Questerre Energy Corporation

Questerre Energy Corporation

November 12, 2007 00:30 ET

Questerre Drills Two Successful Oil Wells in Antler

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2007) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) is pleased to announce that it has recently drilled two horizontal wells in the Antler area of southeast Saskatchewan. Questerre has a 50% interest in these wells.

The two wells were spud late in the third quarter and were drilled to a vertical depth of 1100m with a 1500m horizontal leg into the Upper Devonian Bakken/Torquay formation. The wells were completed open hole without fracture stimulation and placed on production this week. The average initial flow rate for the two wells was approximately 110 boe/d each.

The total costs for these two wells, net to Questerre, is expected to be approximately $1 million.

Plans are underway to spud two additional horizontal wells and commence a 25 square mile 3-D seismic survey prior to year-end. It is expected the seismic survey will better define the target Bakken/Torquay formation and assist in locating both exploration and development wells for the 2008 drilling program.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "These positive initial drilling results coupled with current oil prices illustrates the attractiveness of the Magnus acquisition."

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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