QEC - Québec Government plans extension for exploration licenses

Calgary, Alberta -- Questerre Energy Corporation("Questerre" or the "Company") (TSX,OSE:QEC) reportedtoday that the Québec government has introducedlegislation to extend the terms of all the oil and gasexploration licenses issued in the province.Pursuant to Bill 18 introduced by the Ministry ofNatural Resources in the National Assembly, theMinister intends to suspend the term of theexploration licenses for petroleum, natural gas andunderground reservoirs in the province of Québec.Holders of these licenses are also exempted fromperforming the work required under the Mining Act fora three year period from the coming into force of theAct. The details of the Bill can be found at:http://www.assnat.qc.ca/en/travaux-parlementaires/projets-loi/projet-loi-18-39-2.html.Questerre also reported that the Ministry ofSustainable Development, Environment and Parks("MDDEP") has announced the mandate and membership ofthe committee that will oversee the strategicenvironmental assessment ("SEA") for shale gasdevelopment in Québec. The committee will have a totalof 11 members and include representatives fromministries of municipal affairs, natural resources,the education and research sector, the sustainabledevelopment and environmental sector and industry. Itwill be chaired by MDDEP.The committee's mandate will include delivery of areport on the strategic environmental assessment toaddress the issues identified and providerecommendations for the regulatory regime to governshale gas development. The details of the announcementare available at:http://communiques.gouv.qc.ca/gouvqc/communiques/GPQF/Mai2011/12/c4048.html?slang=enQuesterre Energy Corporation is an independent energycompany focused on shale projects. The Company isleveraging its expertise to commercialize projectslike its Utica shale gas discovery in the St. LawrenceLowlands, Québec. Questerre is committed to theeconomic development of its resources in anenvironmentally conscious and socially responsible manner.For further information, please contact:Questerre Energy CorporationAnela Dido, Investor Relations(403) 777-1185 | (403) 777-1578 (FAX) |Email:[email protected] news release contains certain statements whichconstitute forward-looking statements or information("forward-looking statements"), includingimplementation of regulations and fiscal regimes, theresults from our horizontal wells and the timing andscope of future operations. Although the Companybelieves that the expectations reflected in ourforward-looking statements are reasonable, ourforward-looking statements have been based on factorsand assumptions concerning future events which mayprove to be inaccurate. Those factors and assumptionsare based upon currently available informationavailable to the Company. Such statements are subjectto known and unknown risks, uncertainties and otherfactors that could influence actual results or eventsand cause actual results or events to differmaterially from those stated, anticipated or impliedin the forward looking statements. As such, readersare cautioned not to place undue reliance on theforward looking statements, as no assurance can beprovided as to future results, levels of activity orachievements. The risks, uncertainties, materialassumptions and other factors that could affect actualresults are discussed in our Annual Information Formand other documents available at www.sedar.com.Furthermore, the forward-looking statements containedin this document are made as of the date of thisdocument and, except as required by applicable law,the Company does not undertake any obligation topublicly update or to revise any of the includedforward-looking statements, whether as a result of newinformation, future events or otherwise. Theforward-looking statements contained in this documentare expressly qualified by this cautionary statement.This news release does not constitute an offer ofsecurities for sale in the United States. Thesesecurities may not be offered or sold in the UnitedStates absent registration or an available exemptionfrom registration under the United States SecuritiesAct of 1933, as amended.