Questerre Energy Corporation

Questerre Energy Corporation

December 19, 2006 00:15 ET

Questerre Private Placement Oversubscribed

CALGARY, ALBERTA--(CCNMatthews - Dec. 19, 2006) - Questerre Energy Corporation (TSX:QEC)(OSE:QEC) ("Questerre" or the "Company") is pleased to announce that its C$18.7 million private placement was substantially over-subscribed.

The placement consisted of the issuance of 14,000,000 Common Shares (the "New Shares") at C$1.34 (7.20 NOK) per Common Share, representing approximately 10% of the issued and outstanding share capital. DnB NOR Markets and Pareto Securities ASA acted as the Company's advisors in connection with the placement.

The proceeds from the placement will fund the Company's exploration and development activities in Alberta, British Columbia and 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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