Second Montney well to be completed this month

10/8/2012 10:39 PM EST

Calgary, Alberta -- Questerre Energy Corporation 
("Questerre" or the "Company") (TSX,OSE:QEC) reported 
today that drilling operations were successfully 
completed on its follow-up well targeting the liquids-
rich window of the Montney shale in the Kakwa-
Resthaven area of west central Alberta.

Situated approximately one mile away from its first 
well, the second well was drilled to a total measured 
depth of 4678m including a 1230m horizontal leg in 
the target interval of the Montney formation. Similar 
to the first well, good hydrocarbon shows were 
observed throughout the drilling of the horizontal 
section. Operations were completed a week ahead of 
schedule and under budget. The well has been cased, 
logged and is prepared for a multi-stage fracture 
stimulation. 

Subject to the final program, the completion is 
expected to include fourteen stage nitrogen-based 
fracs in the target interval. The completion program 
has also been designed with the option to stimulate 
and test an additional shallower interval within the 
Montney formation. Completion and testing is 
scheduled for the next thirty days. Based on the 
results, the Company anticipates production 
facilities will be installed and the well tied-in to 
the recently built pipeline to the third party 
processing plant prior to year-end. 

Questerre also updated the status of its first well. 
The installation of production facilities for this 
well and the construction of a six mile tie-in to the 
third party processing plant were completed earlier 
this month. This well flowed at gross rates of over 
2,500 boe/d including 1,150 bbl/d of condensate and 
8.3 MMcf/d of natural gas over the last 24 hours of 
testing. In addition to the condensate and natural 
gas, incremental volumes of natural gas liquids 
including propane, butane and pentane are expected. 

Due to recent outages at downstream facilities that 
process these natural gas liquids, in particular 
propane and butane, the third party processing plant 
is temporarily unable to accept any production that 
includes these natural gas liquids. Production from 
the well is expected to commence once this 
restriction has been lifted. In the interim, the 
Company and its partners are assessing alternatives 
to address this short term constraint. 

Questerre will have a 37.5% interest in the first 
well before payout and a 25% interest after payout. 
In the second well, Questerre has a 25% working 
interest.

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 the 
timeline and activities planned for the Kakwa-
Resthaven area, timing for completion, testing and 
tie-in of the second well, drilling additional wells 
in the area, the timing to resolve the processing 
restriction to allow production from the first well, 
the forecast economics for this area among others. 
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.