Questerre Energy Corporation

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Questerre Energy Corporation (TSX:QEC) (OSLO:QEC) is a Calgary, Alberta-based junior exploration company which was participating in a farm-in agreement with Talisman Energy Inc., the well operators, to drill three wells in the St. Lawrence lowlands, Quebec, Canada. The wells were to test multiple horizons including the Trenton-Black River (TBR), Utica and Lorraine shale formations. As of September 2008, it is reported that the first of these three wells has been spudded.

Questerre and Talisman's land sits squarely in the middle of the St. Lawrence Lowlands situated between Logan’s Line and the Yamaska growth fault and extends from Quebec City south to a point beyond Lac Saint Pierre.

According to a November, 2008 report, Questerre was participating in a joint venture Utica Shale drilling program on the Yamaska property which consisted of 112,000 acres in the Province of Quebec. The report states that so far two horizontal wells had been drilled, and a pilot program of horizontal drilling was planned for 2009. Candian Forest Oil and Gastem were listed as the joint venture partners. Questerre owns a 20% working interest as does Gastem, and Canadian Forest Oil owns the balance of 60% and is the development operator. This appears to be a different property than the aforementioned one farmed-in with Talisman since the well operators are different.

In December, 2008 the company reported that it had completed drilling the La Visitation #1 well in the St. Lawrence Lowlands, Quebec. and the well was being cased for shale gas testing. This is one of a series of four wells which had been drilled pursuant to the previously mentioned Talisman farm-in.

In April 2009 the company announced that it had completed drilling the St. Edouard #1 well which had promising TBR interval gas shows. An open-hole test is planned. Other intervals that will be tested at the same time are the Lorraine and Utica shale shales. St. Edouard #1 is the forth and final earning well in the series required to meet the terms of its farm-in agreement with Talisman Energy.

At the end of April, 2009 the company announced the results of a vertical well, the St. David #1 that was fracture stimulated and during an initial test period of 17 days flowed at the rate of 450 mcf/d. The previously mentioned La Visitation #1 well had flowed at a rate of 300 mcf/d during a 5 day initial test after fracing. The production logging from both wells indicate most of the production is flowing from a similar Utica interval in both wells.

The well operator is beginning a program of 2-D seismic testing data acquisition that will be used to help identify well pad locations. Each pad potentially include multiple horizontal wells.

Michael Binnion is President and CEO of Questerre.