amortized cost are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They include accounts receivable and deposits.
These assets are included in current assets due to their short-term nature. They are recognized initially
at the amount expected to be received, less, when material, a discount to reduce to fair value.
Subsequently, they are measured at amortized cost using the effective interest method less a
provision for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "Financial assets at amortized costCash and cash equivalents include deposits held with banks, less outstanding cheques, and short-
term deposits with original maturities of one
year or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00135": { "value": "Investments
The Company had investment in certain private companies including its investment in Red Leaf. The
Company acquired remainder of Red Leaf Resources Inc. in December, 2025, therefore, Red Leaf is
now the wholly owned subsidiary of the Company. See Note 6 for further details.
For the comparative period, the Company used the equity method of accounting to reflect its
ownership in Red Leaf. Under the equity method, the Company\u2019s initial and subsequent investments
are recognized at cost and subsequently adjusted for the Company\u2019s share of Red Leaf\u2019s income or
loss, less distributions received. The Company is deemed to have significant influence in Red Leaf on
the basis that it holds more than 20% of the voting power and the ability to participate in the decision
making process of Red Leaf through its current Board representation.6. Red Leaf Acquisition
Red Leaf Resources Inc. (\u201cRed Leaf\u201d) is a private Utah-based oil shale and technology company
\n
whose principal assets are its proprietary HCCO technology to recover oil from shale, its oil shale
\n
leases and its assets in the Uinta Basin in the state of Utah.
\n
On December 30, 2025, the Company acquired the remaining equity interests in Red Leaf Resources
\n
Inc., increasing its ownership from approximately to 100%. Total consideration transferred was $8.6
\n
million and consisted primarily of (i) issuance of Questerre common shares to Red Leaf common
\n
shareholders and (ii) cash paid to acquire/settle Red Leaf preferred shares. Right before the
\n
acquisition, Questerre held approximately 38% of the common share capital of Red Leaf and
\n
approximately 16% of the issued and outstanding preferred share capital of Red Leaf on a non-diluted
\n
basis.
\n
The Company assessed the acquired set of activities and assets and concluded that Red Leaf did not
\n
meet the definition of a business for the purposes of IFRS 3
Business Combinations
. In making this
\n
determination, the Company applied the optional concentration test in IFRS 3 and concluded that
\n
substantially all of the fair value of the gross assets acquired was concentrated in a group of similar
\n
identifiable assets. As a result, the transaction was accounted for as an asset acquisition and not as
\n
a business combination.
\n
The following table summarizes the Company\u2019s allocation of the acquisition costs to the identified
\n
assets acquire and liabilities assumed:
\u00a0
($ thousands
)
Cash and cash equivalents
$
10,792
Restricted cash
2,050
Other current assets
\u2013
Property, plant and equipment
785
Asset retirement obligation
(313)
Net Assets Acquired
$
13,314
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
4,359
$
4,471
Reclassification on change of control
(6,623)
\u2013
Gain (loss) on equity investment
2,388
(474)
Gain (loss) on foreign exchange
(124)
362
Balance, end of the year
$
\u2013
$
4,359
\n
The previously held interest in Red Leaf was re-measured to fair value at the acquisition date. The
\n
acquisition date fair value of the previously held interest was estimated to be $5.2 million and the net
\n
carrying value of the Red Leaf assets was $4.4 million. The company recognized a non-cash
\n
revaluation gain of its existing interest of $0.8 million in the consolidated statements of
\ncomprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Share capital
Common Shares are classified as equity. Incremental costs directly attributable to the issue of
Common Shares are recognized as a deduction from equity, net of any tax effects.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Exploration and evaluation assets
Exploration and evaluation costs, including the costs of acquiring licenses, exploratory well
expenditures, costs to evaluate the commercial potential of underlying resources and directly
attributable general and administrative costs, are capitalized as E&E assets. The costs are
accumulated in cost centres by exploration area pending determination of technical feasibility and
commercial viability. Gains and losses on E&E assets are recognized on disposal through the income
statement.
The technical feasibility and commercial viability of extracting a mineral resource is considered to be
determinable based on several factors including the assignment of reserves. A review of each
exploration license or field is carried out, at each reporting date, to ascertain whether technical
feasibility and commercial viability has been achieved. Upon determination of technical feasibility and
commercial viability, intangible exploration and evaluation assets attributable to those reserves are
first tested for impairment and then reclassified from exploration and evaluation assets to property,
plant and equipment.
Every reporting period, the Company evaluates individually significant exploration and evaluation wells
for impairment, if there are specific impairment indicators evident at the well level. If technical
feasibility and commercial viability of the well is not established, the well costs are written off. For
\n
insignificant wells, overall exploration and evaluation well indicators are evaluated. If there are
\n
indicators of impairment, the wells are tested for impairment at the CGU level.
\n
Costs incurred prior to acquiring the legal rights to explore an area are recognized as exploration and
\nevaluation expense in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "Exploration and evaluation assets
Exploration and evaluation costs, including the costs of acquiring licenses, exploratory well
expenditures, costs to evaluate the commercial potential of underlying resources and directly
attributable general and administrative costs, are capitalized as E&E assets. The costs are
accumulated in cost centres by exploration area pending determination of technical feasibility and
commercial viability. Gains and losses on E&E assets are recognized on disposal through the income
statement.
The technical feasibility and commercial viability of extracting a mineral resource is considered to be
determinable based on several factors including the assignment of reserves. A review of each
exploration license or field is carried out, at each reporting date, to ascertain whether technical
feasibility and commercial viability has been achieved. Upon determination of technical feasibility and
commercial viability, intangible exploration and evaluation assets attributable to those reserves are
first tested for impairment and then reclassified from exploration and evaluation assets to property,
plant and equipment.
Every reporting period, the Company evaluates individually significant exploration and evaluation wells
for impairment, if there are specific impairment indicators evident at the well level. If technical
feasibility and commercial viability of the well is not established, the well costs are written off. For
\n
insignificant wells, overall exploration and evaluation well indicators are evaluated. If there are
\n
indicators of impairment, the wells are tested for impairment at the CGU level.
\n
Costs incurred prior to acquiring the legal rights to explore an area are recognized as exploration and
\nevaluation expense in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "Property, Plant and Equipment
The costs to acquire and to develop oil and gas properties, including completing geological and
\n
geophysical surveys and drilling development wells, and the costs to construct and install
\n
development infrastructure are capitalized as oil and gas properties within Property, Plant and
\n
Equipment. Items of PP&E, which include oil and gas development and production assets, are
\n
measured at cost less accumulated depletion and depreciation and accumulated impairment losses.
\n
The costs of planned major inspection, overhaul and turnaround activities that maintain PP&E and
\n
benefit future years of operations are capitalized. Recurring planned maintenance activities performed
\n
on shorter intervals are expensed as operating costs. Replacements outside of a major inspection,
\n
overhaul or turnaround are capitalized when it is probable that future economic benefits will be
\n
realized by the company and the associated carrying amount of the replaced component is
\n
derecognized.
\n
Borrowing costs relating to assets that take over one year to construct are capitalized as part of the
\n
asset. Capitalization of borrowing costs ceases when the asset is in the location and condition
\n
necessary for its intended use, and is suspended when construction of an asset is ceased for
\n
extended periods.
\n
Gains and losses on disposal of an item of PP&E, including oil and natural gas interests, are
\n
determined by comparing the proceeds from disposal with the carrying amount of the property, plant
\n
and equipment and are recognized net within gain (loss) on divestures in profit or loss.
\n
Exchanges of properties are measured at fair value, unless the transaction lacks commercial
\n
substance or fair value cannot be reliably measured. When the exchange is at fair value, a gain or loss
\n
is recognized in profit or loss.
\n
Depletion and depreciation
\n
The net carrying value of development and production assets is depleted using the unit of production
\n
method based on estimated proved and probable reserves, considering estimated future
\n
development costs necessary to bring those reserves into production. These estimates are evaluated
\n
by independent reserve engineers at least annually.
\n
For the capital assets, depreciation is recognized in profit or loss on a straight-line basis over the
\n
respective useful lives.
\nDepreciation methods and useful lives are reviewed at each reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "Depletion and depreciation
The net carrying value of development and production assets is depleted using the unit of production
\n
method based on estimated proved and probable reserves, considering estimated future
\n
development costs necessary to bring those reserves into production. These estimates are evaluated
\n
by independent reserve engineers at least annually.
\n
For the capital assets, depreciation is recognized in profit or loss on a straight-line basis over the
\n
respective useful lives.
Depreciation methods and useful lives are reviewed at each reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "Intangibles
Intangibles assets are measured at historical acquisition costs or at fair value when acquired in a
business combination, net of accumulated amortization and, if applicable, accumulated impairment
losses. Subsequent expenditures are capitalized only when they increase the future economic
benefits embodied in the specific asset to which they relate.
Amortization is calculated using the straight-line method based on the estimated useful life of the
assets, which is reviewed at each statement of financial position date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Impairment
Non-financial assets
The carrying amounts of the Company\u2019s non-financial assets are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s
recoverable amount is estimated and compared to the carrying amount.
For the purpose of impairment testing, assets are grouped together into CGUs. Exploration and
evaluation assets are allocated to related CGUs when they are assessed for impairment, both at the
time of any triggering facts and circumstances as well as upon their reclassification to producing
assets.
The recoverable amount of an asset or a CGU is the greater of its VIU and FVLCD. FVLCD is
determined using discounted future cash flows of proved and probable reserves using an after tax
discount rate for FVLCD. In determining FVLCD, recent market transactions are considered, if
available. In the absence of such transactions, the discounted cash flow model is used. In assessing
VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the
asset.
An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognized in profit or loss.
Impairment losses recognized in prior
years are assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would
have been determined, net of depletion and depreciation or amortization, if no impairment loss had
been recognized. Impairment reversals are recognized in profit or loss.
Impairment of financial assets
Questerre applies the simplified approach to providing for expected credit losses prescribed by IFRS
9
Financial Instruments
(\u201cIFRS 9\u201d) which permits the use of the lifetime expected loss provision for
all trade receivables carried at amortized costs.
At each reporting date, the Company measures the lifetime expected loss provision taking into
consideration Questerre\u2019s historical credit loss experience as well as forward-looking information in
order to establish loss rates. The impairment loss (or reversal) is the amount of expected credit losses
that is required to adjust the loss allowance at the reporting date to the amount that is required to be
recognized. Also refer to Note 6.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Non-financial assets
The carrying amounts of the Company\u2019s non-financial assets are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s
recoverable amount is estimated and compared to the carrying amount.
For the purpose of impairment testing, assets are grouped together into CGUs. Exploration and
evaluation assets are allocated to related CGUs when they are assessed for impairment, both at the
time of any triggering facts and circumstances as well as upon their reclassification to producing
assets.
The recoverable amount of an asset or a CGU is the greater of its VIU and FVLCD. FVLCD is
determined using discounted future cash flows of proved and probable reserves using an after tax
discount rate for FVLCD. In determining FVLCD, recent market transactions are considered, if
available. In the absence of such transactions, the discounted cash flow model is used. In assessing
VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the
asset.
An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognized in profit or loss.
Impairment losses recognized in prior
years are assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would
have been determined, net of depletion and depreciation or amortization, if no impairment loss had
been recognized. Impairment reversals are recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Impairment of financial assets
Questerre applies the simplified approach to providing for expected credit losses prescribed by IFRS
9
Financial Instruments
(\u201cIFRS 9\u201d) which permits the use of the lifetime expected loss provision for
all trade receivables carried at amortized costs.
At each reporting date, the Company measures the lifetime expected loss provision taking into
consideration Questerre\u2019s historical credit loss experience as well as forward-looking information in
order to establish loss rates. The impairment loss (or reversal) is the amount of expected credit losses
that is required to adjust the loss allowance at the reporting date to the amount that is required to be
recognized. Also refer to Note 6.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Share based compensation
The Company has issued options to directors, officers and employees.
The Company accounts for its stock-based compensation awards on the basis that they will be equity
settled. Under the equity settled method, compensation costs attributable to stock options granted
to employees, officers or directors are measured at fair value at the grant date and expensed over the
vesting period with a corresponding increase to contributed surplus. The exercise of stock options is
recorded as an increase in Common Shares with a corresponding reduction in contributed surplus. A
forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options
that vest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Provisions
A provision is recognized if, as a result of a past event, the Company has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation. Provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability.
Asset retirement obligation
The Company\u2019s activities give rise to dismantling, decommissioning and site disturbance remediation
activities. Provision is made for the estimated cost of site restoration and capitalized in the relevant
asset category.
Asset retirement obligations are measured at the present value of management\u2019s best estimate of
expenditure required to settle the present obligation at the balance sheet date. The best estimate of
the provision is recorded on a discounted basis using a risk-free interest rate. Subsequent to the initial
measurement, the obligation is adjusted at the end of each period to reflect the passage of time and
changes in the estimated future cash flows underlying the obligation. The increase in the provision
due to the passage of time is recognized as accretion of the asset retirement obligation whereas
increases or decreases due to changes in the estimated future cash flows and risk-free rates are
adjusted through property, plant and equipment or exploration and evaluation assets. Actual costs
incurred upon settlement of the asset retirement obligations are charged against the provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Asset retirement obligation
The Company\u2019s activities give rise to dismantling, decommissioning and site disturbance remediation
activities. Provision is made for the estimated cost of site restoration and capitalized in the relevant
asset category.
Asset retirement obligations are measured at the present value of management\u2019s best estimate of
expenditure required to settle the present obligation at the balance sheet date. The best estimate of
the provision is recorded on a discounted basis using a risk-free interest rate. Subsequent to the initial
measurement, the obligation is adjusted at the end of each period to reflect the passage of time and
changes in the estimated future cash flows underlying the obligation. The increase in the provision
due to the passage of time is recognized as accretion of the asset retirement obligation whereas
increases or decreases due to changes in the estimated future cash flows and risk-free rates are
adjusted through property, plant and equipment or exploration and evaluation assets. Actual costs
incurred upon settlement of the asset retirement obligations are charged against the provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Asset retirement obligation
The Company\u2019s activities give rise to dismantling, decommissioning and site disturbance remediation
activities. Provision is made for the estimated cost of site restoration and capitalized in the relevant
asset category.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Revenue from commodity sales and royalties
Questerre principally generates revenue from the sale of commodities and revenue from royalties on
production from leases where it owns a working interest. Revenue is based on the consideration
specified in a contract and is recorded when control of the product or service passes to the customer
in accordance with terms of the contract. Questerre considers its performance obligations to be
satisfied and control to be transferred when all of the following conditions are satisfied:
\u2022
Questerre has transferred title and physical possession of the commodity to the buyer;
\u2022
Questerre has transferred the significant risks and rewards of ownership of the commodity to the
buyer; and
\u2022
Questerre has the present right to payment.
Revenue represents the Company\u2019s share of commodity sales net of royalty obligations to
governments and other mineral interest owners. Questerre sells its production pursuant to variable
priced contracts. The transaction price for variable priced contracts is based on the commodity price,
adjusted for quality, location or other factors, whereby each component of the pricing formula can be
either fixed or variable, depending on the contract terms. Under these contracts, the Company is
required to deliver a variable volume of crude oil, natural gas, condensate or NGLs and refined
products to the contract counterparty.
Revenue is recognized when a unit of production is delivered to the contract counterparty. The
amount of revenue recognized is based on the agreed upon transaction price, whereby any variability
in revenue is related specifically to the Company\u2019s efforts to deliver production. Therefore, the
resulting revenue is allocated to the production delivered in the period during which the variability
occurs. Revenues are normally collected in the month following delivery except where contract states
due upon delivery. Questerre does not have any contracts where the period between the transfer of
the promised goods or services to the customer and payment by the customer exceeds one year and
therefore Questerre does not adjust its revenue transactions for the time value of money. The
Company enters into contracts with customers that can have performance obligations that are
unsatisfied, or partially unsatisfied, at the reporting date.
Royalty revenue is recognized as it accrues in accordance with the terms of the governing agreement,
which is generally in the month when the product is produced with production volumes primarily
marketed with the payor\u2019s production. Royalty revenue is measured at fair value of the consideration
received when Management can reliably estimate the amount pursuant to the terms of the royalty
agreement. An accrual is included in revenue and accounts receivable for amounts not received at
the reporting date based on historical trends, new wells on stream and current market prices.
Differences between the estimates and actual amounts received are adjusted and recorded in the
period when the actual amounts are received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Income tax
Deferred tax is recognized using the balance sheet method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is
not a business combination. Deferred tax is measured at the tax rates that are expected to be applied
to temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the related tax
asset will be realized.
The effect of a change in enacted or substantively enacted income tax rates on future income tax
assets and liabilities is recognized in profit or loss in the period that the change occurs unless the
original entry was recorded to equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Income tax
Deferred tax is recognized using the balance sheet method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is
not a business combination. Deferred tax is measured at the tax rates that are expected to be applied
to temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a
legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the related tax
asset will be realized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Inventories
The Company\u2019s crude oil inventories may be marketed in their raw state, as well as consumed in the
production process of their by-products. Work-in-process products are composed of product streams
that have already gone through at least one processing unit but still need to be processed, treated, or
converted to be made available for sale. Materials and supplies mainly represent production inputs
and operating materials that will be used in the Company\u2019s activities and are presented at average
purchase cost.
Product inventories are valued at the lower of cost, using a first-in, first-out, or weighted average cost
basis, and net realizable value. Parts and supplies are valued at the lower of weighted average cost
and net realizable value. The cost of inventory includes purchase costs, direct production costs, and
depletion, depreciation and accretion (\u201cDD&A\u201d). Net realizable value is the estimated selling price in
the ordinary course of business less expected selling costs. If the carrying amount exceeds net
realizable value, a write-down is recognized in net earnings (loss).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Net profit or loss per share
Basic per share amounts are calculated using the weighted average number of shares outstanding
during the
year. Diluted per share amounts are calculated using the weighted average number of
shares outstanding, adjusted for the potential number of shares which may have a dilutive impact on
net profit. Potentially dilutive shares include stock options. The weighted average number of diluted
shares is calculated in accordance with the treasury stock method. The treasury stock method
assumes that the proceeds received from the exercise of all potentially dilutive instruments are used
to repurchase Common Shares at the average market price.
Since the options may be settled in cash or shares at the Company\u2019s discretion and therefore there
is no obligation to settle in cash, the share units are accounted for as equity-settled share based
payment transactions and included in diluted profit per share if the effect is dilutive.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Leases
Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases.
Certain short-term leases (less than 12 months) and leases of low-value assets are exempt from the
requirements and may continue to be treated as operating leases. The right-of-use assets recognized
are subsequently depreciated using the straight-line method from the commencement date to the
earlier of the end of the useful life of the right-of-use assets or the end of the lease term. The
estimated useful lives of right-of-use assets are determined on the same basis as those of property
and equipment. In addition, the right-of-use assets are periodically reduced by impairment losses, if
any, and adjusted for certain re-measurements of the lease liabilities.
The lease liabilities are initially measured at the present value of the lease payments that are not paid
at the commencement date, discounted using the interest rate implicit in the lease or, if that rate
cannot be readily determined, the Company's incremental borrowing rate. The Company uses its
incremental borrowing rate as the discount rate.
The lease liabilities are subsequently measured at amortized cost using the effective interest method.
It is re-measured when there is a change in future lease payments arising from a change in an index
or rate, if there is a change in the Company's estimate of the amount expected to be payable under
a residual value guarantee, or if the Company changes its assessment of whether it will exercise a
purchase, extension or termination option.
When the lease liabilities are re-measured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use assets or is recorded in profit or loss if the carrying amount of the
right-of-use assets has been reduced to nil. The Company presents right-of-use assets and lease
liabilities separately in the balance sheet.
The application of IFRS 16 requires significant judgments and estimations to be made. Areas that
require judgment include identifying whether a contract (or part of a contract) includes a lease,
determining whether it is reasonably certain that an extension or termination option will be exercised,
determining whether variable payments are in substance fixed, establishing whether there are
multiple leases in an arrangement and determining the stand-alone amounts for lease and non-lease
components. Other sources of estimation uncertainty in the application of IFRS 16 include estimating
the lease term, determining the appropriate discount rate to apply to lease payments and assessing
whether a right-of-use assets are impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": { "value": "4. Recent Accounting Pronouncements
New Accounting Standards and Interpretations not yet Adopted
There are new accounting standards, amendments to accounting standards and interpretations that
are effective for annual periods beginning on or after January 1, 2026, and have not been applied in
preparing the Consolidated Financial Statements for the year ended December 31, 2025. The
standards applicable to the Company are as follows and will be adopted on their respective dates:
Financial Instruments
On May 30, 2024, the IASB issued amendments to IFRS 9, \u201cFinancial Instruments\u201d, and IFRS 7,
\n
\u201cFinancial Instruments: Disclosures\u201d. The amendments include clarifications on the derecognition of
\n
financial liabilities and the classification of certain financial assets. In addition, new disclosure
\n
requirements for equity instruments designated as FVOCI were added. The amendments are
\n
effective for annual periods beginning on or after January 1, 2026, and will be applied retrospectively.
\n
The amendments to IFRS 9 and IFRS 7 will not have a material impact on the Consolidated Financial
\n
Statements.
\n
Presentation and Disclosure in Financial Statements
\n
On April 9, 2024, the IASB issued IFRS 18, \u201cPresentation and Disclosure in Financial Statements\u201d
\n
(\u201cIFRS 18\u201d), which will replace International Accounting Standard 1, \u201cPresentation of Financial
\n
Statements\u201d. IFRS 18 will establish a revised structure for the Consolidated Statements of
\n
Comprehensive Income (Loss) and improve comparability across entities and reporting periods. IFRS
\n
18 is effective for annual periods beginning on or after January 1, 2027. The standard is to be applied
\n
retrospectively, with certain transition provisions. The Company is continuing to evaluate the impacts
\n
of adopting IFRS 18 on the Consolidated Financial Statements. The Company will adopt IFRS 18
\neffective January 1, 2027, using the retrospective approach.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00118": { "value": "4. Recent Accounting Pronouncements
New Accounting Standards and Interpretations not yet Adopted
There are new accounting standards, amendments to accounting standards and interpretations that
are effective for annual periods beginning on or after January 1, 2026, and have not been applied in
preparing the Consolidated Financial Statements for the year ended December 31, 2025. The
standards applicable to the Company are as follows and will be adopted on their respective dates:
Financial Instruments
\n
On May 30, 2024, the IASB issued amendments to IFRS 9, \u201cFinancial Instruments\u201d, and IFRS 7,
\n
\u201cFinancial Instruments: Disclosures\u201d. The amendments include clarifications on the derecognition of
\n
financial liabilities and the classification of certain financial assets. In addition, new disclosure
\n
requirements for equity instruments designated as FVOCI were added. The amendments are
\n
effective for annual periods beginning on or after January 1, 2026, and will be applied retrospectively.
\n
The amendments to IFRS 9 and IFRS 7 will not have a material impact on the Consolidated Financial
\n
Statements.
\n
Presentation and Disclosure in Financial Statements
\n
On April 9, 2024, the IASB issued IFRS 18, \u201cPresentation and Disclosure in Financial Statements\u201d
\n
(\u201cIFRS 18\u201d), which will replace International Accounting Standard 1, \u201cPresentation of Financial
\n
Statements\u201d. IFRS 18 will establish a revised structure for the Consolidated Statements of
\n
Comprehensive Income (Loss) and improve comparability across entities and reporting periods. IFRS
\n
18 is effective for annual periods beginning on or after January 1, 2027. The standard is to be applied
\n
retrospectively, with certain transition provisions. The Company is continuing to evaluate the impacts
\n
of adopting IFRS 18 on the Consolidated Financial Statements. The Company will adopt IFRS 18
\neffective January 1, 2027, using the retrospective approach.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00119": { "value": "5. Business Combination
On September 26, 2025, the Company closed the acquisition of 100% of the common shares PX
\n
Energy, a privately held oil shale production and refining company based in southern Brazil. The
\n
Acquisition (the \u201cAcquisition\u201d) was completed by the purchase of all issued and outstanding shares
\n
of its parent company, Forbes Resources Brazil Holding SA (\u201cFRBH\u201d) from the vendors through a
\n
wholly owned subsidiary of the Company.
\n
The primary reason for the Acquisition is to advance the Company\u2019s strategy of seeking to
\n
commercially develop oil shale resources globally. It provides a platform of producing oil shale
\n
operations, including mining, processing and refining facilities as well as oil shale reserves and
\n
resources. PX Energy has over thirty years of operations and utilizes technology to produce oil from
\n
oil shale developed by an integrated energy company. The Acquisition includes downstream
\n
production expertise and complements the Company\u2019s experience with upstream resource
\n
development and technology assessment. It expands the Company\u2019s existing portfolio of oil shale
\n
assets including its project in the Kingdom of Jordan and its investment in Red Leaf, specifically its
\n
rights to use Red Leaf\u2019s proprietary technology to produce oil from shale that incorporates carbon
\n
capture.
\n
The Acquisition has been accounted for using the acquisition method in accordance with IFRS 3
\n
Business Combinations. Under the acquisition method, assets and liabilities are measured at their
\n
estimated fair value on the date of acquisition. The total consideration was allocated to the assets
\n
acquired and liabilities assumed. Transaction related costs are recorded in the income statement.
\n
Purchase Price Allocation
The Consideration consisted of (i) 15 million Class \u201cA\u201d common voting shares of Questerre
\n
(\u201cCommon Shares\u201d) (the \u201cFirst Tranche Common Shares\u201d), subject to a lock-up and voting
\n
agreement, with a deemed value of $5.0 million; (ii) contingent equity consideration consisting of two
\n
additional tranches of 25 million Common Shares, with an estimated fair value of $13.9 million at the
\n
acquisition date; and (iii) convertible promissory notes with principal of $14.9 million, and the
\n
assumption of a certain liabilities including obligations under a business combination agreement
\n
(\u201cBCA\u201d) with a special purpose acquisition company (\u201cSPAC\u201d) with an estimated fair value of $8.7
\n
million. See Note 13 for details.
\n
The contingent equity consideration is issuable upon the earlier of: (a) achievement of US$30 million
\n
in free cash flow or completion of an equity financing of $25 million at $0.50 per common share on or
\n
before September 30, 2027; and (b) achievement of US$40 million in free cash flow or completion of
\n
an equity financing of $25 million at $1.00 per common share on or before September 30, 2028.
\n
The following table summarizes the details of the consideration and the recognized amounts of assets
\n
acquired and liabilities assumed at the date of the acquisition:
\n\n \n
Consideration Transferred
($ thousands
)
Pending share issuance for acquisition
$
4,950
Contingent equity consideration
13,941
Obligations related to convertible promissory notes
15,188
Assumed liabilities
7,572
Total consideration transferred
$
41,651
\n \n
Identifiable Assets Acquired and Liabilities Assumed
($ thousands
)
Cash and cash equivalents
$
1,228
Restricted cash
1,254
Accounts receivable
5,920
Prepaid tax contributions
7,572
Inventory
7,957
Deposits and prepaid expenses
3,351
Right-of-use assets
1,698
Property, plant and equipment
258,274
Intangible asset
5,755
Deferred tax assets
\u2013
Other assets
709
Total assets acquired
$
293,718
Accounts payable and accrued liabilities
$
(15,792)
Advances from customers
(10,320)
Tax Contributions
(24,964)
Lease liabilities
(1,698)
Provisions
(61,873)
Contingent consideration for original acquisition of PX Energy
(15,333)
Secured debt
(17,348)
Asset retirement obligation
(95,539)
Total liabilities assumed
$
(242,867)
Net Identifiable Assets Acquired
$
50,851
\n
Acquisition Related Costs
\n
Acquisition related costs incurred in connection with the transaction were expensed as incurred.
\n
These costs totaled $3.3 million for the year ended December 31, 2025.
\n
The business combination with PX Energy contributed revenues of $32 million and operating income
\n
of $5 million since September 26, 2025 to December 31, 2025. If the Company had acquired PX
\n
Energy on January 1, 2025, the pro-forma results of the revenue and net income and comprehensive
\n
income for the year ended December 31, 2025 would have been as follows:
\n
[insert chart \u2013 proforma results]
\n
Concurrent with the Acquisition, the Company entered a binding term sheet with Nice Capital
\n
Holdings Ltda. (\u201cNice\u201d) a subsidiary of Nimofast, a private fuel distributor in Brazil, for a 50/50 joint
\n
venture for the ownership and management of PX Energy (the \u201cJoint Venture\u201d). In December 2025
\n
the term sheet for a 50/50 joint venture to develop Parana Xisto SA (\u201cPX Energy\u201d) expired in
\n
accordance with its terms, hence, the Company remained the 100% owner and operator of PX
\nEnergy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00115": { "value": "6. Red Leaf Acquisition
Red Leaf Resources Inc. (\u201cRed Leaf\u201d) is a private Utah-based oil shale and technology company
\n
whose principal assets are its proprietary HCCO technology to recover oil from shale, its oil shale
\n
leases and its assets in the Uinta Basin in the state of Utah.
\n
On December 30, 2025, the Company acquired the remaining equity interests in Red Leaf Resources
\n
Inc., increasing its ownership from approximately to 100%. Total consideration transferred was $8.6
\n
million and consisted primarily of (i) issuance of Questerre common shares to Red Leaf common
\n
shareholders and (ii) cash paid to acquire/settle Red Leaf preferred shares. Right before the
\n
acquisition, Questerre held approximately 38% of the common share capital of Red Leaf and
\n
approximately 16% of the issued and outstanding preferred share capital of Red Leaf on a non-diluted
\n
basis.
\n
The Company assessed the acquired set of activities and assets and concluded that Red Leaf did not
\n
meet the definition of a business for the purposes of IFRS 3
Business Combinations
. In making this
\n
determination, the Company applied the optional concentration test in IFRS 3 and concluded that
\n
substantially all of the fair value of the gross assets acquired was concentrated in a group of similar
\n
identifiable assets. As a result, the transaction was accounted for as an asset acquisition and not as
\n
a business combination.
\n
The following table summarizes the Company\u2019s allocation of the acquisition costs to the identified
\n
assets acquire and liabilities assumed:
\u00a0
($ thousands
)
Cash and cash equivalents
$
10,792
Restricted cash
2,050
Other current assets
\u2013
Property, plant and equipment
785
Asset retirement obligation
(313)
Net Assets Acquired
$
13,314
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
4,359
$
4,471
Reclassification on change of control
(6,623)
\u2013
Gain (loss) on equity investment
2,388
(474)
Gain (loss) on foreign exchange
(124)
362
Balance, end of the year
$
\u2013
$
4,359
\n
The previously held interest in Red Leaf was re-measured to fair value at the acquisition date. The
\n
acquisition date fair value of the previously held interest was estimated to be $5.2 million and the net
\n
carrying value of the Red Leaf assets was $4.4 million. The company recognized a non-cash
\n
revaluation gain of its existing interest of $0.8 million in the consolidated statements of
\ncomprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00136": { "value": "6. Red Leaf Acquisition
Red Leaf Resources Inc. (\u201cRed Leaf\u201d) is a private Utah-based oil shale and technology company
\n
whose principal assets are its proprietary HCCO technology to recover oil from shale, its oil shale
\n
leases and its assets in the Uinta Basin in the state of Utah.
\n
On December 30, 2025, the Company acquired the remaining equity interests in Red Leaf Resources
\n
Inc., increasing its ownership from approximately to 100%. Total consideration transferred was $8.6
\n
million and consisted primarily of (i) issuance of Questerre common shares to Red Leaf common
\n
shareholders and (ii) cash paid to acquire/settle Red Leaf preferred shares. Right before the
\n
acquisition, Questerre held approximately 38% of the common share capital of Red Leaf and
\n
approximately 16% of the issued and outstanding preferred share capital of Red Leaf on a non-diluted
\n
basis.
\n
The Company assessed the acquired set of activities and assets and concluded that Red Leaf did not
\n
meet the definition of a business for the purposes of IFRS 3
Business Combinations
. In making this
\n
determination, the Company applied the optional concentration test in IFRS 3 and concluded that
\n
substantially all of the fair value of the gross assets acquired was concentrated in a group of similar
\n
identifiable assets. As a result, the transaction was accounted for as an asset acquisition and not as
\n
a business combination.
\n
The following table summarizes the Company\u2019s allocation of the acquisition costs to the identified
\n
assets acquire and liabilities assumed:
\u00a0
($ thousands
)
Cash and cash equivalents
$
10,792
Restricted cash
2,050
Other current assets
\u2013
Property, plant and equipment
785
Asset retirement obligation
(313)
Net Assets Acquired
$
13,314
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
4,359
$
4,471
Reclassification on change of control
(6,623)
\u2013
Gain (loss) on equity investment
2,388
(474)
Gain (loss) on foreign exchange
(124)
362
Balance, end of the year
$
\u2013
$
4,359
\n
The previously held interest in Red Leaf was re-measured to fair value at the acquisition date. The
\n
acquisition date fair value of the previously held interest was estimated to be $5.2 million and the net
\n
carrying value of the Red Leaf assets was $4.4 million. The company recognized a non-cash
\n
revaluation gain of its existing interest of $0.8 million in the consolidated statements of
\ncomprehensive income. 19. Share Capital
The Company is authorized to issue an unlimited number of Common Shares. The Company is also
\n
authorized to issue an unlimited number of Class
\u201cB\u201d Common voting shares and an unlimited
\n
number of preferred shares, issuable in one or more series. At December 31, 2025 and 2024, there
\n
were no Class
\u201cB\u201d common voting shares or preferred shares outstanding.
a) Issued and outstanding \u2013 Common Shares
\u00a0
Number
Amount
\u00a0
(thousands)
($ thousands)
Balance, December 31, 2024
428,516
429,878
Shares issued for acquisition
17,248
5,347
Balance, December 31, 2025
445,764
$
435,225
\n
b) Per share amounts
Basic and Diluted net loss per share is calculated as follows:
\u00a0
December 31,
December 31,
(thousands, except as noted)
2025
2024
Net loss
$
(31,998)
$
(7,329)
Issued Common Shares at beginning of year
428,516
428,516
Shares issued for the acquisition
17,248
\u2013
Weighted average number of Common Shares beginning and
\u00a0 \u00a0
outstanding (basic and diluted)
445,763
428,516
Basic and diluted net loss per share
$
(0.07)
$
(0.02)
\n
Under the current stock option plan, options can be exchanged for Common Shares of the Company,
or for cash at the Company\u2019s discretion. They are considered potentially dilutive and are included in
the calculation of diluted net loss per share for the period. The average market value of the Common
Shares for purposes of calculating the dilutive effect of options was based on quoted market prices
for the period that the options were outstanding. At December 31, 2025, 23 million options
(December
31, 2024: 23.7 million) were excluded from the diluted weighted average number of
Common Shares outstanding calculation as their effect would have been anti-dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00137": { "value": "6. Red Leaf Acquisition
Red Leaf Resources Inc. (\u201cRed Leaf\u201d) is a private Utah-based oil shale and technology company
\n
whose principal assets are its proprietary HCCO technology to recover oil from shale, its oil shale
\n
leases and its assets in the Uinta Basin in the state of Utah.
\n
On December 30, 2025, the Company acquired the remaining equity interests in Red Leaf Resources
\n
Inc., increasing its ownership from approximately to 100%. Total consideration transferred was $8.6
\n
million and consisted primarily of (i) issuance of Questerre common shares to Red Leaf common
\n
shareholders and (ii) cash paid to acquire/settle Red Leaf preferred shares. Right before the
\n
acquisition, Questerre held approximately 38% of the common share capital of Red Leaf and
\n
approximately 16% of the issued and outstanding preferred share capital of Red Leaf on a non-diluted
\n
basis.
\n
The Company assessed the acquired set of activities and assets and concluded that Red Leaf did not
\n
meet the definition of a business for the purposes of IFRS 3
Business Combinations
. In making this
\n
determination, the Company applied the optional concentration test in IFRS 3 and concluded that
\n
substantially all of the fair value of the gross assets acquired was concentrated in a group of similar
\n
identifiable assets. As a result, the transaction was accounted for as an asset acquisition and not as
\n
a business combination.
\n
The following table summarizes the Company\u2019s allocation of the acquisition costs to the identified
\n
assets acquire and liabilities assumed:
\u00a0
($ thousands
)
Cash and cash equivalents
$
10,792
Restricted cash
2,050
Other current assets
\u2013
Property, plant and equipment
785
Asset retirement obligation
(313)
Net Assets Acquired
$
13,314
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
4,359
$
4,471
Reclassification on change of control
(6,623)
\u2013
Gain (loss) on equity investment
2,388
(474)
Gain (loss) on foreign exchange
(124)
362
Balance, end of the year
$
\u2013
$
4,359
\n
The previously held interest in Red Leaf was re-measured to fair value at the acquisition date. The
\n
acquisition date fair value of the previously held interest was estimated to be $5.2 million and the net
\n
carrying value of the Red Leaf assets was $4.4 million. The company recognized a non-cash
\n
revaluation gain of its existing interest of $0.8 million in the consolidated statements of
\ncomprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00120": { "value": "7. Cash and Cash Equivalents
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Bank balances
$
10,463
$
10,463
Short-term bank deposits
14,956
21,328
Cash and Cash equivalents
$
25,419
$
31,791
Letters of credit
$
399
$
Restricted Cash though business combination (Note 5)
3,122
\u2013
Restricted Cash and equivalents
$
3,521
$
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00121": { "value": "8. Inventories
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finished goods
(1)
2,447
$
\u2013
In-process products
(2)
876
\u2013
Materials and supplies
(3)
8,833
\u2013
Provision for inventory obsolescence
(3,615)
\u2013
Provision for adjustments to net realizable value
(19)
\u2013
Balance, end of period
$
8,522
$
\u2013
\n
(1) Includes fuel oil, LPG, sulfur, naphtha, shale water and fuel gas
(2) Shale oil and oily water
(3) Includes operating materials and sludge acquired from third-party
During 2025, inventory of XX was recorded as an expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00139": { "value": "9. Property, Plant and Equipment
A reconciliation of the PP&E assets is detailed below.
\n \n
($ thousands
)
Total
Cost or deemed cost:
Balance, December 31, 2023
$
314,321
Additions including change to asset retirement
4,000
Transfer from exploration and evaluation assets
8,605
Balance, December 31, 2024
326,926
Acquired in business combination (Note 5)
258,273
Asset acquisition (Note 6)
916
Capital expenditures
9,596
Transfer from exploration and evaluation assets
23,515
Changes to asset retirement obligation
(5,257)
Foreign exchange adjustments
(9,747)
Balance, December 31, 2025
$
604,222
Accumulated depletion, depreciation and impairment losses:
Balance, December 31, 2023
$
198,386
Depletion and depreciation
11,845
Balance, December 31, 2024
210,231
Depletion and depreciation
33,117
Foreign exchange adjustments
(476)
Balance, December 31, 2025
$
242,873
\n \n
($ thousands
)
Total
Net book value:
At December 31, 2024
$
116,695
At December 31, 2025
$
361,350
\na)
Right-of-use assets
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
128
$
180
Acquired from corporate acquisition
1,698
\u2013
Additions
6
8
Depreciation
(285)
(60)
Currency translation adjustment
(70)
\u00a0
Balance, end of year
$
1,477
$
128
\n
b)
Lease liabilities
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
139
$
192
Additions
21
8
Acquired from corporate acquisition
1,698
\u2013
Interest expense
23
4
Lease payments
(319)
(65)
Currency translation adjustment
(69)
\u2013
Balance, end of year
$
1,492
$
139
Current portion
1,007
56
Long term portion
485
83
Balance, end of year
$
1,492
$
139
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00140": { "value": "9. Property, Plant and Equipment
A reconciliation of the PP&E assets is detailed below.
\n \n
($ thousands
)
Total
Cost or deemed cost:
Balance, December 31, 2023
$
314,321
Additions including change to asset retirement
4,000
Transfer from exploration and evaluation assets
8,605
Balance, December 31, 2024
326,926
Acquired in business combination (Note 5)
258,273
Asset acquisition (Note 6)
916
Capital expenditures
9,596
Transfer from exploration and evaluation assets
23,515
Changes to asset retirement obligation
(5,257)
Foreign exchange adjustments
(9,747)
Balance, December 31, 2025
$
604,222
Accumulated depletion, depreciation and impairment losses:
Balance, December 31, 2023
$
198,386
Depletion and depreciation
11,845
Balance, December 31, 2024
210,231
Depletion and depreciation
33,117
Foreign exchange adjustments
(476)
Balance, December 31, 2025
$
242,873
\n \n
($ thousands
)
Total
Net book value:
At December 31, 2024
$
116,695
At December 31, 2025
$
361,350
\nIn 2025, the Company assessed its PP&E assets for indicators of impairment or impairment reversals.
With respect to the Kakwa CGU an indicator of impairment was identified as a result of the reduction
in the volume of reserves due to technical revisions. The result of the impairment test based on a
FVLCD assessment of the Kakwa CGU was that no impairment or impairment reversals were
recorded. The estimates of FVLCD were determined using a discount rate of 15% (2024: 15.8%) and
forecasted after tax cash flows based on proved plus probable reserves, with escalating prices,
royalties, operating costs and future development costs. No indicators of impairment or impairment
reversals were identified for the other CGUs in 2025.
The table below illustrates the impact of changes to the discount rate and price forecasts:
\n\n \u00a0 \u00a0 \u00a0 \u00a0\n \n
Five Percent
One Percent
Decrease in the
Increase in the
Forward Price
($ thousands)
Discount Rate
Estimates
Impairment charge of property, plant and equipment
$
5,724
$
17,845
\n
For the prior year, the Company recorded an impairment of $23.7 million as follows: Antler CGU
recorded an impairment expense of $5.3 million based on a FVLCD assessment and the Kakwa CGU
recorded an impairment expense of $18.4 million based on a VIU assessment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00138": { "value": "9. Property, Plant and Equipment
A reconciliation of the PP&E assets is detailed below.
\n \n
($ thousands
)
Total
Cost or deemed cost:
Balance, December 31, 2023
$
314,321
Additions including change to asset retirement
4,000
Transfer from exploration and evaluation assets
8,605
Balance, December 31, 2024
326,926
Acquired in business combination (Note 5)
258,273
Asset acquisition (Note 6)
916
Capital expenditures
9,596
Transfer from exploration and evaluation assets
23,515
Changes to asset retirement obligation
(5,257)
Foreign exchange adjustments
(9,747)
Balance, December 31, 2025
$
604,222
Accumulated depletion, depreciation and impairment losses:
Balance, December 31, 2023
$
198,386
Depletion and depreciation
11,845
Balance, December 31, 2024
210,231
Depletion and depreciation
33,117
Foreign exchange adjustments
(476)
Balance, December 31, 2025
$
242,873
\n \n
($ thousands
)
Total
Net book value:
At December 31, 2024
$
116,695
At December 31, 2025
$
361,350
\n
During the
years ended December 31, 2025, and 2024, the Company did not capitalize any
administrative overhead or share based compensation expense directly related to development
activities. Included in December 31, 2025, depletion calculation are future development costs of
$279.2 million (2024: $293.6 million) for Canada and \u2026.
As at December 31, 2025, the future prices used for impairment testing to determine cash flows from
oil and natural gas reserves were as follows:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Average
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Annual %
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Change
\u00a0
2026
2027
2028
2029
2030
Thereafter
WTI (US$/barrel)
59.92
63.82
67.55
67.79
67.78
2.00
BRENT (US$/barrel)
63.92
67.77
71.47
71.71
71.71
2.00
AECO ($/MMbtu)
3.00
3.24
3.35
3.38
3.38
2.00
\n
In 2025, the Company assessed its PP&E assets for indicators of impairment or impairment reversals.
With respect to the Kakwa CGU an indicator of impairment was identified as a result of the reduction
in the volume of reserves due to technical revisions. The result of the impairment test based on a
FVLCD assessment of the Kakwa CGU was that no impairment or impairment reversals were
recorded. The estimates of FVLCD were determined using a discount rate of 15% (2024: 15.8%) and
forecasted after tax cash flows based on proved plus probable reserves, with escalating prices,
royalties, operating costs and future development costs. No indicators of impairment or impairment
reversals were identified for the other CGUs in 2025.
The table below illustrates the impact of changes to the discount rate and price forecasts:
\n\n \u00a0 \u00a0 \u00a0 \u00a0\n \n
Five Percent
One Percent
Decrease in the
Increase in the
Forward Price
($ thousands)
Discount Rate
Estimates
Impairment charge of property, plant and equipment
$
5,724
$
17,845
\n
For the prior year, the Company recorded an impairment of $23.7 million as follows: Antler CGU
recorded an impairment expense of $5.3 million based on a FVLCD assessment and the Kakwa CGU
recorded an impairment expense of $18.4 million based on a VIU assessment.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00141": { "value": "10. Exploration and Evaluation Assets
Exploration and evaluation assets consist of the Company\u2019s exploration projects which are pending
the determination of technical feasibility and commercial viability. Additions represent the Company\u2019s
share of costs incurred on exploration and evaluation assets during the period.
A reconciliation of the movements in exploration and evaluation assets is detailed below.
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
13,106
$
12,287
Additions
16,008
16,344
Transfers to property, plant and equipment
(23,515)
(8,605)
Foreign currency translation adjustment - Jordan
\u2013
943
Impairment of Jordan asset
\u2013
(7,863)
Balance, end of period
$
5,599
$
13,106
\n
During the
year ended December 31, 2025, the Company capitalized administrative overhead charges
of $0.6 million (2024: $0.4 million) and $0.3 million (2024: $0.3 million) for capitalized share based
compensation expense directly related to exploration and evaluation activities.
Due to the impending expiry of its exclusive exploration rights in Jordan in the first half of 2025 and
no immediate plans to conclude a subsequent agreement, the Company recorded an impairment
expense of $7.9 million representing its E&E assets in the country for the year ending 2024. No
impairments were recorded for the Company\u2019s other CGUs in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00142": { "value": "11. Intangible Assets \n \n
December 31,
December 31,
($ thousands)
2025
2024
Balance, beginning of year
$
\u2013
$
\u2013
Software (acquired on close of business combination see Note 5)
5,755
\u2013
Additions
14
\u2013
Depreciation
(85)
\u2013
Foreign exchange adjustments
(232)
\u2013
Balance, end of period
$
5,452
$
\u2013
\n \n
($ thousands
)
Net book value:
Costs
$
5,536
$
\u2013
Accumulated depreciation
(85)
\u2013
$
5,452
$
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00143": { "value": "12. Deferred Income Taxes
NOT UPDATED
\n
The tax on the Company\u2019s net loss before taxes differs from the amount that would arise using the
\n
weighted average tax rate applicable to profits or losses of the consolidated entities as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net loss before taxes
$
(34,277)
$
(7,329)
Combined federal and provincial tax rate
23.82%
23.82%
Statutory tax (recovery)
(8,165)
(1,746)
Increase/(deduction) in tax expense resulting from:
\u00a0 \u00a0
Non-deductible differences and permanent items
\u00a0
1,567
Change in deferred tax asset not recognized
\u00a0
179
Change in deferred tax asset due to obtaining control of Red Leaf
\u00a0 \u00a0
Difference in jurisdictional tax rates
\u00a0 \u00a0
Other
\u00a0 \u00a0
Total income tax expense
$
(8,165)
$
-
\n
The Company evaluated the recoverability of its deferred tax assets using forecasted before-tax cash
\n
flows based on proved reserves, with escalating prices and future development costs obtained from
\n
an independent reserve evaluation report and a deduction for estimated general and administrative
\n
costs associated with these proved reserves. As a result, no deferred tax asset was recorded. The
\n
combined statutory tax rate was 23.82% in 2025 and 23.82% in 2024.
\n
The movement in deferred tax assets and liabilities during the
year, without taking into consideration
\n
the valuation allowances, are as follows:
\n
The following temporary differences have not been recognized:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Petroleum and natural gas properties
$
$
165,651
Investments
\u00a0
33,908
Asset retirement obligation and leases
\u00a0
19,420
Tax Reserves
\u00a0
\u2013
Other
\u00a0
\u2013
Capital losses
\u00a0
36,488
Net deferred income tax asset
$
\u2013
$
255,467
\n
A deferred tax asset is recognized to the extent that it is probable future taxable profits will be available
\n
against which the asset can be utilized. See note 2(e) for detail on the related judgments used in this
\n
determination. The provision of deferred tax assets and liabilities reflects the tax consequences that
\n
would follow from the expected recovery or settlement of the carrying amount of its assets and
liabilities. A deferred tax asset is recognized to the extent that it is probable future taxable profits will
\n
be available against which the asset can be utilized. See note 2(e) for detail on the related judgments
\n
used in this determination. The provision of deferred tax assets and liabilities reflects the tax
\n
consequences that would follow from the expected recovery or settlement of the carrying amount of
\n
its assets and liabilities.
\n
Deferred income tax assets are recognized for tax loss carry forwards to the extent that the realization
\n
of the related tax benefit is probably based on estimated future earnings. As of December 31, 2025
\n
our Canadian non-capital loss carry forwards were $xxx and capital loss carry forwards were $xxx
\n
million. The non-capital loss carry forwards begin to expire in 2046 and the capital losses do not expire
\n
but can only be utilize against future capital gains. Our Brazil non-capital loss carry forwards were XXX
\n
million Brazil Reais which does not expire but the annual use is restricted.
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net deferred income tax asset, beginning of year
$
\u2013
$
\u2013
Recognized in deferred income tax expense/(recovery)
\u2013
\u2013
Acquired from Forbes/PX Energy Acquisition
\u2013
\u2013
Change in unrecognized deferred tax assets
\u00a0 \u00a0
Other
\u00a0 \u00a0
Tax charge relating to components of other comprehensive income or
\u00a0 \u00a0
loss
\u2013
\u2013
Net deferred income tax asset, end of year
$
\u2013
$
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00144": { "value": "12. Deferred Income Taxes
NOT UPDATED
\n
The tax on the Company\u2019s net loss before taxes differs from the amount that would arise using the
\n
weighted average tax rate applicable to profits or losses of the consolidated entities as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net loss before taxes
$
(34,277)
$
(7,329)
Combined federal and provincial tax rate
23.82%
23.82%
Statutory tax (recovery)
(8,165)
(1,746)
Increase/(deduction) in tax expense resulting from:
\u00a0 \u00a0
Non-deductible differences and permanent items
\u00a0
1,567
Change in deferred tax asset not recognized
\u00a0
179
Change in deferred tax asset due to obtaining control of Red Leaf
\u00a0 \u00a0
Difference in jurisdictional tax rates
\u00a0 \u00a0
Other
\u00a0 \u00a0
Total income tax expense
$
(8,165)
$
-
\n
The Company evaluated the recoverability of its deferred tax assets using forecasted before-tax cash
\n
flows based on proved reserves, with escalating prices and future development costs obtained from
\n
an independent reserve evaluation report and a deduction for estimated general and administrative
\n
costs associated with these proved reserves. As a result, no deferred tax asset was recorded. The
\n
combined statutory tax rate was 23.82% in 2025 and 23.82% in 2024.
\n
The movement in deferred tax assets and liabilities during the
year, without taking into consideration
\n
the valuation allowances, are as follows:
\n
The following temporary differences have not been recognized:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Petroleum and natural gas properties
$
$
165,651
Investments
\u00a0
33,908
Asset retirement obligation and leases
\u00a0
19,420
Tax Reserves
\u00a0
\u2013
Other
\u00a0
\u2013
Capital losses
\u00a0
36,488
Net deferred income tax asset
$
\u2013
$
255,467
\n
A deferred tax asset is recognized to the extent that it is probable future taxable profits will be available
\n
against which the asset can be utilized. See note 2(e) for detail on the related judgments used in this
\n
determination. The provision of deferred tax assets and liabilities reflects the tax consequences that
\n
would follow from the expected recovery or settlement of the carrying amount of its assets and
\n
liabilities. A deferred tax asset is recognized to the extent that it is probable future taxable profits will
\n
be available against which the asset can be utilized. See note 2(e) for detail on the related judgments
\n
used in this determination. The provision of deferred tax assets and liabilities reflects the tax
\n
consequences that would follow from the expected recovery or settlement of the carrying amount of
\n
its assets and liabilities.
\n
Deferred income tax assets are recognized for tax loss carry forwards to the extent that the realization
\n
of the related tax benefit is probably based on estimated future earnings. As of December 31, 2025
\n
our Canadian non-capital loss carry forwards were $xxx and capital loss carry forwards were $xxx
\n
million. The non-capital loss carry forwards begin to expire in 2046 and the capital losses do not expire
\n
but can only be utilize against future capital gains. Our Brazil non-capital loss carry forwards were XXX
\n
million Brazil Reais which does not expire but the annual use is restricted.
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Net deferred income tax asset, beginning of year
$
\u2013
$
\u2013
Recognized in deferred income tax expense/(recovery)
\u2013
\u2013
Acquired from Forbes/PX Energy Acquisition
\u2013
\u2013
Change in unrecognized deferred tax assets
\u00a0 \u00a0
Other
\u00a0 \u00a0
Tax charge relating to components of other comprehensive income or
\u00a0 \u00a0
loss
\u2013
\u2013
Net deferred income tax asset, end of year
$
\u2013
$
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00123": { "value": "13. Debt
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Secured bonds
98,484
\u2013
Convertible Promissory notes
15,188
\u2013
Balance, end of year
$
113,672
$
\u2013
Current debt
15,188
\u2013
Long-term debt
98,484
\u2013
Balance, end of year
$
113,672
$
\u2013
\n
Secured Bonds
\n
In connection with the PX Energy Acquisition, the Company acquired senior secured bonds issued by
\n
FRBH with a maturity date of April 24, 2028. The bonds have a face value of US$80 million and an
\n
acquisition date fair value of US$66 million. The carrying amount will accrete from US$66 million to
\n
US$80 million with the accretion recognized on the income statement as finance costs at the effective
\n
interest rate. Interest will also be recognized as incurred. The bonds are secured by a fiduciary
\n
assignment of the equity of PX Energy and security over the assets of PX Energy.
The terms of the bonds were negotiated as part of the closing of the acquisition and are as follows:
\n
\u2022
Interest 10% per annum effective August 1, 2025. All accrued and unpaid interest up to
\n
December 31, 2025, converts into shares in the SPAC transaction. If the SPAC transaction
\n
does not proceed, no interest is payable in 2025. Thereafter, interest is payable quarterly
\n
based on Brent pricing ranging from 4% based on Brent pricing under US$55 per barrel to
\n
20% based on Brent pricing greater than US$95 per barrel with interest not to exceed 16%
\n
over the term of the bonds. Interest in 2026 may be payable in cash or in kind at the issuer\u2019s
\n
election with interest in 2027 onwards payable in kind if Brent prices are below US$65 per
\n
barrel.
\n
\u2022
The maturity may be extended for two one year terms for a fee of 2% of the principal for each
\n
extension.
\n
Additional amendments to the bond terms were also approved including covenant waivers to permit
\n
the normal operation of bank accounts and working capital, including waivers to reduce the minimum
\n
liquidity to US$3.2 million and a waiver to comply with the interest coverage ratio until December 31,
\n
2025.
\n
Below are the main financial covenant clauses of the outstanding bonds:
\n
\u2022
Interest coverage ratio greater than 1.3x;
\n
\u2022
Minimum liquidity of US$3.2 million.
\n
Convertible Promissory Notes
\n
The consideration for the Acquisition also included the assumption of the vendor\u2019s obligations under
\n
a business combination agreement (\u201cBCA\u201d) with a special purpose acquisition company (\u201cSPAC\u201d).
\n
Pursuant to the BCA, the Company\u2019s wholly owned subsidiary has assumed the obligation to combine
\n
with the SPAC in a go-public transaction. The BCA is subject to conditions precedent including receipt
\n
of regulatory approvals, the filing of a Proxy/Registration Statement with the Securities and Exchange
\n
Commission and the completion of this transaction prior to December 31, 2026. Under the BCA, the
\n
Company\u2019s subsidiary assumed obligations related to the SPAC, and other liabilities, with an
\n
estimated fair value of $7.6 million. Related to the SPAC and subject to the issuance of the First
\n
Tranche Common Shares and associated transactions, the Company\u2019s subsidiary will assume
\n
convertible promissory notes originally issued by the vendor in the principal amount of $15.2 million.
\n
The notes bear interest at 12% per annum and are due on December 31, 2026. PX Energy has issued
\n
a US$5 million guarantee for these notes. Subject to conditional precedent in the BCA and the closing
\n
of the SPAC transaction, the notes are convertible into common shares of the SPAC. If the SPAC
\n
transaction does not proceed, the notes are due and payable or convertible into equity of the
\n
Company\u2019s subsidiary.
The contingent obligations under the convertible promissory notes and other liabilities were measured
at their estimated fair value at the closing date of the Acquisition. See Note 5 or Note 13.
Credit Facilities
The Company\u2019s facilities with a Canadian chartered bank were maintained at $16 million for the year.
The credit facilities include a revolving operating demand facility of $16 million (\u201cFacility A\u201d). Facility
A can be used for general corporate purposes, ongoing operations, and capital expenditures within
Canada. Any borrowing under the credit facilities, with the exception of letters of credit, bears interest
at the bank\u2019s prime interest rate and an applicable basis point margin based on the ratio of debt to
cash flow measured quarterly. The facilities are secured by a debenture with a first floating charge
over all assets of the Company and a general assignment of books debts.
Under the terms of the credit facility, the Company has provided a covenant that it will maintain an
Adjusted Working Capital Ratio greater than 1.0. The ratio is defined as current assets (excluding
unrealized hedging gains and including undrawn Credit Facility A availability) to current liabilities
(excluding outstanding bank debt and unrealized hedging losses). The Adjusted Working Capital Ratio
at December 31, 2025, was 2.55 (2024: 3.92) and the covenant was met. At December 31, 2025, and
2024 effectively nil was drawn on Facility A.
The credit facilities are a demand facility and can be reduced, amended or eliminated by the lender
for reasons beyond the Company\u2019s control. Should the credit facilities, in fact, be reduced or
eliminated, the Company would need to seek alternative credit facilities or consider the issuance of
equity to enhance its liquidity. The next scheduled review will be in the second quarter of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "Credit Facilities
The Company\u2019s facilities with a Canadian chartered bank were maintained at $16 million for the year.
The credit facilities include a revolving operating demand facility of $16 million (\u201cFacility A\u201d). Facility
A can be used for general corporate purposes, ongoing operations, and capital expenditures within
Canada. Any borrowing under the credit facilities, with the exception of letters of credit, bears interest
at the bank\u2019s prime interest rate and an applicable basis point margin based on the ratio of debt to
cash flow measured quarterly. The facilities are secured by a debenture with a first floating charge
over all assets of the Company and a general assignment of books debts.
Under the terms of the credit facility, the Company has provided a covenant that it will maintain an
Adjusted Working Capital Ratio greater than 1.0. The ratio is defined as current assets (excluding
unrealized hedging gains and including undrawn Credit Facility A availability) to current liabilities
(excluding outstanding bank debt and unrealized hedging losses). The Adjusted Working Capital Ratio
at December 31, 2025, was 2.55 (2024: 3.92) and the covenant was met. At December 31, 2025, and
2024 effectively nil was drawn on Facility A.
The credit facilities are a demand facility and can be reduced, amended or eliminated by the lender
for reasons beyond the Company\u2019s control. Should the credit facilities, in fact, be reduced or
eliminated, the Company would need to seek alternative credit facilities or consider the issuance of
equity to enhance its liquidity. The next scheduled review will be in the second quarter of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "Any borrowing under the credit facilities, with the exception of letters of credit, bears interest
at the bank\u2019s prime interest rate and an applicable basis point margin based on the ratio of debt to
cash flow measured quarterly.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "14. Asset Retirement Obligation
The Company\u2019s asset retirement and abandonment obligations result from its ownership interest in
oil and natural gas assets. The total asset retirement obligation is estimated based on the Company\u2019s
net ownership interest in all wells and facilities, estimated costs to reclaim and abandon these wells
and facilities and the estimated timing of the costs to be incurred in future periods. For the Canadian
assets, the Company has estimated the net present value of the asset retirement obligation to be $20
million as at December 31, 2025 (2024: $19.4 million) based on an undiscounted total future liability
of $23.4 million (2024: $24.6 million). These payments are expected to be made over the next
31
years. The average discount factor, being the risk-free rate related to the liabilities, is 3% (2024:
3.06%). An inflation rate of 2% (2024: 2%) over the varying lives of the assets is used to calculate
the present value of the asset retirement obligation.
For the Brazilian assets, the Company has estimated the net present value of the asset retirement
obligation to be $20 million as at December 31, 2025 (2024: $19.4 million) based on an undiscounted
total future liability of $23.4 million (2024: $24.6 million). These payments are expected to be made
over the next 31
years. The average discount factor, being the risk-free rate related to the liabilities,
is 3% (2024: 3.06%). An inflation rate of 2% (2024: 2%) over the varying lives of the assets is used
to calculate the present value of the asset retirement obligation.
The following table provides a reconciliation of the Company\u2019s total asset retirement obligation:
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Balance, beginning of year
$
19,410
$
19,064
Liabilities incurred
110
352
Acquired on close of business combination (see Note 3)
9,200
\u2013
Revalue of obligation acquired through a business combination
2,590
\u2013
Acquired on asset acquisition
313
\u2013
Liabilities settled
(1,039)
\u2013
Revisions due to change in estimates and discount rates
(5,379)
(49)
Accretion
5,507
(537)
Foreign exchange adjustments
(531)
580
Balance, end of year
$
30,181
$
19,410
Current portion
2,616
\u2013
Non-current portion
27,565
799
Balance, end of period
$
30,181
$
799
\n\n
Paran\u00e1 Xisto S.A., a subsidiary of the Company, maintains deposits in financial institutions to comply
\n
with the requirements of ANP Resolution No. 854/2021. These investments have restricted cash
\n
characteristics and are only moved annually, based on the ANP's review of the amount of the
\n
subsidiary's environmental liabilities and determination of the amount to be maintained as a restricted
\n
deposit.
\n
In the fourth quarter of 2025, the Company withdrew the amount related to a prior letter of guarantee,
\n
which had been replaced by a new letter of guarantee in the third quarter of 2025. The new letter of
\n
guarantee includes certain financial covenant requirements. As at December 31, 2025, the Company
\n
identified a risk of non-compliance with certain of these requirements and is in discussions with the
\nissuing bank to amend the covenant terms and provide alternative forms of security or guarantees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "15. Right-of-use Assets and Lease Liabilities
a)
Right-of-use assets
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
128
$
180
Acquired from corporate acquisition
1,698
\u2013
Additions
6
8
Depreciation
(285)
(60)
Currency translation adjustment
(70)
\u00a0
Balance, end of year
$
1,477
$
128
\n
b)
Lease liabilities
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Balance, beginning of year
$
139
$
192
Additions
21
8
Acquired from corporate acquisition
1,698
\u2013
Interest expense
23
4
Lease payments
(319)
(65)
Currency translation adjustment
(69)
\u2013
Balance, end of year
$
1,492
$
139
Current portion
1,007
56
Long term portion
485
83
Balance, end of year
$
1,492
$
139
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "16. Other Long-Term Liabilities \n \n
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Contingent consideration for original acquisition of PX Energy
$
\u2013
$
\u2013
Assumed liabilities upon business combination with PX Energy
\u2013
\u00a0
Provision for contingencies
57,392
\u2013
Taxes and contributions
\u2013
\u2013
Deferred revenue
\u2013
\u00a0
Long term customer financing
\u2013
\u00a0
Other Long-term liabilities
\u2013
\u2013
Less: Current Other liabilities
(28,266)
\u2013
Other long-term liabilities
$
29,126
$
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00122": { "value": "17. Financial Risk Management and Determination of Fair Values
a) Overview
The Company\u2019s activities expose it to a variety of financial risks that arise as a result of its exploration,
development, production, and financing activities such as credit risk, liquidity risk and market risk. The
Company manages its exposure to these risks by operating in a manner that minimizes this exposure.
b) Fair value of financial instruments
The Company\u2019s financial instruments as at December 31, 2025, included cash and cash equivalents,
accounts receivable, deposits, investments, credit facilities and accounts payable and accrued
liabilities. As at December 31, 2025, excluding the investment in Red Leaf, the fair values of the
Company\u2019s financial assets and liabilities equaled their carrying values due to the short-term maturity.
Disclosures about the inputs to fair value measurements are required, including their classification
within a hierarchy that prioritizes the inputs to fair value measurement.
Level 1 Fair Value Measurements
Level 1 fair value measurements are based on unadjusted quoted market prices.
Level 2 Fair Value Measurements
Level 2 fair value measurements are based on valuation models and techniques where the significant
inputs are derived from quoted indices.
Level 3 Fair Value Measurements
Level 3 fair value measurements are based on unobservable information.
The Company\u2019s has no financial instruments within the Level 3 hierarchy.
c) Credit risk
Credit risk represents a potential financial loss to the Company if a customer or counterparty to a
financial instrument fails to meet or discharge their obligation to the Company. Credit risk arises
principally from the Company\u2019s receivables from joint venture partners and oil and gas marketers. The
carrying amounts of accounts receivable and cash and cash equivalents represent the maximum credit
exposure.
Substantially all of the accounts receivable are with oil and natural gas marketers and joint venture
partners in the oil and natural gas industry and are subject to normal industry credit risks. The
Company generally extends unsecured credit to these customers and therefore, the collection of
accounts receivable may be affected by changes in economic or other conditions. Management
believes the risk is mitigated by entering into transactions with long-standing, reputable
counterparties and partners.
Accounts receivable related to the sale of the Company\u2019s petroleum and natural gas production is
\n
paid in the following
month from major oil and natural gas marketing companies and the Company
\n
has not experienced any credit loss relating to these sales.
\n
Receivables from joint venture partners are typically collected within one to three
months of the joint
\n
venture bill being issued. The Company mitigates this risk by obtaining pre-approval of significant
\n
capital expenditures.
\n
The Company\u2019s accounts receivables are aged as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Current
$
9,089
$
3,174
31 - 60 days
1,931
3
61 - 90 days
105
1
>90 days
36
64
\u00a0
$
11,160
$
3,242
\n\n
The Company does not anticipate any material default as it transacts with creditworthy customers
\n
and management does not expect any losses from non-performance by these customers. There are
\n
no material financial assets that the Company considers past due that are considered impaired.
\n
Cash and cash equivalents include cash bank balances and short-term deposits. The Company
\n
manages the credit risk exposure by investing in Canadian banks. Management does not expect any
\n
counterparty to fail to meet its obligations.
\n
d) Liquidity risk
\n
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they
\n
become due. The Company\u2019s processes for managing liquidity risk include ensuring, to the extent
\n
possible, that it will have sufficient liquidity to meet its liabilities when they become due. The
\n
Company prepares annual capital expenditure budgets which are monitored and are updated as
\n
required. In addition, the Company requires authorizations for expenditures on projects to assist with
\n
the management of capital.
\n
Since the Company operates in the upstream oil and natural gas industry, it requires sufficient cash
\n
to fund capital programs necessary to maintain or increase production, develop reserves and to
\n
potentially acquire strategic assets. The Company\u2019s capital programs are funded principally by cash
\n
obtained through its credit facilities, equity issuances and from operating activities. During times of
\n
low oil and natural gas prices or when cash resources may be limited, a portion of capital programs
\n
can generally be deferred, however, due to the long cycle times and the importance to future cash
\n
flow in maintaining the Company\u2019s production, it may be necessary to utilize alternative sources of
\n
capital to continue the Company\u2019s strategic investment plan during periods of low commodity prices.
\n
As a result, the Company frequently evaluates the options available with respect to sources of long
and short-term capital resources. Occasionally, to the extent possible, the Company will use derivative
\n
instruments to manage cash flow in the event of commodity price declines.
\n
Following the PX Energy acquisition, the Company\u2019s liquidity risk also includes obligations associated
\n
with the senior secured bonds. The amount and timing of interest payments on these bonds are
\n
variable and depend on Brent pricing, and interest in 2026 may be settled in cash or in kind at the
\n
issuer\u2019s election. From 2027 onward, interest is payable in kind if Brent prices are below US$65 per
\n
barrel. In addition, the maturity of the bonds may be extended for up to two additional one-year terms
\n
for a fee equal to 2% of principal for each extension. Accordingly, the Company considers the potential
\n
variability in the amount, timing and form of settlement of these obligations in its liquidity planning.
\n
The Company\u2019s financial obligations relates to amounts due under the credit facilities, including trade
\n
and other payables, which consist of invoices payable to trade suppliers relating to the office and field
\n
operating activities and its capital spending program. The Company processes invoices within a
\n
normal payment period and all amounts are due within the next 12
months.
\n
The timing of cash outflows relating to financial liabilities as at December 31, 2025, and 2024 are as
\n
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Less than
Remaining
\u00a0
($ thousands)
one year
years
Total
Accounts payable and accrued liabilities
$
32,240
$
\u2013
$
32,240
Advances from customers
5,329
\u2013
5,329
Taxes and Contribution
988
\u2013
988
Share issuance for acquisition
3,203
\u2013
3,203
Lease liabilities
1,850
485
2,335
Current portion of asset retirement obligation
2,616
27,565
30,181
SPAC Convertible Notes
\u2013
\u2013
\u2013
Other current liabilities
28,266
\u2013
28,266
December 31, 2025
$
74,492
$
28,050
$
74,276
\n\n \u00a0 \u00a0 \u00a0\n \n
Less than
Remaining
($ thousands)
one year
years
Total
Trade and other liabilities
$
12,496
$
\u2013
$
12,496
Credit facility
49
\u2013
49
Lease liabilities
56
\u2013
56
Current portion of asset retirement obligation
799
\u2013
799
December 31, 2024
$
13,400
$
\u2013
$
13,400
\n\n
e) Market risk
\n
Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange
\n
rates and interest rates will affect the Company\u2019s profit or loss or the value of the financial
\n
instruments. The objective of the Company is to mitigate exposure to these risks while maximizing
\n
returns to the Company.
Commodity price risk
\n
Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of
\n
changes in commodity prices. The Company\u2019s financial performance is closely linked to crude oil and
\n
refined product prices (including pricing differentials for various product types) and, to some extent to
\n
electricity prices as one of the major costs of production. Commodity prices for oil and natural gas are
\n
impacted not only by the relationship between the Canadian and United States dollar, but also world
\n
economic events that dictate the levels of supply and demand. The Company may enter into oil and
\n
natural gas contracts to protect, to the extent possible, its cash flow on future sales. The contracts
\n
reduce the volatility in sales revenue by locking in prices with respect to future deliveries of oil and
\n
natural gas.
\n
As at December 31, 2025, the Company had no outstanding commodity risk management contracts.
\n
Currency risk
\n
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
\n
fluctuate as a result of changes in foreign exchange rates. The Company operates internationally and
\n
is exposed to foreign currency risk arising from transactions and balances denominated in currencies
\n
other than the functional currency of the applicable entity, primarily the Brazilian real, Canadian dollar,
\n
U.S. dollar and Jordanian dinar.
\n
The Company\u2019s Canadian petroleum and natural gas sales are denominated in Canadian dollars.
\n
However, the underlying market prices for these commodities are influenced by benchmark prices
\n
denominated in U.S. dollars and, accordingly, are indirectly affected by movements in the Canadian
\n
dollar relative to the U.S. dollar.
\n
In Brazil, revenues are denominated in Brazilian reals; however, commodity prices fluctuate with
\n
underlying market prices denominated in U.S. dollars. Operating and capital expenditures in Brazil are
\n
primarily denominated in local currency, resulting in exposure to fluctuations in the Brazilian real
\n
relative to the U.S. dollar.
\n
The Company also incurs expenditures through its Jordanian subsidiary that are denominated in
\n
Jordanian dinars and U.S. dollars, which gives rise to additional foreign currency exposure.
\n
Following the PX Energy acquisition, the Company was also exposed to foreign currency risk in
\n
respect of the senior secured bonds, which are denominated in U.S. dollars. Fluctuations in the U.S.
\n
dollar exchange rate relative to the Company\u2019s functional currency may affect the carrying amount of
\n
the debt and the related finance expense recognized in the consolidated financial statements.
\n
The Company does not currently hedge its exposure to foreign exchange risk associated with these
\n
bonds and, as at December 31, 2025, had no forward foreign exchange contracts in place.
\n
Management monitors foreign exchange rates on an ongoing basis in assessing the impact of
\n
currency movements on the Company\u2019s financial position and cash flows.
Interest rate risk
\n
Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market
\n
interest rates. Following the PX Energy acquisition, the Company is exposed to variable-rate risk
\n
through the senior secured bonds acquired as part of that transaction.
\n
Under the terms of the bonds, all accrued and unpaid interest up to December 31, 2025 converts into
\n
shares if the contemplated SPAC transaction is completed. If the SPAC transaction does not proceed,
\n
no interest is payable in 2025. Thereafter, interest is payable quarterly at variable rates determined by
\n
reference to Brent crude oil prices, ranging from 4% when Brent is below US$55 per barrel to 20%
\n
when Brent exceeds US$95 per barrel, subject to an overall cap such that interest does not exceed
\n
16% over the term of the bonds. Interest in 2026 may be settled in cash or in kind at the issuer\u2019s
\n
election. From 2027 onward, interest is payable in kind if Brent prices are below US$65 per barrel.
\n
The maturity of the bonds may also be extended for up to two additional one-year terms for a fee
\n
equal to 2% of principal for each extension.
\n
At December 31, 2025, the Company\u2019s exposure to variable-rate debt under these bonds was US$80
\n
million (2024 \u2013 nil). As a result, changes in Brent pricing may affect the amount and timing of interest
\n
payable and, in certain periods, whether interest is settled in cash or in kind. The Company monitors
\n
this exposure in assessing its financing costs and expected liquidity requirements.
\n
At December 31, 2025, and 2024, the Company\u2019s credit facilities outstanding balance was essentially
\n
nil.
\n
f) Capital management
\n
The Company\u2019s objective in managing capital is to maintain financial flexibility, preserve its ability to
\n
meet financial obligations as they become due and provide sufficient liquidity to fund ongoing
\n
operations and execute its business strategy. The Company believes that, with expected cash flow
\n
from operations, existing credit facilities and other available sources of financing, it will be able to
\n
meet its foreseeable capital obligations in the normal course of operations in the near term. The
\n
Company defines its capital structure as shareholders\u2019 equity, long-term debt, including the senior
\n
secured bonds assumed in connection with the PX Energy acquisition, and working capital. The
\n
Company monitors its capital structure having regard to current and projected cash flow from
\n
operations, debt levels, available liquidity and forecast capital expenditures.
\n
The volatility of commodity prices has a material impact on the Company\u2019s cash flow from operations.
\n
The Company attempts to mitigate the effect of lower prices by entering into risk management
\n
contracts, shutting in production in unusually low pricing environments, reallocating capital to more
\n
profitable areas and reducing capital spending based on results and other market considerations. The
\n
Company will adjust its capital structure to minimize risk and its cost of capital through the issuance
\n
of shares, securing additional credit facilities and adjusting its capital spending as required. The
\n
Company monitors its capital structure based on the current and projected funds flow from
\n
operations.
Annual and updated budgets are approved by the Board of Directors and are regularly reviewed to
assess the Company\u2019s funding requirements and financial flexibility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00126": { "value": "17. Financial Risk Management and Determination of Fair Values
a) Overview
The Company\u2019s activities expose it to a variety of financial risks that arise as a result of its exploration,
development, production, and financing activities such as credit risk, liquidity risk and market risk. The
Company manages its exposure to these risks by operating in a manner that minimizes this exposure.
b) Fair value of financial instruments
The Company\u2019s financial instruments as at December 31, 2025, included cash and cash equivalents,
accounts receivable, deposits, investments, credit facilities and accounts payable and accrued
liabilities. As at December 31, 2025, excluding the investment in Red Leaf, the fair values of the
Company\u2019s financial assets and liabilities equaled their carrying values due to the short-term maturity.
Disclosures about the inputs to fair value measurements are required, including their classification
within a hierarchy that prioritizes the inputs to fair value measurement.
Level 1 Fair Value Measurements
Level 1 fair value measurements are based on unadjusted quoted market prices.
Level 2 Fair Value Measurements
Level 2 fair value measurements are based on valuation models and techniques where the significant
inputs are derived from quoted indices.
Level 3 Fair Value Measurements
Level 3 fair value measurements are based on unobservable information.
The Company\u2019s has no financial instruments within the Level 3 hierarchy.
c) Credit risk
Credit risk represents a potential financial loss to the Company if a customer or counterparty to a
financial instrument fails to meet or discharge their obligation to the Company. Credit risk arises
principally from the Company\u2019s receivables from joint venture partners and oil and gas marketers. The
carrying amounts of accounts receivable and cash and cash equivalents represent the maximum credit
exposure.
Substantially all of the accounts receivable are with oil and natural gas marketers and joint venture
partners in the oil and natural gas industry and are subject to normal industry credit risks. The
Company generally extends unsecured credit to these customers and therefore, the collection of
accounts receivable may be affected by changes in economic or other conditions. Management
believes the risk is mitigated by entering into transactions with long-standing, reputable
counterparties and partners.
\n
Accounts receivable related to the sale of the Company\u2019s petroleum and natural gas production is
\n
paid in the following
month from major oil and natural gas marketing companies and the Company
\n
has not experienced any credit loss relating to these sales.
\n
Receivables from joint venture partners are typically collected within one to three
months of the joint
\n
venture bill being issued. The Company mitigates this risk by obtaining pre-approval of significant
\n
capital expenditures.
\n
The Company\u2019s accounts receivables are aged as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Current
$
9,089
$
3,174
31 - 60 days
1,931
3
61 - 90 days
105
1
>90 days
36
64
\u00a0
$
11,160
$
3,242
\n\n
The Company does not anticipate any material default as it transacts with creditworthy customers
\n
and management does not expect any losses from non-performance by these customers. There are
\n
no material financial assets that the Company considers past due that are considered impaired.
\n
Cash and cash equivalents include cash bank balances and short-term deposits. The Company
\n
manages the credit risk exposure by investing in Canadian banks. Management does not expect any
\n
counterparty to fail to meet its obligations.
\n
d) Liquidity risk
\n
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they
\n
become due. The Company\u2019s processes for managing liquidity risk include ensuring, to the extent
\n
possible, that it will have sufficient liquidity to meet its liabilities when they become due. The
\n
Company prepares annual capital expenditure budgets which are monitored and are updated as
\n
required. In addition, the Company requires authorizations for expenditures on projects to assist with
\n
the management of capital.
\n
Since the Company operates in the upstream oil and natural gas industry, it requires sufficient cash
\n
to fund capital programs necessary to maintain or increase production, develop reserves and to
\n
potentially acquire strategic assets. The Company\u2019s capital programs are funded principally by cash
\n
obtained through its credit facilities, equity issuances and from operating activities. During times of
\n
low oil and natural gas prices or when cash resources may be limited, a portion of capital programs
\n
can generally be deferred, however, due to the long cycle times and the importance to future cash
\n
flow in maintaining the Company\u2019s production, it may be necessary to utilize alternative sources of
\n
capital to continue the Company\u2019s strategic investment plan during periods of low commodity prices.
\n
As a result, the Company frequently evaluates the options available with respect to sources of long
\n
and short-term capital resources. Occasionally, to the extent possible, the Company will use derivative
\n
instruments to manage cash flow in the event of commodity price declines.
\n
Following the PX Energy acquisition, the Company\u2019s liquidity risk also includes obligations associated
\n
with the senior secured bonds. The amount and timing of interest payments on these bonds are
\n
variable and depend on Brent pricing, and interest in 2026 may be settled in cash or in kind at the
\n
issuer\u2019s election. From 2027 onward, interest is payable in kind if Brent prices are below US$65 per
\n
barrel. In addition, the maturity of the bonds may be extended for up to two additional one-year terms
\n
for a fee equal to 2% of principal for each extension. Accordingly, the Company considers the potential
\n
variability in the amount, timing and form of settlement of these obligations in its liquidity planning.
\n
The Company\u2019s financial obligations relates to amounts due under the credit facilities, including trade
\n
and other payables, which consist of invoices payable to trade suppliers relating to the office and field
\n
operating activities and its capital spending program. The Company processes invoices within a
\n
normal payment period and all amounts are due within the next 12
months.
\n
The timing of cash outflows relating to financial liabilities as at December 31, 2025, and 2024 are as
\n
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Less than
Remaining
\u00a0
($ thousands)
one year
years
Total
Accounts payable and accrued liabilities
$
32,240
$
\u2013
$
32,240
Advances from customers
5,329
\u2013
5,329
Taxes and Contribution
988
\u2013
988
Share issuance for acquisition
3,203
\u2013
3,203
Lease liabilities
1,850
485
2,335
Current portion of asset retirement obligation
2,616
27,565
30,181
SPAC Convertible Notes
\u2013
\u2013
\u2013
Other current liabilities
28,266
\u2013
28,266
December 31, 2025
$
74,492
$
28,050
$
74,276
\n\n \u00a0 \u00a0 \u00a0\n \n
Less than
Remaining
($ thousands)
one year
years
Total
Trade and other liabilities
$
12,496
$
\u2013
$
12,496
Credit facility
49
\u2013
49
Lease liabilities
56
\u2013
56
Current portion of asset retirement obligation
799
\u2013
799
December 31, 2024
$
13,400
$
\u2013
$
13,400
\n\n
e) Market risk
\n
Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange
\n
rates and interest rates will affect the Company\u2019s profit or loss or the value of the financial
\n
instruments. The objective of the Company is to mitigate exposure to these risks while maximizing
\n
returns to the Company.
\n
Commodity price risk
\n
Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of
\n
changes in commodity prices. The Company\u2019s financial performance is closely linked to crude oil and
\n
refined product prices (including pricing differentials for various product types) and, to some extent to
\n
electricity prices as one of the major costs of production. Commodity prices for oil and natural gas are
\n
impacted not only by the relationship between the Canadian and United States dollar, but also world
\n
economic events that dictate the levels of supply and demand. The Company may enter into oil and
\n
natural gas contracts to protect, to the extent possible, its cash flow on future sales. The contracts
\n
reduce the volatility in sales revenue by locking in prices with respect to future deliveries of oil and
\n
natural gas.
\n
As at December 31, 2025, the Company had no outstanding commodity risk management contracts.
\n
Currency risk
\n
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
\n
fluctuate as a result of changes in foreign exchange rates. The Company operates internationally and
\n
is exposed to foreign currency risk arising from transactions and balances denominated in currencies
\n
other than the functional currency of the applicable entity, primarily the Brazilian real, Canadian dollar,
\n
U.S. dollar and Jordanian dinar.
\n
The Company\u2019s Canadian petroleum and natural gas sales are denominated in Canadian dollars.
\n
However, the underlying market prices for these commodities are influenced by benchmark prices
\n
denominated in U.S. dollars and, accordingly, are indirectly affected by movements in the Canadian
\n
dollar relative to the U.S. dollar.
\n
In Brazil, revenues are denominated in Brazilian reals; however, commodity prices fluctuate with
\n
underlying market prices denominated in U.S. dollars. Operating and capital expenditures in Brazil are
\n
primarily denominated in local currency, resulting in exposure to fluctuations in the Brazilian real
\n
relative to the U.S. dollar.
\n
The Company also incurs expenditures through its Jordanian subsidiary that are denominated in
\n
Jordanian dinars and U.S. dollars, which gives rise to additional foreign currency exposure.
\n
Following the PX Energy acquisition, the Company was also exposed to foreign currency risk in
\n
respect of the senior secured bonds, which are denominated in U.S. dollars. Fluctuations in the U.S.
\n
dollar exchange rate relative to the Company\u2019s functional currency may affect the carrying amount of
\n
the debt and the related finance expense recognized in the consolidated financial statements.
\n
The Company does not currently hedge its exposure to foreign exchange risk associated with these
\n
bonds and, as at December 31, 2025, had no forward foreign exchange contracts in place.
\n
Management monitors foreign exchange rates on an ongoing basis in assessing the impact of
\n
currency movements on the Company\u2019s financial position and cash flows.
\n
Interest rate risk
\n
Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market
\n
interest rates. Following the PX Energy acquisition, the Company is exposed to variable-rate risk
\n
through the senior secured bonds acquired as part of that transaction.
\n
Under the terms of the bonds, all accrued and unpaid interest up to December 31, 2025 converts into
\n
shares if the contemplated SPAC transaction is completed. If the SPAC transaction does not proceed,
\n
no interest is payable in 2025. Thereafter, interest is payable quarterly at variable rates determined by
\n
reference to Brent crude oil prices, ranging from 4% when Brent is below US$55 per barrel to 20%
\n
when Brent exceeds US$95 per barrel, subject to an overall cap such that interest does not exceed
\n
16% over the term of the bonds. Interest in 2026 may be settled in cash or in kind at the issuer\u2019s
\n
election. From 2027 onward, interest is payable in kind if Brent prices are below US$65 per barrel.
\n
The maturity of the bonds may also be extended for up to two additional one-year terms for a fee
\n
equal to 2% of principal for each extension.
\n
At December 31, 2025, the Company\u2019s exposure to variable-rate debt under these bonds was US$80
\n
million (2024 \u2013 nil). As a result, changes in Brent pricing may affect the amount and timing of interest
\n
payable and, in certain periods, whether interest is settled in cash or in kind. The Company monitors
\n
this exposure in assessing its financing costs and expected liquidity requirements.
\n
At December 31, 2025, and 2024, the Company\u2019s credit facilities outstanding balance was essentially
\n
nil.
\n
f) Capital management
\n
The Company\u2019s objective in managing capital is to maintain financial flexibility, preserve its ability to
\n
meet financial obligations as they become due and provide sufficient liquidity to fund ongoing
\n
operations and execute its business strategy. The Company believes that, with expected cash flow
\n
from operations, existing credit facilities and other available sources of financing, it will be able to
\n
meet its foreseeable capital obligations in the normal course of operations in the near term. The
\n
Company defines its capital structure as shareholders\u2019 equity, long-term debt, including the senior
\n
secured bonds assumed in connection with the PX Energy acquisition, and working capital. The
\n
Company monitors its capital structure having regard to current and projected cash flow from
\n
operations, debt levels, available liquidity and forecast capital expenditures.
\n
The volatility of commodity prices has a material impact on the Company\u2019s cash flow from operations.
\n
The Company attempts to mitigate the effect of lower prices by entering into risk management
\n
contracts, shutting in production in unusually low pricing environments, reallocating capital to more
\n
profitable areas and reducing capital spending based on results and other market considerations. The
\n
Company will adjust its capital structure to minimize risk and its cost of capital through the issuance
\n
of shares, securing additional credit facilities and adjusting its capital spending as required. The
\n
Company monitors its capital structure based on the current and projected funds flow from
\n
operations.
Annual and updated budgets are approved by the Board of Directors and are regularly reviewed to
assess the Company\u2019s funding requirements and financial flexibility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00125": { "value": "b) Fair value of financial instruments
The Company\u2019s financial instruments as at December 31, 2025, included cash and cash equivalents,
accounts receivable, deposits, investments, credit facilities and accounts payable and accrued
liabilities. As at December 31, 2025, excluding the investment in Red Leaf, the fair values of the
Company\u2019s financial assets and liabilities equaled their carrying values due to the short-term maturity.
Disclosures about the inputs to fair value measurements are required, including their classification
within a hierarchy that prioritizes the inputs to fair value measurement.
Level 1 Fair Value Measurements
Level 1 fair value measurements are based on unadjusted quoted market prices.
Level 2 Fair Value Measurements
Level 2 fair value measurements are based on valuation models and techniques where the significant
inputs are derived from quoted indices.
Level 3 Fair Value Measurements
Level 3 fair value measurements are based on unobservable information.
The Company\u2019s has no financial instruments within the Level 3 hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00128": { "value": "Disclosures about the inputs to fair value measurements are required, including their classification
within a hierarchy that prioritizes the inputs to fair value measurement.
Level 1 Fair Value Measurements
Level 1 fair value measurements are based on unadjusted quoted market prices.
Level 2 Fair Value Measurements
Level 2 fair value measurements are based on valuation models and techniques where the significant
inputs are derived from quoted indices.
Level 3 Fair Value Measurements
Level 3 fair value measurements are based on unobservable information.
The Company\u2019s has no financial instruments within the Level 3 hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00127": { "value": "Disclosures about the inputs to fair value measurements are required, including their classification
within a hierarchy that prioritizes the inputs to fair value measurement.
Level 1 Fair Value Measurements
Level 1 fair value measurements are based on unadjusted quoted market prices.
Level 2 Fair Value Measurements
Level 2 fair value measurements are based on valuation models and techniques where the significant
inputs are derived from quoted indices.
Level 3 Fair Value Measurements
Level 3 fair value measurements are based on unobservable information.
The Company\u2019s has no financial instruments within the Level 3 hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00129": { "value": "c) Credit risk
Credit risk represents a potential financial loss to the Company if a customer or counterparty to a
financial instrument fails to meet or discharge their obligation to the Company. Credit risk arises
principally from the Company\u2019s receivables from joint venture partners and oil and gas marketers. The
carrying amounts of accounts receivable and cash and cash equivalents represent the maximum credit
exposure.
Substantially all of the accounts receivable are with oil and natural gas marketers and joint venture
partners in the oil and natural gas industry and are subject to normal industry credit risks. The
Company generally extends unsecured credit to these customers and therefore, the collection of
accounts receivable may be affected by changes in economic or other conditions. Management
believes the risk is mitigated by entering into transactions with long-standing, reputable
counterparties and partners.
\n
Accounts receivable related to the sale of the Company\u2019s petroleum and natural gas production is
\n
paid in the following
month from major oil and natural gas marketing companies and the Company
\n
has not experienced any credit loss relating to these sales.
\n
Receivables from joint venture partners are typically collected within one to three
months of the joint
\n
venture bill being issued. The Company mitigates this risk by obtaining pre-approval of significant
\n
capital expenditures.
\n
The Company\u2019s accounts receivables are aged as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Current
$
9,089
$
3,174
31 - 60 days
1,931
3
61 - 90 days
105
1
>90 days
36
64
\u00a0
$
11,160
$
3,242
\n\n
The Company does not anticipate any material default as it transacts with creditworthy customers
\n
and management does not expect any losses from non-performance by these customers. There are
\n
no material financial assets that the Company considers past due that are considered impaired.
\n
Cash and cash equivalents include cash bank balances and short-term deposits. The Company
\n
manages the credit risk exposure by investing in Canadian banks. Management does not expect any
\ncounterparty to fail to meet its obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00134": { "value": "c) Credit risk
Credit risk represents a potential financial loss to the Company if a customer or counterparty to a
financial instrument fails to meet or discharge their obligation to the Company. Credit risk arises
principally from the Company\u2019s receivables from joint venture partners and oil and gas marketers. The
carrying amounts of accounts receivable and cash and cash equivalents represent the maximum credit
exposure.
Substantially all of the accounts receivable are with oil and natural gas marketers and joint venture
partners in the oil and natural gas industry and are subject to normal industry credit risks. The
Company generally extends unsecured credit to these customers and therefore, the collection of
accounts receivable may be affected by changes in economic or other conditions. Management
believes the risk is mitigated by entering into transactions with long-standing, reputable
counterparties and partners.
\n
Accounts receivable related to the sale of the Company\u2019s petroleum and natural gas production is
\n
paid in the following
month from major oil and natural gas marketing companies and the Company
\n
has not experienced any credit loss relating to these sales.
\n
Receivables from joint venture partners are typically collected within one to three
months of the joint
\n
venture bill being issued. The Company mitigates this risk by obtaining pre-approval of significant
\n
capital expenditures.
\n
The Company\u2019s accounts receivables are aged as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Current
$
9,089
$
3,174
31 - 60 days
1,931
3
61 - 90 days
105
1
>90 days
36
64
\u00a0
$
11,160
$
3,242
\n\n
The Company does not anticipate any material default as it transacts with creditworthy customers
\n
and management does not expect any losses from non-performance by these customers. There are
\n
no material financial assets that the Company considers past due that are considered impaired.
\n
Cash and cash equivalents include cash bank balances and short-term deposits. The Company
\n
manages the credit risk exposure by investing in Canadian banks. Management does not expect any
\ncounterparty to fail to meet its obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00124": { "value": "Credit risk arises
principally from the Company\u2019s receivables from joint venture partners and oil and gas marketers. The
carrying amounts of accounts receivable and cash and cash equivalents represent the maximum credit
exposure.
Substantially all of the accounts receivable are with oil and natural gas marketers and joint venture
partners in the oil and natural gas industry and are subject to normal industry credit risks. The
Company generally extends unsecured credit to these customers and therefore, the collection of
accounts receivable may be affected by changes in economic or other conditions. Management
believes the risk is mitigated by entering into transactions with long-standing, reputable
counterparties and partners.
\n
Accounts receivable related to the sale of the Company\u2019s petroleum and natural gas production is
\n
paid in the following
month from major oil and natural gas marketing companies and the Company
\n
has not experienced any credit loss relating to these sales.
\n
Receivables from joint venture partners are typically collected within one to three
months of the joint
\n
venture bill being issued. The Company mitigates this risk by obtaining pre-approval of significant
\n
capital expenditures.
\n
The Company\u2019s accounts receivables are aged as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Current
$
9,089
$
3,174
31 - 60 days
1,931
3
61 - 90 days
105
1
>90 days
36
64
\u00a0
$
11,160
$
3,242
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00130": { "value": "d) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they
\n
become due. The Company\u2019s processes for managing liquidity risk include ensuring, to the extent
\n
possible, that it will have sufficient liquidity to meet its liabilities when they become due. The
\n
Company prepares annual capital expenditure budgets which are monitored and are updated as
\n
required. In addition, the Company requires authorizations for expenditures on projects to assist with
\n
the management of capital.
\n
Since the Company operates in the upstream oil and natural gas industry, it requires sufficient cash
\n
to fund capital programs necessary to maintain or increase production, develop reserves and to
\n
potentially acquire strategic assets. The Company\u2019s capital programs are funded principally by cash
\n
obtained through its credit facilities, equity issuances and from operating activities. During times of
\n
low oil and natural gas prices or when cash resources may be limited, a portion of capital programs
\n
can generally be deferred, however, due to the long cycle times and the importance to future cash
\n
flow in maintaining the Company\u2019s production, it may be necessary to utilize alternative sources of
\n
capital to continue the Company\u2019s strategic investment plan during periods of low commodity prices.
\n
As a result, the Company frequently evaluates the options available with respect to sources of long
\n
and short-term capital resources. Occasionally, to the extent possible, the Company will use derivative
\n
instruments to manage cash flow in the event of commodity price declines.
\n
Following the PX Energy acquisition, the Company\u2019s liquidity risk also includes obligations associated
\n
with the senior secured bonds. The amount and timing of interest payments on these bonds are
\n
variable and depend on Brent pricing, and interest in 2026 may be settled in cash or in kind at the
\n
issuer\u2019s election. From 2027 onward, interest is payable in kind if Brent prices are below US$65 per
\n
barrel. In addition, the maturity of the bonds may be extended for up to two additional one-year terms
\n
for a fee equal to 2% of principal for each extension. Accordingly, the Company considers the potential
\n
variability in the amount, timing and form of settlement of these obligations in its liquidity planning.
\n
The Company\u2019s financial obligations relates to amounts due under the credit facilities, including trade
\n
and other payables, which consist of invoices payable to trade suppliers relating to the office and field
\n
operating activities and its capital spending program. The Company processes invoices within a
\n
normal payment period and all amounts are due within the next 12
months.
\n
The timing of cash outflows relating to financial liabilities as at December 31, 2025, and 2024 are as
\n
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Less than
Remaining
\u00a0
($ thousands)
one year
years
Total
Accounts payable and accrued liabilities
$
32,240
$
\u2013
$
32,240
Advances from customers
5,329
\u2013
5,329
Taxes and Contribution
988
\u2013
988
Share issuance for acquisition
3,203
\u2013
3,203
Lease liabilities
1,850
485
2,335
Current portion of asset retirement obligation
2,616
27,565
30,181
SPAC Convertible Notes
\u2013
\u2013
\u2013
Other current liabilities
28,266
\u2013
28,266
December 31, 2025
$
74,492
$
28,050
$
74,276
\n\n \u00a0 \u00a0 \u00a0\n \n
Less than
Remaining
($ thousands)
one year
years
Total
Trade and other liabilities
$
12,496
$
\u2013
$
12,496
Credit facility
49
\u2013
49
Lease liabilities
56
\u2013
56
Current portion of asset retirement obligation
799
\u2013
799
December 31, 2024
$
13,400
$
\u2013
$
13,400
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00131": { "value": "e) Market risk
Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange
\n
rates and interest rates will affect the Company\u2019s profit or loss or the value of the financial
\n
instruments. The objective of the Company is to mitigate exposure to these risks while maximizing
\n
returns to the Company.
\n
Commodity price risk
\n
Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of
\n
changes in commodity prices. The Company\u2019s financial performance is closely linked to crude oil and
\n
refined product prices (including pricing differentials for various product types) and, to some extent to
\n
electricity prices as one of the major costs of production. Commodity prices for oil and natural gas are
\n
impacted not only by the relationship between the Canadian and United States dollar, but also world
\n
economic events that dictate the levels of supply and demand. The Company may enter into oil and
\n
natural gas contracts to protect, to the extent possible, its cash flow on future sales. The contracts
\n
reduce the volatility in sales revenue by locking in prices with respect to future deliveries of oil and
\n
natural gas.
\n
As at December 31, 2025, the Company had no outstanding commodity risk management contracts.
\n
Currency risk
\n
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
\n
fluctuate as a result of changes in foreign exchange rates. The Company operates internationally and
\n
is exposed to foreign currency risk arising from transactions and balances denominated in currencies
\n
other than the functional currency of the applicable entity, primarily the Brazilian real, Canadian dollar,
\n
U.S. dollar and Jordanian dinar.
\n
The Company\u2019s Canadian petroleum and natural gas sales are denominated in Canadian dollars.
\n
However, the underlying market prices for these commodities are influenced by benchmark prices
\n
denominated in U.S. dollars and, accordingly, are indirectly affected by movements in the Canadian
\n
dollar relative to the U.S. dollar.
\n
In Brazil, revenues are denominated in Brazilian reals; however, commodity prices fluctuate with
\n
underlying market prices denominated in U.S. dollars. Operating and capital expenditures in Brazil are
\n
primarily denominated in local currency, resulting in exposure to fluctuations in the Brazilian real
\n
relative to the U.S. dollar.
\n
The Company also incurs expenditures through its Jordanian subsidiary that are denominated in
\n
Jordanian dinars and U.S. dollars, which gives rise to additional foreign currency exposure.
\n
Following the PX Energy acquisition, the Company was also exposed to foreign currency risk in
\n
respect of the senior secured bonds, which are denominated in U.S. dollars. Fluctuations in the U.S.
\n
dollar exchange rate relative to the Company\u2019s functional currency may affect the carrying amount of
\n
the debt and the related finance expense recognized in the consolidated financial statements.
\n
The Company does not currently hedge its exposure to foreign exchange risk associated with these
\n
bonds and, as at December 31, 2025, had no forward foreign exchange contracts in place.
\n
Management monitors foreign exchange rates on an ongoing basis in assessing the impact of
\n
currency movements on the Company\u2019s financial position and cash flows.
\n
Interest rate risk
\n
Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market
\n
interest rates. Following the PX Energy acquisition, the Company is exposed to variable-rate risk
\n
through the senior secured bonds acquired as part of that transaction.
\n
Under the terms of the bonds, all accrued and unpaid interest up to December 31, 2025 converts into
\n
shares if the contemplated SPAC transaction is completed. If the SPAC transaction does not proceed,
\n
no interest is payable in 2025. Thereafter, interest is payable quarterly at variable rates determined by
\n
reference to Brent crude oil prices, ranging from 4% when Brent is below US$55 per barrel to 20%
\n
when Brent exceeds US$95 per barrel, subject to an overall cap such that interest does not exceed
\n
16% over the term of the bonds. Interest in 2026 may be settled in cash or in kind at the issuer\u2019s
\n
election. From 2027 onward, interest is payable in kind if Brent prices are below US$65 per barrel.
\n
The maturity of the bonds may also be extended for up to two additional one-year terms for a fee
\n
equal to 2% of principal for each extension.
\n
At December 31, 2025, the Company\u2019s exposure to variable-rate debt under these bonds was US$80
\n
million (2024 \u2013 nil). As a result, changes in Brent pricing may affect the amount and timing of interest
\n
payable and, in certain periods, whether interest is settled in cash or in kind. The Company monitors
\n
this exposure in assessing its financing costs and expected liquidity requirements.
\n
At December 31, 2025, and 2024, the Company\u2019s credit facilities outstanding balance was essentially
\nnil. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00132": { "value": "Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate as a result of changes in foreign exchange rates. The Company operates internationally and
\n
is exposed to foreign currency risk arising from transactions and balances denominated in currencies
\n
other than the functional currency of the applicable entity, primarily the Brazilian real, Canadian dollar,
\n
U.S. dollar and Jordanian dinar.
\n
The Company\u2019s Canadian petroleum and natural gas sales are denominated in Canadian dollars.
\n
However, the underlying market prices for these commodities are influenced by benchmark prices
\n
denominated in U.S. dollars and, accordingly, are indirectly affected by movements in the Canadian
\n
dollar relative to the U.S. dollar.
\n
In Brazil, revenues are denominated in Brazilian reals; however, commodity prices fluctuate with
\n
underlying market prices denominated in U.S. dollars. Operating and capital expenditures in Brazil are
\n
primarily denominated in local currency, resulting in exposure to fluctuations in the Brazilian real
\n
relative to the U.S. dollar.
\n
The Company also incurs expenditures through its Jordanian subsidiary that are denominated in
\n
Jordanian dinars and U.S. dollars, which gives rise to additional foreign currency exposure.
\n
Following the PX Energy acquisition, the Company was also exposed to foreign currency risk in
\n
respect of the senior secured bonds, which are denominated in U.S. dollars. Fluctuations in the U.S.
\n
dollar exchange rate relative to the Company\u2019s functional currency may affect the carrying amount of
\n
the debt and the related finance expense recognized in the consolidated financial statements.
\n
The Company does not currently hedge its exposure to foreign exchange risk associated with these
\n
bonds and, as at December 31, 2025, had no forward foreign exchange contracts in place.
\n
Management monitors foreign exchange rates on an ongoing basis in assessing the impact of
\ncurrency movements on the Company\u2019s financial position and cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00133": { "value": "f) Capital management
The Company\u2019s objective in managing capital is to maintain financial flexibility, preserve its ability to
\n
meet financial obligations as they become due and provide sufficient liquidity to fund ongoing
\n
operations and execute its business strategy. The Company believes that, with expected cash flow
\n
from operations, existing credit facilities and other available sources of financing, it will be able to
\n
meet its foreseeable capital obligations in the normal course of operations in the near term. The
\n
Company defines its capital structure as shareholders\u2019 equity, long-term debt, including the senior
\n
secured bonds assumed in connection with the PX Energy acquisition, and working capital. The
\n
Company monitors its capital structure having regard to current and projected cash flow from
\n
operations, debt levels, available liquidity and forecast capital expenditures.
\n
The volatility of commodity prices has a material impact on the Company\u2019s cash flow from operations.
\n
The Company attempts to mitigate the effect of lower prices by entering into risk management
\n
contracts, shutting in production in unusually low pricing environments, reallocating capital to more
\n
profitable areas and reducing capital spending based on results and other market considerations. The
\n
Company will adjust its capital structure to minimize risk and its cost of capital through the issuance
\n
of shares, securing additional credit facilities and adjusting its capital spending as required. The
\n
Company monitors its capital structure based on the current and projected funds flow from
\n
operations.
Annual and updated budgets are approved by the Board of Directors and are regularly reviewed to
assess the Company\u2019s funding requirements and financial flexibility.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00145": { "value": "18. Share Based Compensation
The Company has a stock option program that provides for the issuance of options to purchase
Common Shares to its directors, officers and employees at or above grant date market prices. The
options granted under the plan generally vest evenly over a three-year period starting at the grant date
or one
year from the grant date. The grants expire five
years from the grant date.
Under the Company\u2019s option plan, a put right is included that allows the optionee to settle options
with cash or equity. Under the put right, the optionee will receive the net cash proceeds that is the
excess of the closing price of the Common Shares at the day of the put notice over the exercise price
of the option. The Company has the option to decline a put right exercise at any time. The Company
did not settle any cash options in 2025.
The number and weighted average exercise prices of stock options are as follows:
\u00a0
Options Outstanding
Options Exercisable
\u00a0 \u00a0
Weighted
Weighted
\u00a0
Weighted
Weighted
\u00a0
Number of
Average
Average
Number of
Average
Average
\u00a0
Options
Years to
Exercise
Options
Years to
Exercise
\u00a0
(thousands)
Expiry
Price
(thousands)
Expiry
Price
$0.18 - $0.20
7,775
0.07
$
0.18
14,550
0.65
$
0.19
$0.21 - $0.23
11,725
3.13
0.23
6,100
3.16
0.23
$0.24 - $0.26
5,950
3.10
0.25
6,700
4.10
\u00a0
$0.27 - $0.34
10,340
1.06
0.34
10,945
2.06
0.34
\u00a0
35,790
1.86
$
0.25
38,295
2.06
$
0.25
The following table summarizes information about stock options outstanding and exercisable at
\n
December 31, 2025:
\u00a0
December 31, 2025
December 31, 2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0
Number of
Average
Number of
Average
\u00a0
Options
Exercise
Options
Exercise
\u00a0
(thousands)
Price
(thousands)
Price
Outstanding, beginning of period
38,295
$
0.25
38,140
$
0.26
Granted
6,675
0.23
6,950
0.25
Forfeited
(8,855)
0.22
(620)
0.27
Expired
(325)
0.16
(6,175)
0.29
Outstanding, end of period
35,790
$
0.25
38,295
$
0.25
Exercisable, end of period
28,288
$
0.26
29,704
$
0.25
\n
The fair value of the options granted were calculated using the Black-Scholes valuation model. The
\n
following weighted average assumptions were used in the model for options granted in 2025 and
\n
2024:
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Weighted average fair value per award ($)
0.18
0.19
Volatility (%)
102.60
103.47
Forfeiture rate (%)
8.46
8.85
Expected life (years)
5.00
5.00
Risk free interest rate (%)
2.91
3.54
\n
This forfeiture rate estimate is adjusted to the actual forfeiture rate. Expected volatility and expected
\nlife is based on historical information.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "19. Share Capital
The Company is authorized to issue an unlimited number of Common Shares. The Company is also
\n
authorized to issue an unlimited number of Class
\u201cB\u201d Common voting shares and an unlimited
\n
number of preferred shares, issuable in one or more series. At December 31, 2025 and 2024, there
\n
were no Class
\u201cB\u201d common voting shares or preferred shares outstanding.
a) Issued and outstanding \u2013 Common Shares
\u00a0
Number
Amount
\u00a0
(thousands)
($ thousands)
Balance, December 31, 2024
428,516
429,878
Shares issued for acquisition
17,248
5,347
Balance, December 31, 2025
445,764
$
435,225
\n
b) Per share amounts
Basic and Diluted net loss per share is calculated as follows:
\u00a0
December 31,
December 31,
(thousands, except as noted)
2025
2024
Net loss
$
(31,998)
$
(7,329)
Issued Common Shares at beginning of year
428,516
428,516
Shares issued for the acquisition
17,248
\u2013
Weighted average number of Common Shares beginning and
\u00a0 \u00a0
outstanding (basic and diluted)
445,763
428,516
Basic and diluted net loss per share
$
(0.07)
$
(0.02)
\n
Under the current stock option plan, options can be exchanged for Common Shares of the Company,
or for cash at the Company\u2019s discretion. They are considered potentially dilutive and are included in
the calculation of diluted net loss per share for the period. The average market value of the Common
Shares for purposes of calculating the dilutive effect of options was based on quoted market prices
for the period that the options were outstanding. At December 31, 2025, 23 million options
(December
31, 2024: 23.7 million) were excluded from the diluted weighted average number of
Common Shares outstanding calculation as their effect would have been anti-dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "b) Per share amounts
Basic and Diluted net loss per share is calculated as follows:
\u00a0
December 31,
December 31,
(thousands, except as noted)
2025
2024
Net loss
$
(31,998)
$
(7,329)
Issued Common Shares at beginning of year
428,516
428,516
Shares issued for the acquisition
17,248
\u2013
Weighted average number of Common Shares beginning and
\u00a0 \u00a0
outstanding (basic and diluted)
445,763
428,516
Basic and diluted net loss per share
$
(0.07)
$
(0.02)
\n
Under the current stock option plan, options can be exchanged for Common Shares of the Company,
or for cash at the Company\u2019s discretion. They are considered potentially dilutive and are included in
the calculation of diluted net loss per share for the period. The average market value of the Common
Shares for purposes of calculating the dilutive effect of options was based on quoted market prices
for the period that the options were outstanding. At December 31, 2025, 23 million options
(December
31, 2024: 23.7 million) were excluded from the diluted weighted average number of
Common Shares outstanding calculation as their effect would have been anti-dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "20. Petroleum and Natural Gas Revenue
December 31,
December 31,
($ thousands)
2025
2024
Oil and liquids
$
39,942
$
34,148
Natural gas
4,996
2,699
Royalty revenue
525
80
Total Canada
$
45,463
$
36,927
Oil and liquids
29,870
\u2013
Natural gas
2,013
\u2013
Total Brazil
$
31,883
$
\u2013
Total Company
$
77,346
$
36,927
\u00a0\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "20. Petroleum and Natural Gas Revenue
December 31,
December 31,
($ thousands)
2025
2024
Oil and liquids
$
39,942
$
34,148
Natural gas
4,996
2,699
Royalty revenue
525
80
Total Canada
$
45,463
$
36,927
Oil and liquids
29,870
\u2013
Natural gas
2,013
\u2013
Total Brazil
$
31,883
$
\u2013
Total Company
$
77,346
$
36,927
\u00a0\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "21. Other Income
Other income consists of the following:
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Rental income
$
1,999
$
\u2013
Fair value adjustment for contingent consideration
(1,509)
\u2013
Provision for contingencies
1,143
\u2013
Other
778
\u2013
Currency translation adjustment
\u2013
\u2013
Balance, end of year
$
2,412
$
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "22. Finance Expenses
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finance Income
\u00a0 \u00a0
Foreign exchange gain (loss)
$
1,354
$
\u2013
Income from financial investments
563
1,145
Interest income from leases
24
\u2013
Other finance income
1,318
\u2013
\u00a0
$
3,259
$
1,145
Finance expenses
\u00a0 \u00a0
Accretion expense
$
5,507
$
580
Lease finance costs
41
4
Interest expenses
10,144
\u2013
Foreign exchange loss
5,806
\u2013
IOF expenses
86
\u2013
Other
98
\u2013
\u00a0
$
21,682
$
584
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "22. Finance Expenses
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finance Income
\u00a0 \u00a0
Foreign exchange gain (loss)
$
1,354
$
\u2013
Income from financial investments
563
1,145
Interest income from leases
24
\u2013
Other finance income
1,318
\u2013
\u00a0
$
3,259
$
1,145
Finance expenses
\u00a0 \u00a0
Accretion expense
$
5,507
$
580
Lease finance costs
41
4
Interest expenses
10,144
\u2013
Foreign exchange loss
5,806
\u2013
IOF expenses
86
\u2013
Other
98
\u2013
\u00a0
$
21,682
$
584
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "22. Finance Expenses
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finance Income
\u00a0 \u00a0
Foreign exchange gain (loss)
$
1,354
$
\u2013
Income from financial investments
563
1,145
Interest income from leases
24
\u2013
Other finance income
1,318
\u2013
\u00a0
$
3,259
$
1,145
Finance expenses
\u00a0 \u00a0
Accretion expense
$
5,507
$
580
Lease finance costs
41
4
Interest expenses
10,144
\u2013
Foreign exchange loss
5,806
\u2013
IOF expenses
86
\u2013
Other
98
\u2013
\u00a0
$
21,682
$
584
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "22. Finance Expenses
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finance Income
\u00a0 \u00a0
Foreign exchange gain (loss)
$
1,354
$
\u2013
Income from financial investments
563
1,145
Interest income from leases
24
\u2013
Other finance income
1,318
\u2013
\u00a0
$
3,259
$
1,145
Finance expenses
\u00a0 \u00a0
Accretion expense
$
5,507
$
580
Lease finance costs
41
4
Interest expenses
10,144
\u2013
Foreign exchange loss
5,806
\u2013
IOF expenses
86
\u2013
Other
98
\u2013
\u00a0
$
21,682
$
584
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "22. Finance Expenses
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finance Income
\u00a0 \u00a0
Foreign exchange gain (loss)
$
1,354
$
\u2013
Income from financial investments
563
1,145
Interest income from leases
24
\u2013
Other finance income
1,318
\u2013
\u00a0
$
3,259
$
1,145
Finance expenses
\u00a0 \u00a0
Accretion expense
$
5,507
$
580
Lease finance costs
41
4
Interest expenses
10,144
\u2013
Foreign exchange loss
5,806
\u2013
IOF expenses
86
\u2013
Other
98
\u2013
\u00a0
$
21,682
$
584
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "22. Finance Expenses
\u00a0
December 31,
December 31,
($ thousands
)
2025
2024
Finance Income
\u00a0 \u00a0
Foreign exchange gain (loss)
$
1,354
$
\u2013
Income from financial investments
563
1,145
Interest income from leases
24
\u2013
Other finance income
1,318
\u2013
\u00a0
$
3,259
$
1,145
Finance expenses
\u00a0 \u00a0
Accretion expense
$
5,507
$
580
Lease finance costs
41
4
Interest expenses
10,144
\u2013
Foreign exchange loss
5,806
\u2013
IOF expenses
86
\u2013
Other
98
\u2013
\u00a0
$
21,682
$
584
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "23. Employee Salaries and Benefits
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Salaries, bonuses and other short-term benefits
$
2,694
$
2,245
Share based compensation
920
1,381
\u00a0
$
3,614
$
3,626
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "24. Key Management Compensation
Key management includes directors and officers. The compensation paid or payable to key
\n
management is as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Salaries, bonuses, director fees and other short-term benefits
$
2,359
$
1,875
Share based compensation
1,164
1,480
\u00a0
$
3,524
$
3,355
\n
The Company has entered into written executive employment agreements with each of the officers
\n
of the Company. Each of these written agreements provides that in the event of a change of control
\n
of the Company, each of the officers is entitled to: (i)
18
months of then applicable base salary with
\n
24 months for the CEO; and (ii)
the vesting of all options to purchase Common Shares. In the event
\n
of a change in control, all options will vest and the severance payable to key management would have
\n
been $2.8 million at December 31, 2025. This amount does not include accelerated share-based
\ncompensation expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "24. Key Management Compensation
Key management includes directors and officers. The compensation paid or payable to key
\n
management is as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
December 31,
December 31,
($ thousands)
2025
2024
Salaries, bonuses, director fees and other short-term benefits
$
2,359
$
1,875
Share based compensation
1,164
1,480
\u00a0
$
3,524
$
3,355
\n
The Company has entered into written executive employment agreements with each of the officers
\n
of the Company. Each of these written agreements provides that in the event of a change of control
\n
of the Company, each of the officers is entitled to: (i)
18
months of then applicable base salary with
\n
24 months for the CEO; and (ii)
the vesting of all options to purchase Common Shares. In the event
\n
of a change in control, all options will vest and the severance payable to key management would have
\n
been $2.8 million at December 31, 2025. This amount does not include accelerated share-based
\ncompensation expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "25. Supplemental Cash Flow Information
Changes in non-cash working capital are detailed below:
\n\n \u00a0 \u00a0 \u00a0\n \n
December 31,
December 31,
($ thousands)
2025
2024
Accounts receivable
$
(143)
$
(226)
Deposits and prepaid expenses
5,953
16
Inventory
(722)
\u2013
Other long term assets
(5,282)
Accounts payable and accrued liabilities
(1,079)
3,109
Current taxes payable
(21,935)
\u2013
Contingent liabilities
10,827
Other current liabilities
4,551
\u2013
Change in non-cash working capital
$
(7,830)
$
2,899
Related to:
Operating activities
$
(7,830)
$
2,899
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "26. Commitments
A summary of the Company\u2019s net commitments at December 31, 2024, follows:
($ thousands)
2026
2027
2028
Transportation and Processing
$
2,219
$
1,094
$
0
Refinery maintenance contract
$
15,897
1,199
\u2013
Supply contracts
$
6,149
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "26. Commitments
A summary of the Company\u2019s net commitments at December 31, 2024, follows:
($ thousands)
2026
2027
2028
Transportation and Processing
$
2,219
$
1,094
$
0
Refinery maintenance contract
$
15,897
1,199
\u2013
Supply contracts
$
6,149
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "27. Subsequent Events
The Company reorganized to spin out the Company\u2019s Quebec assets through the exchange of the
\n
shares. Pursuant to the reorganization, the Company\u2019s existing Class A Common Shares (the
\n
\u201cCommon Shares\u201d) will be exchanged for a new class of Class A Common Shares (the \u201cNew
\n
Common Shares\u201d) and Series 2 Preferred Shares and the original Common Shares will be cancelled.
\n
For each Common Share, the shareholders will receive one (1) New Common Share and one (1) Series
\n
2 Preferred Share. The New Common Shares will continue to trade on the TSX and Oslo Bors.
\n
Excluding the ownership of the Quebec assets, the New Common Shares will possess substantively
\nthe same rights and obligations as the Common Shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300TM45EIWBPD7W54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }