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: 
[email protected]