March 2, 2010 - Questerre equity issue oversubscribed

Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) is
pleased to announce that its previously reported
equity issue of 20 to 30 million shares was more than
two times oversubscribed.

The offering will consist of the issuance of 30
million Common Shares of the Company at an issue
price of 24.50 NOK or C$4.30 for gross estimated
proceeds of 735 million NOK or C$129 million.

19,972,000 Common Shares, or just under 10% of the
issued and outstanding share capital of Questerre are
to be issued under the Norwegian tranche at an issue
price of 24.50 NOK. Pareto Securities AS, DnB NOR
Markets and Arctic Securities ASA were appointed as
the Company's financial advisors for the Norwegian
tranche of this issue.

Allocation and contract notes will be sent to
subscribers today. Payment is scheduled to take place
on March 5, 2010 for the Norwegian tranche and the
shares are expected to be tradable on or about March
12, 2010 on the Oslo Stock Exchange. The Common
Shares issued under the Norwegian tranche are subject
to certain resale restrictions in Canada and cannot
be traded in Canada or to the benefit of a Canadian
resident for four months from the date of closing.

10,028,000 Common Shares are to be issued under the
Canadian tranche at an issue price of C$4.30. Subject
to the filing and receipt of a final prospectus by
the securities regulators, Questerre anticipates this
portion of the issue will close in mid-March 2010.

The Canadian tranche was managed by a syndicate of
agents led by Dundee Securities Corporation
(bookrunner) and Cormark Securities Inc., and
including Mackie Research Capital Corporation,
Industrial Alliance Securities Inc., Fraser Mackenzie
Limited, Clarus Securities Inc., National Bank
Financial Inc. and Maison Placements Canada Inc.

The Company proposes to use the net proceeds from
this equity issue to fund the continued assessment of
the Utica shale gas discovery in the St. Lawrence
Lowlands, Quebec.

Questerre Energy Corporation is an independent energy
company focused on shale gas in North America. The
Company is concentrated on establishing commerciality
of its Utica shale gas discovery in the St. Lawrence
Lowlands, Quebec.

For further information, please contact:
Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 | (403) 777-1578 (FAX) |Email:
info@questerre.com

This press release contains forward looking
statements. More particularly, this press release
contains statements concerning the anticipated
closing date of the offering and the anticipated use
of the proceeds of the offering. Although Questerre
believes that the expectations reflected in these
forward looking statements are reasonable, undue
reliance should not be placed on them because
Questerre can give no assurance that they will prove
to be correct. Since forward looking statements
address future events and conditions, by their very
nature they involve inherent risks and uncertainties.
The closing of the offering could be delayed if
Questerre is not able to obtain the necessary
regulatory and stock exchange approvals on the
timelines it has planned. The offering will not be
completed at all if these approvals are not obtained
or some other condition to the closing is not
satisfied. Accordingly, there is a risk that the
offering will not be completed within the anticipated
time or at all. The intended use of the proceeds of
the offering by Questerre might change if the board
of directors of Questerre determines that it would be
in the best interests of Questerre to deploy the
proceeds for some other purpose.

The forward looking statements contained in this
press release are made as of the date hereof and
Questerre undertakes no obligations to update
publicly or revise any forward looking statements or
information, whether as a result of new information,
future events or otherwise, unless so required by
applicable securities laws.

This news release does not constitute an offer of
securities for sale in the United States. These
securities may not be offered or sold in the United
States absent registration or an available exemption
from registration under the United States Securities
Act of 1933, as amended. This news release does not
constitute an offer to sell or the solicitation of an
offer to buy securities in any jurisdiction in which
such offer or solicitation would be unlawful.