Questerre Energy Corporation

Questerre Energy Corporation

August 17, 2005 02:15 ET

Questerre Announces Rig Mobilization at Beaver River Field

CALGARY, ALBERTA--(CCNMatthews - Aug. 17, 2005) - Questerre Energy Corporation ("Questerre" or the "Company")(TSX:QEC) announced that the operator of the work program at the Beaver River Field (the "Field") began mobilizing equipment yesterday.

The initial equipment being barged now includes camp facilities, heavy trucks and fuel. Mobilization of the hydraulic workover rig and support equipment is anticipated to be complete prior to month end. The first well of the four well program is expected to commence in early September.

Questerre also reported that it received confirmation of coverage up to $4 million for the previously reported fire at the Field in June. The operators' quarters, workshop and replacement maintenance equipment will be mobilized to the Field in early September. Due to the fire and the resulting loss of maintenance equipment, the semi-annual plant turnaround at the A-5 well is taking longer than normal. There is a $25,000 deductible on the insurance which is expected to be the net cost to Questerre for this incident.

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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