Questerre comments on the trading activity

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THIS RELEASE IS NOT FOR BROADCAST OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES WIRE SERVICES OR US PERSONS

CALGARY, Alberta, January 6, 2022 (GLOBE NEWSWIRE) – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE: QEC) is issuing this press release in response to recent trading activity.

Questerre is not aware of any material undisclosed information relating to the business and affairs of the Company which would explain the recent increase in the market price and trading volume of its common shares. Recent comments from the Government of Quebec regarding potential compensation for the revocation of hydrocarbon permits in the province have been at the center of the concerns of the Company’s shareholders. In October 2021, the Premier of Quebec announced the government’s intention to end the production of fossil fuels. To date, the government has not provided further clarification on the details of this waiver and compensation. The Company will continue to monitor the progress of these files and the impact on its Quebec assets.

As previously reported in its financial report for the second quarter of 2021, the Company’s accounting costs for its assets in Quebec exceed $ 100 million. The Company estimates that the recorded costs associated with these operated and non-operated assets in Quebec amount to approximately $ 175 million and may not include all costs. The Company plans to update this estimate in its 2021 annual report. For information on the Company’s resources in Quebec and the associated risky net present value of future net income, please refer to the disclosure in the annual information form of the Company for the fiscal year ended December 31, 2020 available at www.sedar.com.

Questerre is an energy technology and innovation company. It draws on its expertise acquired through early exposure to low permeability reservoirs to acquire significant high quality resources. We believe we can successfully transition our energy portfolio with new carbon technologies and innovations to responsibly produce and use energy.

Questerre believes that the future success of the oil and gas industry depends on the balance between economy, environment and society. We are committed to being transparent and respect the fact that the public must be part of the important choices for our energy future.

Notice Regarding Forward-Looking Statements

This press release contains certain statements that constitute forward-looking statements or information (“forward-looking statements”), including the timing of any potential compensation by the government of Quebec for the revocation of hydrocarbon permits, the plans of the Company to monitor developments related to these issues and the impact on its Quebec assets and its intention to update its estimate of the costs recorded in its 2021 annual report.

Forward-looking statements are based on several important Questerre factors, expectations or assumptions that were used to develop these statements and information, but which may prove to be inaccurate. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, one should not place undue reliance on them as Questerre cannot guarantee that they will prove to be correct. Because forward-looking statements deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. In addition, events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, without limitation. limited to: the effect of COVID-19 on markets and demand for oil and natural gas; whether the Company’s exploration and development activities relating to its prospects will be successful or whether significant volumes of oil and natural gas reserves will be encountered, or whether they can be produced on a commercial basis; the ultimate size and extent of any oil-containing formation on its lands; that drilling operations on its lands will be successful, so that further development activities in these areas are warranted; that Questerre will continue to conduct its operations in a manner consistent with past operations; the results of drilling and development activities will be consistent with past operations; the general stability of the economic and political environment in which Questerre operates; drilling results; field production rate and rate of decline; the general maintenance of current industrial conditions; the timing and cost of construction and expansion of the pipeline, storage and facilities and Questerre’s ability to ensure adequate transportation of the products; future prices of raw materials; currencies, exchange rates and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Questerre operates; and Questerre’s ability to successfully market its oil and gas products; changes in the prices of raw materials; changes in the demand for or supply of the Company’s products; unforeseen operating results or production declines; changes in fiscal or environmental laws, changes in development plans by Questerre or by third party operators of Questerre properties, increased debt levels or debt service requirements; inaccurate estimate of the volumes of Questerre’s oil and gas reserves and resources; limited, unfavorable or lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time to time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors can be found in the Company’s annual information form for the year ended December 31, 2020, and other documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Questerre assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.

CONTACT: For further information, please contact: Questerre Energy Corporation Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) | Email: info@questerre.com
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