CALGARY, Alberta, June 04, 2018 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the
“Company”) (TSX:QEC) (OSE:QEC) reported on the status of legal proceedings related to its assets in Quebec.
Pursuant to a Letter of Intent with a senior exploration and production company to acquire their Quebec assets
(the “LOI”), as reported on June 4, 2018, on closing of the transaction, both parties will release each other from all claims
related to the outstanding litigation. In the interim, the parties anticipate entering into a standstill agreement to postpone all
actions and toll any other litigation to allow for closing of the transaction. In preparation for trial, the Company recently
obtained an independent assessment of its damages that are estimated to range between $49.7 million and $243 million.
The Company also reported that the first well on its Kakwa North acreage, the 16-29-063-06W6M well (the "16-29
Well"), spud late last week. The well is programmed with a lateral of approximately 2800m. Questerre holds a royalty interest in
the 16-29 Well.
Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other
non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast
Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is
a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. It is
pursuing oil shale projects with the aim of commercially developing these significant resources.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of 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:
Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information
(“forward-looking statements”) including the execution of a standstill agreement, the anticipated closing of the transaction
pursuant to the LOI; the damages assessment pursuant to the litigation and the anticipated length of the lateral for the 16-29
Well. There is no assurance that the transactions contemplated herein will close as anticipated or at all. Although Questerre
believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been
based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based
upon currently available information available to Questerre. Such statements are subject to known and unknown risks,
uncertainties and other factors that could influence actual results or events and cause actual results or events to differ
materially from those stated, anticipated or implied in the forward-looking information, including the risks that the Regulations
are not enacted in a timely manner or prevent the closing of the purchase and sale of the Quebec Assets. As such, readers are
cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results,
levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual
results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the
forward-looking statements contained in this document are made as of the date of this document and, except as required by
applicable law, Questerre does not undertake any obligation to publicly update or to revise any of the included forward-looking
statements, whether because of new information, future events or otherwise. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement.
This news release does not constitute an offer of securities for sale in the United States. These
securities may not be offered or sold in the United States absent registration or an available exemption from registration under
the United States Securities Act of 1933, as amended.
Forward-looking statements are based on several material factors, expectations or assumptions of Questerre which
have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes
that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them
because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent risks and uncertainties.
Further, events or circumstances may cause actual results to differ materially from those predicted as a result
of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company,
including, without limitation: whether the Company's exploration and development activities respecting its prospects will be
successful or that material volumes of petroleum and natural gas reserves will be encountered, or if encountered can be produced on
a commercial basis; the ultimate size and scope of any hydrocarbon bearing formations on its lands; that drilling operations on its
lands will be successful such that further development activities in these areas are warranted; that Questerre will continue to
conduct its operations in a manner consistent with past operations; results from drilling and development activities will be
consistent with past operations; the general stability of the economic and political environment in which Questerre operates;
drilling results; field production rates and decline rates; the general continuance of current industry conditions; the timing and
cost of pipeline, storage and facility construction and expansion and the ability of Questerre to secure adequate product
transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Questerre operates; and the ability of Questerre to successfully market its oil
and natural gas products; changes in commodity prices; changes in the demand for or supply of the Company's products; unanticipated
operating results or production declines; changes in tax or environmental laws, changes in development plans of Questerre or by
third party operators of Questerre's properties, increased debt levels or debt service requirements; inaccurate estimation of
Questerre's oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased
costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in
Questerre's public disclosure documents. Additional information regarding some of these risks, expectations or assumptions
and other factors may be found under in the Company's Annual Information Form for the year ended December 31, 2017 and other
documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and
Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by applicable securities laws.