News Releases

Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company") (TSX, OSE: QEC) is pleased to report on the test results from its fourth horizontal well (the "03-19 Well") in the Kakwa-Resthaven area of west central Alberta.

The well was successfully completed with a 14-stage water-based nitrogen foam fracture stimulation in the 1321m horizontal section. Initial clean up and flow back began on March 11 2013 and the well was tested for a 161-hour period thereafter.

Over the last 24 hours of the production test, the well flowed 826 bbl/d of condensate and 5.83 MMcf/d of natural gas against anticipated gathering system pressure of approximately 5000 kPa (725 psi). Production tubing has been installed and the well will be tied into a third party processing plant shortly. Questerre holds a 25% working interest in the 03-19 Well.

The operator reported that work will begin to add liquids handling facilities on site to accommodate both the 03-19 Well and the Company's second well, the 14-30 Well, that share the same surface location. Production from both these wells is expected to commence in mid-April 2013. The operator also reported that it is currently permitting multiple locations and anticipates the next well will spud post spring breakup.

Questerre Energy Corporation 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 bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
For further information, please contact:

Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 | (403) 777-1578 (FAX) |Email: [email protected]