Hey Guys,

Sorry that I have been not as active as of late, most of my affaires have been settled so expect to see my input a little more frequently. Here is the Questerre release on the StatoiHydro deal. A few points to add to Boblhue's post.

Cheers, Johnyboy

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StatoilHydro, one of the world’s largest E&P companies announced this morning that it has signed a strategic agreement with Chesapeake Energy Corporation, the largest producer of natural gas in the US, to jointly explore unconventional gas opportunities worldwide.

The first transaction under this agreement is the acquisition by StatoilHydro of 585,000 net acres in the Marcellus shale from Chesapeake for an estimated 5,778 USD/acre. The $3.4 billion acquisition will be funded through a combination of a bonus and work commitment. A copy of this press release is attached.

This follows the $1.9 billion acquisition by BP of a 25% interest in Chesapeake’s Fayetteville shale assets and the $5 billion acquisition by Shell of Duverney Oil primarily for its Montney assets. The move by the majors into North American unconventional gas highlights the growing importance of these shale plays.

Questerre and its partners are currently evaluating the commerciality of the emerging Utica shale play in Quebec where it holds approximately 340,000 net acres. Subject to final test results from the pilot programs, Questerre believes the Utica has the potential to rank among the top shale plays in North America.

The following are comments on this release by two analysts that cover Questerre.

If you have any questions concerning this or any other news regarding Questerre, please do not hesitate to contact me at 403-777-1185 or via email at adido@questerre.com

Best Regards,

Anela Dido

Investor Relations

Questerre Energy Corporation

Thomas Aarrestad, Pareto Securities AS:

Subject: QEC - STL acq. indicates NOK 36 per share valuation on QEC

* StatolHydro pays $4,300/acre for Marcellus shale acreage in the US

* The Marcellus shale’s are more mature than the Utica/Lorraine shale’s in Quebec, in the sense that the resource is appraised and proved up, and that the development program has commenced

* We therefore risk the Questerre Utica acreage with a 50% risk factor at this stage, meaning an estimated comparable value on QEC's acreage is $2,150/acre

* Questerre has 336,000 net acres in Quebec, which values the position at $720m or NOK 23 per share. In addition, QEC's royalty component with Talisman is worth some NOK 9 per share and the remaining NAV is NOK 4 per share

* As such the transaction points to a fair transaction value on QEC of NOK 36 per share

Espen Hennie, DnB NOR Markets:

Conclusion: POSITIVE. StatoilHydro buys shale gas acreage from Chesapeake. Highly supportive for Questerre and Norse Energy

What's new: StatoilHydro announced this morning that they purchase 585,000 acres in Marcellus shale from Chesapeake for 5,778 USD/acre

Our Analysis:

* Highly supportive for Questerre and Norse Energy. Questerre is currently trading at EV/acre 577 USD. Marcellus shale is more mature than Utica and should have premium pricing, but this transaction highlights the potential. Questerre has 366,440 net acres in Utica

* Norse Energy has large stake in Marcellus shale. Norse Energy has 130,000 acres in Marcellus shale and 130,000 acres in Utica shale. Norse is currently trading at EV/acre 1700 USD

Valuation: Questerre is currently trading at EV/acre 577 USD