Questerre Energy Corporation

Questerre Energy Corporation

May 24, 2005 12:50 ET

Questerre Approved for Listing on the Oslo Stock Exchange

CALGARY, ALBERTA--(CCNMatthews - May 24, 2005) - Questerre Energy Corporation (TSX:QEC) ("Questerre" or the "Company") is pleased to announce that the Oslo Stock Exchange ("OSE") has approved the Company's application for a secondary listing of its Common Shares on the Small Medium Business ("SMB") list of the OSE. The approval is conditional on the completion of Questerre's proposed public offering for a minimum of C$5 million and a distribution to a minimum of 100 round lot holders in Norway.

Questerre also announced that it has appointed Peder Paus as Chairman of the Board of Directors.

Mr. Paus, based in Oslo, Norway, is a private investor specializing in turnaround and M&A situations. Mr. Paus currently holds and/or exercises control or direction over 2,750,000 common shares and 265,000 stock options of Questerre. Mr. Paus is also a director of Terrenex Acquisition Corporation, a public investment company listed on the TSX Venture Exchange. Terrenex is a significant shareholder of Questerre. From 1998 to 2004, he served as a director of Flowing Energy Corporation, a junior exploration and production company. From June 1998 to June 2001 he was a director of CanArgo Energy Corporation, an independent exploration and production company listed on the OSE and AMEX, after facilitating a merger between CanArgo and Fountain Oil.

From 1981 to 1995, Mr. Paus was Chief Executive Officer of North Venture Ltd., a shipping and offshore consulting firm based in London, England. In this capacity he was involved in restructuring several large private companies including the refrigerated transportation division of PPI-Del Monte Fresh Produce B.V. During this period, Mr. Paus was also engaged as special consultant to the British Ministry of Defense and ECGD.

Mr. Paus also has extensive experience in the banking and international finance sector. He was Executive Director, Member of the Executive Committee and Board of Directors of Manufacturers Hanover Limited and Vice President of Manufacturers Hanover Corporation, one of the leading US banks in the 1970s and early 1980s. He was also head of the Scandinavian division of Manufacturers Hanover Trust Co.

Mr. Paus graduated from the University of California, Berkeley with a degree in Business Administration in 1971.

Michael Binnion, Chief Executive Officer of Questerrre, commented, "I am sure that Peder will make an even bigger contribution to the Company as Chairman and I welcome his appointment. With our pending secondary listing on the Oslo Stock Exchange, I think it will be very beneficial to have our senior member of the Board based in Oslo."

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.

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