Mr. Jason D'Silva reports

QUESTERRE APPLIES TO LIST PREFERRED SHARES ON EURONEXT GROWTH OSLO

Questerre Energy Corp. will apply to list the company's Series 2 preferred shares on Euronext Growth Oslo, operated by Euronext Oslo Bors. The company will submit the application for the listing on June 23, 2026.

The preferred shares track the economic performance and value of the company's Quebec assets, including its significant natural gas discovery in the Quebec Utica shale. The preferred shares were issued in January, 2026. This followed the reorganization of the company's share capital, as approved by the common shareholders at the special meeting held on Jan. 15, 2026.

Subject to approval of the application for the listing by Euronext Oslo Bors and satisfaction of applicable conditions, the first day of trading in the preferred shares on Euronext Growth Oslo is expected to be on or about June 30, 2026.

Michael Binnion, president and chief executive officer of Questerre, commented: "This listing on Euronext Growth Oslo gives our shareholders direct liquidity in our Quebec assets. The market will have direct exposure to one of North America's most important undeveloped natural gas resources. We believe this is an important step in unlocking the full value of this discovery."

He added: "Our shareholders participate in the future of this discovery through two paths. Should a political and business solution permit development of the project, our common and preferred shareholders will share the asset equally, subject to the common shareholders funding a 10-well program to demonstrate commercial advancement of the project."

He further added: "Should development not proceed, any financial compensation received by the company would be allocated 95 per cent to the preferred shareholders and 5 per cent to the common shareholders. According to an independent expert report, the damages related to the discovery are estimated to be between $700-million (Canadian) and $4.8-billion (Canadian). To optimize the tax treatment of any such distribution and in accordance with articles of the company, the preferred shares would be converted into common shares based on the 90-day volume weighted average trading price of the common shares immediately prior to the distribution."

In connection with the proposed Listing, the company intends to place before the common and preferred shareholders a vote on a consolidation of the preferred shares at the annual and special meeting of shareholders scheduled for June 23, 2026. The initial proposal in the management information circular dated May 23, 2026, reflected a consolidation of the preferred shares on a 1:100 basis. Following the mailing of the circular, the company plans to amend this resolution to a proposed consolidation on a 1:10 basis. This will result in approximately 45,221,345 preferred shares outstanding. The proposed consolidation will be subject to shareholder and regulatory approval.

The consolidation will be implemented prior to the first day of trading of the preferred shares on Euronext Growth Oslo. SB1 Markets AS is acting as Euronext Growth's adviser and Wikborg Rein Advokatfirma AS is acting as the legal adviser to the company in connection with the listing.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy industry depends on a balance of economics, environment and society. The company is committed to being transparent and is respectful that the public must be part of making the important choices for the energy future.

We seek Safe Harbor.