Questerre Energy Corporation

Questerre Energy Corporation

April 29, 2008 00:15 ET

Questerre Completes Terrenex Acquisition

CALGARY, ALBERTA--(Marketwire - April 29, 2008) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) and Terrenex Ltd. ("Terrenex") (TSX VENTURE:TXA) announced today that they have completed the acquisition of Terrenex by Questerre pursuant to a Plan of Arrangement.

Michael Binnion, President and Chief Executive Officer of Questerre and Terrenex, commented, "We are very pleased to have finalized this transaction on mutually satisfactory terms. The acquisition increases Questerre's leverage to the Utica shale gas play in Quebec by an additional 27,000 net acres. Questerre also gains over 5,000 km of 2-D seismic data, giving the Company an almost unparalleled technical database in the Lowlands. This transaction has the added benefits of eliminating a non-arms length relationship for Questerre and providing liquidity for Terrenex's shareholders."

At a Special Meeting of the shareholders of Terrenex held on April 28, 2008, the Plan of Arrangement received the support of 100% of the votes cast. The transaction subsequently received final Court approval. On closing, Terrenex became a wholly owned subsidiary of Questerre. The total consideration was 18,910,403 Questerre Common Shares and the assumption of a $0.5 million working capital deficit. The net debt component has been paid through a non-refundable deposit on the transaction. Terrenex's Common Shares will be delisted from the NEX effective April 30, 2008.

Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.

This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses, that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in the Company's plans, commodity prices, equipment availability, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.

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