1.05.2008 18:12:00 - Hugin, Norway
QEC : Questerre Energy Corporation - Press Release
Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the
"Company") (OSE,TSX:QEC) announced it plans to complete an equity
offering.

The offering will consist of up to 15,000,000 Common Shares and will
include an over allotment option of 1,125,000 Common Shares. Pricing
will be finalized later today. The placement is subject to receipt of
all regulatory approval.

The offering will be completed in two tranches one in Norway (the
"Norwegian Issue") and one in Canada (the "Canadian Issue").

The Company has appointed Pareto Securities AS and DnB NOR Markets
ASA as its financial advisors and syndicate managers for the
Norwegian Issue. The Norwegian syndicate will include SEB Enskilda
AS. This issue will be carried out through a book building process
that will close on or before 0830 CET on May 22, 2008.

The Canadian Issue will be managed by a syndicate of underwriters led
by Dundee Securities Corporation and including Desjardin Securities
Inc. , National Bank Financial Inc., Wellington West Capital Markets
Inc, Fraser MacKenzie Limited, Maison Placements Canada Inc, and
Canaccord Capital Corporation. The Canadian agents have an
overallotment option of 15% on the same terms.

Questerre anticipates the proceeds from this placement will primarily
finance its planned exploration and appraisal program in the St.
Lawrence Lowlands Quebec and other core areas including Antler and
Greater Sierra in 2009.

Questerre Energy Corporation is a Calgary-based independent resource
company actively engaged in the exploration, development and
acquisition of high-impact exploration and development oil and gas
projects in Canada.

This news release contains forward-looking information. Implicit in
this information are assumptions regarding commodity pricing,
production, royalties and expenses, that, although considered
reasonable by the Company at the time of preparation, may prove to be
incorrect. These forward-looking statements are based on certain
assumptions that involve a number of risks and uncertainties and are
not guarantees of future performance. Actual results could differ
materially as a result of changes in the Company's plans, commodity
prices, equipment availability, general economic, market, regulatory
and business conditions as well as production, development and
operating performance and other risks associated with oil and gas
operations. There is no guarantee made by the Company that the actual
results achieved will be the same as those forecasted herein.

For further information, please contact:
Michael Binnion
1650, 801 6th Ave SW
Calgary, Alberta
T25 3W2
403 777 1571