Calgary-based Questerre Energy Corporation (an energy technology and innovation company) has been selected as the successful bidder in the first bid round under Nova Scotia's Subsurface Energy Research and Development Investment Program, the company announced on August 24, 2026.

The award positions Questerre to pursue exclusive exploration rights in the onshore Cumberland Basin of northern Nova Scotia, a region the company describes as prospective for oil and natural gas across multiple formations.

First Bid Round Victory Secures Foothold in Eastern Canada

Questerre, which trades on the Toronto Stock Exchange and Oslo Stock Exchange under the ticker QEC, reported that it is in the final stages of negotiating a Petroleum Exploration Agreement with the province of Nova Scotia. Subject to final terms, the agreement will grant Questerre exclusive exploration rights over lands in the Cumberland Basin and the opportunity to advance any commercial discoveries through to development.

The company characterized its selection as a meaningful milestone, noting that the bid round was the first to be conducted under the province's newly established investment program.

The Subsurface Energy Research and Development Investment Program represents Nova Scotia's framework for inviting private sector participation in exploring its onshore energy potential.

Drawing Parallels to Quebec Utica Discovery

Michael Binnion, President and Chief Executive Officer of Questerre, drew a direct comparison between the company's entry into Nova Scotia and its formative years in Quebec, where it built up a significant land position that eventually led to what he described as a giant Utica gas discovery.

"Over 25 years ago, we acquired a significant land position in Quebec that ultimately led to our giant Utica gas discovery," Binnion said. "Our entry into Nova Scotia offers a similar opportunity to apply our extensive subsurface expertise in a new prospective basin."

Questerre currently holds a significant natural gas discovery in the Quebec Utica shale, which the company describes as widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The company is presenting its Nova Scotia move as an extension of that same frontier basin evaluation capability.

Community and Government Relations Central to Strategy

Binnion emphasized that technical expertise alone would not determine the company's success in Nova Scotia. He said winning the first bid round opens the door to building relationships with local communities and landowners, the province's Department of Energy, and academic research partners, including Dalhousie University.

"Winning the first bid round allows us to start building relationships in Nova Scotia, with local communities and landowners, the Department of Energy, and research partners such as Dalhousie University," Binnion said. "We respect Premier Houston's efforts to strengthen the province's energy security, and we intend to earn our place in that effort."

The CEO also acknowledged that the company's years of operating in Quebec had taught it lessons that extended well beyond geology. "Our experience in Quebec gave us more than the subsurface expertise to evaluate a frontier basin," he said. "It also gave us a hard-earned appreciation that earning public confidence is as important to developing a resource as understanding the geology."

Nova Scotia's Cumberland Basin as a Frontier Opportunity

The Cumberland Basin, located in northern Nova Scotia, is the geographic focus of the pending Petroleum Exploration Agreement. Questerre described the basin as prospective for oil and natural gas in multiple formations, though the company has not yet detailed the specific geological targets or the size of the acreage covered under the negotiations.

The agreement remains subject to the conclusion of final terms, and Questerre noted that it is currently in the final stages of those negotiations with provincial authorities.

Once finalized, the agreement is expected to provide the company with the exclusive exploration rights it needs to begin its technical evaluation program in the region.

Company Profile and Energy Transition Position

Questerre describes itself as an energy technology and innovation company focused on responsibly developing oil and gas resources. The company has publicly stated its belief that society can successfully transition its energy portfolio through the application of new clean technologies and innovation, and that responsible production and use of energy can allow society to sustain both human progress and the natural environment.

The company listed economics, environment, and society as the three pillars it considers essential to the future success of the energy industry, and stated a commitment to transparency and public engagement in decisions about the energy future.

Questerre's selection in Nova Scotia adds a new operational front to a company whose primary asset remains the undeveloped Quebec Utica shale gas position.

The Cumberland Basin exploration program, once the agreement is finalized, would mark the company's first active exploration effort outside of Quebec in recent years.

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