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Press release from Marketwire

Questerre Spuds First Operated Montney Well

Thursday, November 08, 2012

Questerre Spuds First Operated Montney Well00:15 EST Thursday, November 08, 2012CALGARY, ALBERTA--(Marketwire - Nov. 8, 2012) -NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESQuesterre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) is pleased to report that drilling has commenced on its first operated horizontal well in the Kakwa-Resthaven area of west central Alberta. Upon completion of this well, Questerre will earn an 80% interest in 6 sections of land. The six (4.8 net) sections are six miles south of the 16.75 section block where Questerre holds a 25% interest and recently reported its second well tested at gross rates of 1800 boe/d consisting of 974 bbl/d and 4.97 MMcf/d over the last 24 hours of a 96-hour test. This represents over 200 barrels of field condensate per million cubic feet of natural gas. The land benefits from an existing tie-in to a third party processing plant. In this first well, Questerre will hold a 100% interest subject to an overriding royalty until payout after which Questerre will hold an 80% working interest. The well is targeting the liquids rich window of the Montney shale. Utilizing an existing wellbore, operations will include directionally drilling to the target interval in the Montney formation at a vertical depth of approximately 3600m prior to drilling a horizontal leg of approximately 1200m. Questerre anticipates drilling operations will be finalized by mid-December. Subject to equipment availability and weather, Questerre expects to complete and test the well in early 2013.Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas resources. The Company is currently developing a portfolio of oil shale assets in North America. It is also working to secure a social license to commercialize its Utica natural gas discovery in Quebec. The Company is underpinned by light oil assets and a strong balance sheet. Questerre is committed to the economic development of its resources in an environmentally conscious and socially responsible manner.This media release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including whether the initial test results are indicative of the long term performance and ultimate recovery of hydrocarbons from the Montney well, the timing of future drilling, completions and development of the Kakwa-Resthaven area of Alberta. Although Questerre 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 Questerre. 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 information. As such, readers are cautioned not to place undue reliance on the forward looking information, 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, Questerre 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.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 of oil 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.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.FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Questerre Energy CorporationAnela DidoInvestor Relations(403) 777-1185(403) 777-1578 (FAX)info@questerre.com