Questerre Energy Corporation

Questerre Energy Corporation

December 14, 2007 00:15 ET

Questerre Closes Private Placements for $3.0 Million

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2007) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) is pleased to report that it has closed two previously announced private placements for gross proceeds of $3.0 million.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "The majority of these funds will help finance the 3-D seismic program at our newly acquired project in the Greater Sierra region of British Columbia. We are pleased to have worked with Desjardins Securities on our second placement of $1 million. With their strong retail and institutional presence in Quebec, we look forward to the results from our exploration activities here in 2008."

The first placement was non-brokered and consisted of the issuance of 2,500,000 Common Shares, on a flow-through basis, at $0.80 per Common Share for gross proceeds of $2 million. This placement was part of the acquisition of Magnus Energy Inc. ("Magnus") and fully subscribed by arms-length institutional investors that participated in the Magnus transaction.

The second placement consisted of the issuance of 1,000,000 Common Shares, on a flow-through basis, at $1.00 per Common Share for gross proceeds of $1 million. Desjardins Securities Inc. was appointed as agent for this placement. Subscribers included institutional and retail investors in Quebec.

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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