Questerre to Participate in Major Pilot Project in the Lowlands

Questerre to Participate in Major Pilot Project in the Lowlands
02:15 EDT Wednesday, May 21, 2008

CALGARY, ALBERTA--(Marketwire - May 21, 2008) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) announced that it plans to participate with its partner Talisman Energy Canada ("Talisman") in a major pilot program to assess the commerciality of unconventional gas in the St. Lawrence Lowlands, Quebec.
In addition to the previously announced commitment to drill three vertical test wells, the pilot program will include vertical and several horizontal wells. Questerre expects the program to be carried out in 2008 and 2009 with a budget in excess of $100 million. For its acreage in the play fairway, Questerre will budget, on a net basis, between $25 million and $30 million of which $3 million to $5 million is expected to be spent in 2008 with the balance in 2009. These amounts do not include anticipated spending on the Yamaska licenses.
The pilot project to assess commerciality will focus on the siltstone/shale sequences of both the Utica and Lorraine. Based on recently published data by Talisman, the discovered resource for the Lorraine of 50 Bcf-190 Bcf per section compares favorably to the discovered resource for the Utica of 25 Bcf-160 Bcf per section. The initial three vertical test wells will also test the Trenton Black-River. Further investment in the Trenton Black-River will be contingent on the exploration results achieved.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, "We are delighted with the expanded program to evaluate commerciality of both the Lorraine and Utica formations. Based on work to date we believe the rock properties are very promising for unconventional gas in the Lowlands."
Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.
This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses, that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in the Company's plans, commodity prices, equipment availability, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.
FOR FURTHER INFORMATION PLEASE CONTACT:Questerre Energy Corporation
Jason D'Silva
VP Finance
(403) 777-1185
(403) 777-1578 (FAX)
Email: info@questerre.com
Website: www.questerre.com

Questerre Announces Equity Offering

Questerre Announces Equity Offering
12:32 EDT Wednesday, May 21, 2008

CALGARY, ALBERTA--(Marketwire - May 21, 2008) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) announced it plans to complete an equity offering.
The offering will consist of up to 15,000,000 Common Shares and will include an over allotment option of 1,125,000 Common Shares. Pricing will be finalized later today. The placement is subject to receipt of all regulatory approval.
The offering will be completed in two tranches one in Norway (the "Norwegian Issue") and one in Canada (the "Canadian Issue").
The Company has appointed Pareto Securities AS and DnB NOR Markets ASA as its financial advisors and syndicate managers for the Norwegian Issue. The Norwegian syndicate will include SEB Enskilda AS. This issue will be carried out through a book building process that will close on or before 0830 CET on May 22, 2008.
The Canadian Issue will be managed by a syndicate of underwriters led by Dundee Securities Corporation and including Desjardin Securities Inc., National Bank Financial Inc., Wellington West Capital Markets Inc, Fraser Mackenzie Limited, Maison Placements Canada Inc, and Canaccord Capital Corporation. The Canadian agents have an overallotment option of 15% on the same terms.
Questerre anticipates the proceeds from this placement will primarily finance its planned exploration and appraisal program in the St. Lawrence Lowlands Quebec and other core areas including Antler and Greater Sierra in 2009.
Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.
This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses, that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in the Company's plans, commodity prices, equipment availability, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.
FOR FURTHER INFORMATION PLEASE CONTACT:Questerre Energy Corporation `
Jason D'Silva
VP Finance
(403) 777-1185
(403) 777-1578 (FAX)
Email: info@questerre.com
Website: www.questerre.com