Questerre Energy Corporation

Questerre Energy Corporation

April 18, 2007 00:15 ET

Questerre Participates in Vulcan New Pool Discovery

CALGARY, ALBERTA--(CCNMatthews - April 18, 2007) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) is pleased to announce a new pool discovery with an exploration well in the Vulcan area of Southern Alberta. Questerre has a one-third interest in this well (the "Test Well").

The Test Well was drilled for a new Mannville exploration target adjacent to Questerre's existing Mannville G Pool. It was successfully drilled on budget and cased as a potential gas producer from the primary horizon. Subject to weather, Questerre anticipates the well will be completed and tested late in the second quarter.

The Test Well was the first in a multi-well program drilled under a recent participation and farm-in agreement for the Vulcan area. Pursuant to the agreement Questerre and its partners will each earn a one-third interest in 4,480 acres for drilling two wells, subject to the payment of a 15% gross overriding royalty ("GORR") on production. The partners have an option to earn, on the same terms, an additional 1,920 acres by drilling a third well.

Questerre contributed a further 1,280 acres of its land in Vulcan to this joint venture. In consideration of a 15% GORR payable to Questerre, its partners will each earn a one-third interest in this land by funding their proportionate share of costs to drill a minimum of one well on this acreage. Questerre expects this well will spud in the summer.

Michael Binnion, President and Chief Executive Officer, commented, "Through this joint venture, we are now participating in a total of nine sections of exploration land near our previous discoveries in Vulcan. Our first of three committed wells is a new pool discovery demonstrating the success of our exploration model. We are looking forward to building on our past success in this area."

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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