Questerre Energy Corporation: Second Core Hole Program for Oil Shale in Saskatchewan Completed

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2012) -

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Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) reported that it has completed the second core hole drilling program to assess its oil shale licenses in the Pasquia Hills region of Saskatchewan.

Michael Binnion, President and Chief Executive Officer, commented, "The core data is consistent with a large oil shale resource at Pasquia Hills. We believe the Red Leaf EcoShale In-Capsule process is a competitive advantage to exploit this resource. We will finalize our resource assessment for Pasquia Hills while Red Leaf completes their in-field work at Utah in advance of building their first capsule."

The program was designed to evaluate the eastern block, known as the Wildcat Hills block, covering 42,572 net acres. A total of 653m of continuous core was obtained from six new wells drilled primarily with a heli-portable rig. Good core was recovered throughout the target Second White Specks shale. Approximately 49m of this prospective shale was encountered in all the wells drilled. This follows the first core hole program that targeted the western block, the Arborfield block, where over 30m of the shale was cored in all the ten wells drilled.

Close to 300 core samples from this program are currently being analyzed for geochemical properties. Testing will include modified Fisher assay analysis to evaluate the potential oil yield and an assessment of the prospective oil shale resource. The results from this program will be integrated with the earlier program to high grade the acreage by the end of this year.

Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including the prospectivity of the Company's oil shale acreage in Saskatchewan and the timing of activities at Red Leaf's Early Production System Phase of operations in Utah. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to the Company. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.