Translated from the following link: http://stocklink.no/Article.aspx?id=67443

Terra Markets has not lost faith in Questerre Energy Corporation.
Terra Markets comment on the figures presented by the Canadian oil company in its first quarter report issued 17 May. There was little new in the report.

This was in line with the expectations of Terra Markets. Most concerns currently regard the testing of shale gas formations in Utica and test results from the first horizontal well of St. Edouard. Questerre is currently testing the production viability of the well over a prolonged period. The company expects the horizontal well will show improvement with longer horizontal legs and optimized fracturing.

Financial results, before depreciation and amortization (EBITDA) were affected by lower production volumes during the first quarter, but this was in line with the Terras' expectations. Terra Markets analysts believe that the company's potential won't be fully realised until 2011 and beyond.

It is then that Questerre is expected to commence full-scale commercialization of its land. The brokerage makes no change to its long-term estimates, but jacked up its target price by 1 NOK.

- The first quarterly report submitted by Questerre contained no groundbreaking news. Therefore, we maintain our buy recommendation and raise our target price marginally to 30 NOK per share, comments Terra Markets.