Mr. Jason D'Silva reports

QUESTERRE CLOSES $24 MILLION PRIVATE PLACEMENT

Questerre Energy Corp. has closed its previously reported private placement of 30.8 million common shares at 5.00 kronor or 79 Canadian cents per common share for gross proceeds of 154 million kronor or approximately $24-million (Canadian).

The company intends to use the net proceeds from the private placement to strengthen its working capital, partially financing its continuing Montney capital program and the preliminary work for its planned pilot Utica development project in the St. Lawrence Lowlands in Quebec.

Pareto Securities AS and Swedbank acted as managers and bookrunners in connection with the private placement.

Subsequent to the completion of the private placement, the company has 339,103,415 common shares outstanding.

Questerre Energy is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is a leader on social licence to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands in Quebec. It is pursuing oil shale projects with the aim of commercially developing these significant resources.

We seek Safe Harbor.