Questerre Energy Corporation

Questerre Energy Corporation

December 18, 2006 11:08 ET

Questerre Announces Proposed $18.7 Million Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 18, 2006) - Questerre Energy Corporation (TSX:QEC) (OSE:QEC) ("Questerre" or the "Company") is pleased to announce that it intends to complete an $18.7 million private placement.

The placement will consist of the issuance of 14,000,000 Common Shares at 7.20 NOK (C$1.34) per Common Share and is subject to receipt of all requisite approvals. DnB NOR Markets and Pareto Securities ASA have been appointed as the Company's financial advisors in connection with this placement. The Company proposes to use the net proceeds from this placement to fund exploration and development activities in Quebec, British Columbia and Alberta.

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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