Again, this is from within my online banking service, so I'm unable to provide a link...

UNDERVALUED TRIGGERS

Questerre is one of our two preferred shares in E & P sector on the Oslo Stock Exchange. We expect a increase in U.S. gas prices will be able to support exchange rate developments over the next 6 months. Moreover, we believe that the potential in the coming results from exploration work in Quebec has been badly undervalued. DnB NOR Markets has a Buy recommendation with a target price of NOK 44 per share.

• Because the company is fully funded for the upcoming exploration work there is only a limited risk associated with future financing. Questerre is one of only two companies among the eight we currently cover within the sector that has a net positive cash position.

• Compared with corresponding companies, Questerre has also had the lowest sp appreciation in relation to estimated underlying value (P / NAV ~ 0.5) and in relation to the estimated resources (EV / BOE ~ 1).

• Prices for natural gas, Henry Hub, is currently at USD 3.96/mmBtu. We recently reduced estimates for price development for 2010, but still expect prices to be around $ 5.50/mmBtu for the full year. We expect the rising price curve in HG prices will provide support to the share price in the months ahead.

• DnB NOR Markets has a buy recommendation on Questerre with a rate target of NOK 44 per share (7.46 CAD). The company plans to present their Q1-report on 14 May.