Questfire Energy Corp. Announces Credit Facility Extension to December 15, 2016, Closing of Asset Sale and Conversion of Class B Shares

CALGARY, ALBERTA--(Marketwired - Dec. 1, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Questfire Energy Corp. (the "Corporation" or "Questfire") (TSX VENTURE:Q.A)(TSX VENTURE:Q.B) announces that the Corporation and its syndicate of lenders have agreed to extend the maturity date under the Corporation's credit facilities from November 30, 2016 to December 15, 2016.

Questfire also announces that it has closed an asset sale for proceeds of $7.55 million. The Corporation is actively pursuing further asset sales and investigating a number of options to continue reducing its senior bank debt.

The Corporation further confirms that its Class B Shares converted to Class A Shares on November 30, 2016 as per the Corporation's press release dated November 25, 2016. Accordingly, Questfire now has 22.35 million Class A shares trading on the TSX Venture exchange under the symbol of Q.A.

There can be no assurance that the amount available under the credit facilities will not be adjusted by the lenders prior to December 15, 2016. Further, there can be no assurance that the Corporation will be able to refinance its outstanding indebtedness on or prior to December 15, 2016.

About Questfire Energy Corp.

Questfire Energy Corp. is a junior oil and natural gas exploration and production company based in Calgary, Alberta.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements:

Certain information in this news release is forward looking statements including the anticipated timing of the borrowing base redetermination. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Corporation believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Corporation can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: outstanding indebtedness of the Corporation, interest payable under the credit facilities; the impact of increasing competition; the general stability of the economic and political environment in which the Corporation operates; the timely receipt of any required regulatory approvals; the ability of the Corporation to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration results; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Corporation to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Corporation operates; and the ability of the Corporation to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. Additional information on these and other factors that could affect Questfire's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed under Questfire's SEDAR profile at www.sedar.com. Furthermore, the forward looking statements contained in this news release are made as at the date of this news release and Questfire does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.