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Press release from Marketwire

Questerre Updates Status of Montney Wells

Thursday, January 31, 2013

Questerre Updates Status of Montney Wells00:15 EST Thursday, January 31, 2013CALGARY, ALBERTA--(Marketwire - Jan. 31, 2013) -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) updated the status of its wells in the Kakwa-Resthaven area of west central Alberta. The pipeline for its second well (the "14-30 Well") has been completed to tie-in to a third party processing plant. As previously reported, the well was put on production briefly earlier this month with very high condensate production, in excess of 200 Bbls/MMcf. The operator plans to equip both the 14-30 Well and the 03-19 Well, Questerre's fourth well, with central facilities to allow condensate separation at the wellhead. This will facilitate the flow of natural gas and natural gas liquids to the third party processing plant that cannot handle very high condensate volumes. This will also improve uptime and reduce operating costs with condensate being trucked directly to the pipeline. Questerre also reported on the status of the 03-19 Well. Drilling of the horizontal section in the target interval of the Upper Montney formation is underway at a measured depth of approximately 4100m. The operator has advised that drilling operations are on schedule and will be finalized by the middle of February. Subject to equipment availability, completion operations are expected to be finished within the following month. Questerre has a 25% interest in the 14-30 and 03-19 wells.Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including the initial production and the productive capacity of wells and the timing of future operations including completions and tie-ins of its wells in the Kakwa-Resthaven area of Alberta. Although the Company 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 the Company. 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 statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, 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, the Company 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