Questerre Energy Corporation TSX: QEC OSLO STOCK EXCHANGE: QEC

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2009) -

NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC) (OSLO:QEC) reported today on its preliminary unaudited year-end results for 2008.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "2008 was an exceptional year for us. The giant shale gas discovery in Quebec validated our ideas about this acreage. Initial results are promising and we continue to climb the learning curve with our partners. We leveraged this experience to re-evaluate the Liard shale gas play at Beaver River with encouraging results. Though overshadowed by Quebec, we also made great progress developing our conventional assets with successful programs in Antler and Greater Sierra."

2008 Highlights

- Major shale gas discovery in Quebec

- Successful drilling programs in Antler and Greater Sierra

- Early success on Liard shale gas play at Beaver River

- Cash flow from operations grew to $17.3 million from $10.2 million in 2007

- Increased financial strength with net working capital of over $54 million

For the year ended December 31, 2008, the Company reported cash flow from operations of $17.29 million as compared to $10.23 million for the same period in 2007. Improved commodity prices and a higher oil weighted production offset lower volumes in the year. The Company's production averaged 1,178 boe/d in 2008 as compared to 1,390 boe/d in 2007. Oil and natural gas liquids increased, as a percentage of production, to 33% in 2008 from 13% in 2007. As at December 31, 2008, the Company reported a net working capital surplus of $54.31 million (2007: $10.01 million).

The unaudited fourth quarter 2008 financial statements are available on the Company's website (www.questerre.com) and SEDAR (www.sedar.com).

The Company will hold a presentation reviewing 2008 activities, particularly the development of the Quebec shale play in 2008 and plans for 2009. The presentation will be held at Teatersalen, Hotel Continential in Oslo, Norway beginning at 0800 MST (1600 Oslo time) on Monday, March 2, 2009. The presentation will be webcast and available online at www.questerre.com.

Questerre 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.

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.