Questerre Energy Corporation

Questerre Energy Corporation

July 17, 2007 00:15 ET

Questerre Tests 340 boe/d Well

CALGARY, ALBERTA--(Marketwire - July 17, 2007) - Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) is pleased to report on the test results from the last two wells drilled in the Vulcan area of Southern Alberta.

One well flowed at 340 boe per day on an 18/64'' choke during the last 24 hours of a three-day flow test. The second well flowed at 80 boe per day on a 24/64'' choke during the last 24 hours of a three-day flow test. Questerre and its partners are evaluating tie-in options to the local gathering system for these wells.

The wells were drilled as part of a multi-well program with two industry partners with Questerre holding a 33 1/3% interest. The targets for these wells were new Mannville pools proximate to Questerre's existing Mannville G Pool where current production is approximately 1,900 boe/d (950 boe/d net). Drilling operations are underway on the third well.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "I am very pleased spring break up is over and we are back in the field working. This discovery follows up on our past success and shows the exploration potential of the Vulcan 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.

Barrel of oil equivalent ("boe") amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel and is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead.

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