Questerre Energy Corporation

Questerre Energy Corporation

October 23, 2007 00:15 ET

Questerre Energy Corporation: Farm-In Partner Exercises Option on Yamaska Wells

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2007) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) announced today that Canadian Forest Oil Ltd. ("Forest") has exercised its option to complete and test the two wells recently drilled on the Yamaska permits in the St. Lawrence Lowlands.

The operator of the Yamaska permits, Gastem Inc. ("Gastem"), drilled the two wells, St. Francois du Lac #1 and St. Louis de Richelieu #1, this summer to primarily evaluate the fractured Utica shale horizon. Under the terms of the agreement between Gastem and Forest, well completion will now proceed and may include fracture stimulation and/or horizontal drilling.

"This is an important endorsement from a very experienced shale gas player. We look forward to the results of the completion and testing work early next year" commented Michael Binnion, President and Chief Executive Officer of the Company.

Forest has an option to earn up to a 60% in the Yamaska permits by spending $10 million over the next 18 months following the completion and testing. The Yamaska permits cover 45,381 hectares (112,136 acres). Questerre has a 7.5% gross overriding royalty convertible to a 20% working interest in the Yamaska permits.

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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