Questerre Energy Corp (Canada) QTEYF

Press Release of Jan 6

[nozzpack]

Calgary, Alberta -- Questerre Energy Corporation (“Questerre” or the “Company”)
(TSX,OSE:QEC) is issuing this press release in response to recent trading
activity.

Questerre is not aware of any material, undisclosed information related to the
Company’s operations and affairs that would account for the recent increase in
the market price and trading volume of its common shares. Recent comments by the
Government of Quebec relating to potential compensation for revoking hydrocarbon
licenses in the province have been a focus for the Company’s shareholders. In
October 2021, the Quebec Premier announced the intention of the Government to
end production of fossil fuels. To date, the Government has not provided any
further clarification on the details of this renunciation and the compensation.
The Company will continue to monitor developments relating to these matters and
the impact on its Quebec assets.

As previously reported in its second quarter 2021 financial report, the
Company’s book costs for its Quebec assets are in excess of $100 million.

The
Company estimates that the registered costs associated with these operated and
non-operated assets in Quebec is approximately $175 million and may not include
all costs. The Company plans to update this estimate in its 2021 Annual Report.

For information related to the Company’s resources in Quebec and the associated
risked net present value of future net revenue, please refer to the disclosure
in the Company’s Annual Information Form for the year ended December 31, 2020
available on www.sedar.com. 

Questerre is an energy technology and innovation company. It is leveraging its
expertise gained through early exposure to low permeability reservoirs to
acquire significant high-quality resources. We believe we can successfully
transition our energy portfolio with new carbon technologies and innovation to
responsibly produce and use energy. 

Questerre is a believer that the future success of the oil and gas industry
depends on balancing economics, environment, and society. We are committed to
being transparent and are respectful that the public must be part of making the
important choices for our energy future.

For further information, please contact: