High liquids Montney well tests at over 2,500 boe/d

5/4/2012 2:15 AM EST

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

The well was successfully completed with a 15-stage
water based foam fracture stimulation in the 1430m
horizontal section. Initial clean up and flow back
began on April 29, 2012 and the well was tested for a
96 hour period thereafter.

Over the last 24 hours of the production test, the
well flowed 1,150 bbl/d of condensate and 8.3 MMcf/d
of natural gas at a flowing casing pressure of 7584
kPa (1100 psi) on a 3/4 inch choke.  In addition to
the condensate, analysis of the production data
indicates that an additional 25-30 bbl/MMcf of natural
gas liquids could be recoverable through typical
refrigeration process. This could increase to 70
bbl/MMcf if deep cut processing is available.
Production tubing is currently being installed to
improve recovery of the remaining frac fluid. 

Michael Binnion, President and Chief Executive Officer
of Questerre commented, "These early results exceeded
our expectations. While the natural gas test rates are
in line with industry activity in the area, the
condensate and natural gas liquids were much better.
The high liquids rate materially enhances the
economics of this play. We are looking forward to
tying-in this well to the pipeline and developing this
acreage with our partners." 

Questerre holds a 37.5% interest in this well before
payout and a 25% interest in this well after payout.
The Company also holds a 25% working interest in 16
contiguous sections (10,240 acres) of land offsetting
this well. In conjunction with its partners, Questerre
has begun work to tie-in the well to adjacent pipeline
infrastructure. Subject to final engineering,
regulatory approval and consents, Questerre
anticipates the well will be tied in early in the
fourth quarter of this year. Work has also started on
identifying and surveying follow-up drilling locations. 

Questerre Energy Corporation is an independent energy
company focused on non-conventional oil and gas
resources. The Company is currently developing a
portfolio of oil shale assets in North America. It is
also securing a social license to commercialize its
Utica natural gas discovery in Quebec. The Company is
underpinned by light oil assets and a strong balance
sheet.  Questerre is committed to the economic
development of its resources in an environmentally
conscious and socially responsible manner.

For further information, please contact:

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

This media release contains certain statements which
constitute forward-looking statements or information
("forward-looking statements"), including whether the
initial test results are indicative of the long term
performance and ultimate recovery of hydrocarbons from
the Montney well, the timing of future tie-ins,
drilling and development of the Kakwa-Resthaven area
of Alberta. Although Questerre believes that the
expectations reflected in our forward-looking
statements are reasonable, our forward-looking
statements have been based on factors and assumptions
concerning future events which may prove to be
inaccurate.  Those factors and assumptions are based
upon currently available information available to
Questerre.  Such statements are subject to known and
unknown risks, uncertainties and other factors that
could influence actual results or events and cause
actual results or events to differ materially from
those stated, anticipated or implied in the forward
looking information.  As such, readers are cautioned
not to place undue reliance on the forward looking
information, as no assurance can be provided as to
future results, levels of activity or achievements. 
The risks, uncertainties, material assumptions and
other factors that could affect actual results are
discussed in our Annual Information Form and other
documents available at www.sedar.com.  Furthermore,
the forward-looking statements contained in this
document are made as of the date of this document and,
except as required by applicable law, Questerre does
not undertake any obligation to publicly update or to
revise any of the included forward-looking statements,
whether as a result of new information, future events
or otherwise.  The forward-looking statements
contained in this document are expressly qualified by
this cautionary statement.

Barrel of oil equivalent ("boe") amounts may be
misleading, particularly if used in isolation. A boe
conversion ratio has been calculated using a
conversion rate of six thousand cubic feet of natural
gas to one barrel of oil and is based on an energy
equivalent conversion method application at the burner
tip and does not necessarily represent an economic
value equivalent at the wellhead.

This news release does not constitute an offer of
securities for sale in the United States.  These
securities may not be offered or sold in the United
States absent registration or an available exemption
from registration under the United States Securities
Act of 1933, as amended.