On September 18, 2009, Questerre's officers, directors
and employees exercised a total of 1,285,000 stock
options at a weighted average price of $0.48 per share. 

The majority of these stock options were issued in
2004 and were exercised as they were expiring in the
fourth quarter of 2009.

The President & CEO, Mr. Binnion and Chairman, Mr.
Paus, as well as other members of the management team
have increased their shareholdings with the exercise
of these options by a total of 625,000 shares. Other
members of the management team and directors have
elected to exercise and dispose of a total of 560,000
options and 20,000 shares with no net change to their
current share positions except for the Corporate
Secretary. Details of these transactions are below.

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