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Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported today that drilling operations are underway on its first well targeting the liquids-rich window of the Montney shale in the Kakwa-Resthaven area of west central Alberta.

Michael Binnion, President and Chief Executive Officer, commented, "Through a farm-in and
participation in Crown land sales last year, we have a position in this area at very competitive prices given the significant industry activity over the last year.
We are looking forward to the results from this well. It will diversify our conventional asset portfolio and, with success, help us achieve our target of 1,500 boe/d to 2,000 boe/d by 2013."

Questerre's acreage for this play is located in the deep over-pressured fairway of the Montney shale in Alberta. Economics are materially enhanced by the relatively high liquids content and the Crown royalty incentives for new deep horizontal wells with initial royalty rates of 5%. The most recent offset wells, located approximately twelve miles away tested at average rates of 10 MMcf/d to 15 MMcf/d of natural gas and 300 bbl/d to 600 bbl/d of natural gas liquids or between approximately 2,000 boe/d to 3,100 boe/d per well.

Drilling is currently proceeding at a measured depth of approximately 3300 m prior to drilling a 1000 m horizontal leg into the target interval in the Upper Montney formation. The operator has advised that drilling is scheduled to be completed by mid to late April 2012 with stimulation and testing planned for post spring breakup in early June 2012. In conjunction with its partners, Questerre has begun preliminary engineering work on tie-in options for this well.

Questerre will have a 37.5% interest in the well before payout and a 25% interest in this well after payout. Upon drilling and completion of this well, Questerre will have a 25% working interest in 16 contiguous sections of land in this area.

Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas resources. The Company is currently developing a
portfolio of oil shale assets in North America. It is also securing a social license to commercialize its Utica natural gas discovery in Quebec. The Company is underpinned by light oil assets and a strong balance sheet. Questerre is committed to the economic
development of its resources in an environmentally conscious and socially responsible manner.