Questerre Announces Beaver River Transaction

CALGARY, ALBERTA--(Marketwire - April 27, 2011) -

NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) reported today that it has concluded an agreement with Transeuro Energy Corp. ("Transeuro") (TSX-V:TSU) for Transeuro to acquire the remaining 50% interest in the Beaver River Field in northeast British Columbia.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "We are very pleased to have executed this final agreement. Through our equity interest in Transeuro, we will retain an interest in the Liard shale at Beaver River, which we believe has significant potential. As the interest in this play grows, Transeuro now has the flexibility and focus as the operator to bring in a seasoned industry partner to unlock this potential."

Pursuant to the agreement, Transeuro will acquire Questerre Beaver River Inc., a wholly owned subsidiary of Questerre that owns the 50% interest in the Beaver River Field. In consideration, Questerre will receive 40 million common shares of Transeuro. Closing is scheduled for early May and is subject to receipt of all requisite approvals and other conditions precedent.

Mr. Binnion further added, "The acquisition of our subsidiary provides for continuity for suppliers, employees and other stakeholders in the Beaver River area. Transeuro has been a working interest partner at the Field since 2005 and we are confident that they will continue to operate the Field to the standards we have established."

Questerre has plans to maintain its share position through a $2 million commitment to a future financing by Transeuro subject to final terms.

Questerre Energy Corporation is an independent energy company focused on shale projects. The Company is leveraging its expertise to commercialize projects like its Utica shale gas discovery in the St. Lawrence Lowlands, Québec. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.

This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including implementation of regulations and fiscal regimes, the results from our horizontal wells and the timing and scope of future operations. 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.

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.