Questerre closes Canadian financing

Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) reported
today that it has closed its previously announced
Canadian offering for gross proceeds of $43.12 million.

The offering consisted of the issuance of 10,028,000
Common Shares of the Company at $4.30 per Common
Share. The offering was managed by a syndicate of
agents led by Dundee Securities Corporation
(bookrunner) and Cormark Securities Inc., including
Mackie Research Capital Corporation, Industrial
Alliance Securities Inc., Fraser Mackenzie Limited,
Clarus Securities Inc., National Bank Financial Inc.
and Maison Placements Canada Inc.

This Canadian tranche in conjunction with the
Norwegian tranche completed last week resulted in the
issuance of a total of 30,000,000 Common Shares at
$4.30 per Common Share for gross proceeds of
approximately $129 million.

The Company plans 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 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 risks, uncertainties, material assumptions and
other factors that could affect actual results are
discussed in more detail in our Annual Information
Form and other documents available at www.sedar.com.
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.