Questerre Energy Corporation

Questerre Energy Corporation

September 01, 2005 10:38 ET

Questerre Announces $8.2 Million Private Placement

CALGARY, ALBERTA--(CCNMatthews - Sept. 1, 2005) - Questerre Energy Corporation (TSX:QEC) ("Questerre" or the "Company") is pleased to announce that it intends to complete an $8.2 million private placement.

The placement will consist of the issuance of 9,987,690 Common Shares at 4.35 NOK (C$0.82) per Common Share and is subject to receipt of all requisite approvals. The placement will be made primarily to institutional investors in Norway. DnB NOR Markets and Pareto Securities ASA have been appointed as the Company's financial advisors in connection with this placement. They will receive a cash commission of 5% of the gross proceeds. The Company proposes to use the net proceeds from this placement to fund working capital and potential acquisitions.

Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration for and development, production and acquisition of large-scale exploration and development 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, 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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