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Press release from Marketwire

Quebec Premier Clarifies Government has Balanced Position on Natural Gas

Wednesday, October 10, 2012

Quebec Premier Clarifies Government has Balanced Position on Natural Gas00:15 EDT Wednesday, October 10, 2012CALGARY, ALBERTA--(Marketwire - Oct. 10, 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) reported today on recent comments by the Premier of Quebec and the Minister of Natural Resources on the development of local oil and gas resources.Michael Binnion, President and Chief Executive Officer of Questerre, noted, "We were encouraged by the Premier's unequivocal statement that she makes the final decision and her Government will respect the ongoing strategic environmental assessment of oil and gas development. We are hopeful that her endorsement of this BAPE mandated process means the integrity of this study and any future studies remains intact."He added, "We were also pleased to learn that, with an environmental review, the Minister of Natural Resources supports the development of crude oil, including shale oil using modern completion techniques. The multi-stage fracturing techniques that are unlocking shale oil resources across North America were pioneered for natural gas. Regardless of the product, they have been proven over decades and are well established as being safe and effective. With efficient regulation, it had positioned Western Canadians as world leaders in onshore natural gas development. Questerre routinely uses multi-stage fracturing in Alberta and British Columbia. We are excited about the possibility of transferring this technology to Quebec to increase taxes, increase jobs and reduce emissions."The comments by the Minister of Natural Resources are available online at:http://tvanouvelles.ca/lcn/infos/national/archives/2012/10/20121006-092306.htmlThe recent interview with the Premier of Quebec is available online at: http://fr.canoe.ca/infos/quebeccanada/politiqueprovinciale/archives/2012/10/20121005-215650.htmlQuesterre 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 securing 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 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: Anela DidoQuesterre Energy CorporationInvestor Relations(403) 777-1185(403) 777-1578 (FAX)info@questerre.com