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Press release from Marketwire

Questerre Updates Status of 15-01 Kakwa Gas Well

Monday, January 14, 2013

Questerre Updates Status of 15-01 Kakwa Gas Well01:01 EST Monday, January 14, 2013CALGARY, ALBERTA--(Marketwire - Jan. 14, 2013) -NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESQuesterre Energy Corporation (TSX:QEC)(OSLO:QEC) ("Questerre" or the "Company") reported today on the status of its Montney gas well located at 15-01-62-06-W6M ("15-01" or the "Well") in the Kakwa area, 45 kilometres north of Grand Cache, Alberta.As previously reported, the Well was being pressure tested on January 12, 2013, when equipment failure resulted in an uncontrolled release of completion fluids and gas. The Well is now under control and flowing through separators to the flare stack.The Company's priority after the loss of control was to ensure the safety of the crew and general public. Air quality monitoring was setup in a 10 km radius with a mobile unit testing area up to 150 km away. Only trace amounts of hydrogen sulphide or sour gas were detected. All stakeholders in the area were contacted and kept informed of the status of the well throughout the period. The next priority was to ensure a safe work environment on site.After these goals were achieved, well control operations were undertaken. These operators safely brought the well under control approximately 48 hours after the initial incident. The wellbore integrity is maintained and production testing operations will commence in the near future.An investigation of the incident will be undertaken in co-operation with the regulators. The Company will report on the results of this in due course.Michael Binnion, President and Chief Executive Officer of Questerre, commented "I want to thank the first responders who secured this site. I also greatly appreciate the supportive comments and help of stakeholders in the area and apologize for the concerns created. In particular, I am impressed with and grateful for the incident response team on site for their calm work under pressure to successfully resolve this incident."FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Questerre Energy CorporationMichael BinnionPresident(403) 807-7375mbinnion@questerre.com