Questerre updates status of Montney wells

1/31/2013 1:15 AM EST

Calgary, Alberta -- Questerre Energy Corporation 
("Questerre" or the "Company") (TSX,OSE:QEC) updated 
the status of its wells in the Kakwa-Resthaven area of 
west central Alberta. 

The pipeline for its second well (the "14-30 Well") 
has been completed to tie-in to a third party 
processing plant. As previously reported, the well was 
put on production briefly earlier this month with very 
high condensate production, in excess of 200 
Bbls/MMcf. The operator plans to equip both the 14-30 
Well and the 03-19 Well, Questerre's fourth well, with 
central facilities to allow condensate separation at 
the wellhead. This will facilitate the flow of natural 
gas and natural gas liquids to the third party 
processing plant that cannot handle very high 
condensate volumes. This will also improve uptime and 
reduce operating costs with condensate being trucked 
directly to the pipeline. 

Questerre also reported on the status of the 03-19 
Well. Drilling of the horizontal section in the target 
interval of the Upper Montney formation is underway at 
a measured depth of approximately 4100m. The operator 
has advised that drilling operations are on schedule 
and will be finalized by the middle of February. 
Subject to equipment availability, completion 
operations are expected to be finished within the 
following month. Questerre has a 25% interest in the 
14-30 and 03-19 wells.

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: 
 

This news release contains certain statements which 
constitute forward-looking statements or information 
("forward-looking statements"), including the initial 
production and the productive capacity of wells and 
the timing of future operations including completions 
and tie-ins of its wells in the Kakwa-Resthaven area 
of Alberta. Although the Company 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 the 
Company. 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 statements. As such, readers are cautioned not 
to place undue reliance on the forward looking 
statements, 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, the Company 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.