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Press release from Marketwire

Questerre Energy Corporation: Fourth Liquids-Rich Montney Well Tests at Approximately 1,800 boe/d

Thursday, March 21, 2013

Questerre Energy Corporation: Fourth Liquids-Rich Montney Well Tests at Approximately 1,800 boe/d00:15 EDT Thursday, March 21, 2013CALGARY, ALBERTA--(Marketwire - March 21, 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) is pleased to report on the test results from its fourth horizontal well (the "03-19 Well") in the Kakwa-Resthaven area of west central Alberta.The well was successfully completed with a 14-stage water-based nitrogen foam fracture stimulation in the 1321m horizontal section. Initial clean up and flow back began on March 11 2013 and the well was tested for a 161-hour period thereafter.Over the last 24 hours of the production test, the well flowed 826 bbl/d of condensate and 5.83 MMcf/d of natural gas against anticipated gathering system pressure of approximately 5000 kPa (725 psi). Production tubing has been installed and the well will be tied into a third party processing plant shortly. Questerre holds a 25% working interest in the 03-19 Well.The operator reported that work will begin to add liquids handling facilities on site to accommodate both the 03-19 Well and the Company's second well, the 14-30 Well, that share the same surface location. Production from both these wells is expected to commence in mid-April 2013. The operator also reported that it is currently permitting multiple locations and anticipates the next well will spud post spring breakup.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 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 tie-ins and future drilling 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