12/07-2013 08:15:05: (QEC) Questerre spuds fifth Montney well

Calgary, Alberta -- Questerre Energy Corporation
("Questerre" or the "Company") (TSX,OSE:QEC) reported
today that drilling operations have commenced on the
fifth well (the "05-23 well") targeting the liquids
rich-Montney shale in the Kakwa-Resthaven area of
Alberta. Questerre holds a 25% working interest in
this well.

The well is programmed to drill vertically to a
measured depth of approximately 3500m prior to
drilling a 1425m horizontal leg into the target
interval in the Montney formation. Drilling operations
are expected to be completed by late September.
Subject to completion equipment availability,
stimulation and testing is planned shortly thereafter.
Questerre expects to participate in the drilling of up
to two additional (0.5 net) wells on this joint
venture acreage for the remainder of 2013.

The 05-23 well will be drilled two miles southwest of
the existing 03-19 and 14-30 wells that tested at
rates of approximately 1,800 boe per day over the last
24 hours of their respective production tests. In its
first two months of production in the second quarter,
the operator reported the 14-30 well has been on
production at rates between 2-4 MMcf/d with condensate
yields averaging 180 Bbls/MMcf. The well has since
been shut in to obtain pressure data. The operator
also reported the 03-19 well was subsequently brought
on production at an average rate of 3.5 MMcf/d with
condensate rates of 166 Bbls/MMcf. Questerre holds a
25% interest in these wells.

The operator recently received regulatory approval for
the joint central compression and condensate
stabilization facility that will process volumes from
these wells. The facility has a capacity of 15 MMcf/d
plus associated liquids. The facility is designed to
address the existing production constraints and is
scheduled to be onstream prior to the end of 2013.

Questerre also updated the status of testing for the
15-01 well. Subject to receipt of regulatory approval
for the testing program and equipment availability,
flow-back and cleanup of the well is scheduled to
begin at the end of the month.

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.

For further information, please contact:

Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 / (403) 777-1578 (FAX) /Email:
info@questerre.com

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