Questerre Energy — Director's Dealing 2010

Mar 26, 2010

Notification of share and option acquisition and equity trade

The Company reported today that its primary insiders

have acquired Common Shares, stock options and also

have completed an equity sale to a select group of

institutional and accredited Norwegian and

international investors. The sale consisted of the

issuance of 3,345,000 Common Shares at 23.20 NOK.

Its financial advisors confirmed there was significant

institutional interest from these investors who were

unable to participate in the equity placement

completed by the Company earlier this month. The

placement to fulfill this demand was completed through

the issuance of Common Shares on the exercise of stock

options that were expiring within the next few months.

The advisors believe this transaction provided a

resolution of the expiring options while at the same

time bringing new high quality shareholders to the

shareholder base. As a result of this transaction,

none of the insiders sold any shares from their

existing shareholdings and have added to their

holdings of Common Shares.

Following the exercise of the expiring options, a

total of 5,938,335 options were issued to directors,

officers and employees with an exercise price of $4.03

or 24 NOK. This represents the closing price on the

Toronto Stock Exchange yesterday.

Michael Binnion, President & Chief Executive Officer -

Exercise of 1,205,000 stock options and participation

of 965,000 common shares in placement. Increase in

total number of shares held to 5,945,045 shares Mr.

Binnion, also exercises control or direction over an

additional 5,035,792 Common Shares through Rupert's

Crossing, an investment holding company.

Mr. Binnion was granted 2,005,000 stock options to

bring his total options outstanding to 5,962,500.

Peder Paus, Chairman - Exercise of 800,000 options and

participation of 550,000 shares in placement. Total

number of shares increased to 5,580,925 shares.

Mr. Paus was granted 1,200,000 stock options to bring

his total options outstanding to 3,090,000.

Jason D'Silva, Chief Financial Officer - Exercise of

400,000 options and participation of 300,000 shares in

placement. Total number of shares increased to

2,619,140 shares.

Mr. D'Silva was granted 600,000 stock options to bring

his total options outstanding to 1,750,000.

John Brodylo, VP Exploration - Exercise of 350,000

options and participation of 245,000 shares in

placement. Total number of shares held increased to

784,100 shares.

Mr. Brodylo was granted 400,000 stock options to bring

his total options outstanding to 1,240,000.

Rick Tityk, VP Land - Exercise of 100,000 options and

participation of 100,000 shares in placement. No

change in total shares held at 65,000 shares.

Mr. Tityk was granted 150,000 stock options to bring

his total options outstanding to 900,000.

Peter Coldham, VP Engineering - Exercise of 100,000

options and participation of 100,000 shares in

placement - No change in total number of shares held

at 100,000 shares.

Mr. Coldham was granted 150,000 stock options to bring

his total options outstanding to 835,000.

Russ Hammond, Director - Exercise of 200,000 options

and participation of 200,000 shares in placement - No

change in total number of shares held at 0.

Mr. Hammond was granted 250,000 stock options to bring

his total options outstanding to 732,500.

Maria Rees, Corporate Secretary - Exercise of 375,000

options and participation of 374,165 shares in

placement - Increase in total number of shares held to

655,235 shares.

Ms. Rees was granted 425,000 stock options to bring

her total options outstanding to 1,405,000.

Bjorn Inge Tonnessen, Director - Exercise of 70,000

options and participation of 70,000 shares in

placement - No change in total shares held at 5,000 shares

Mr. Tonnesson was granted 50,000 stock options to

bring his total options outstanding to 500,000.

Ian Nicholson, Manager -- Exercise of 150,000 options

and participation of 150,000 shares in placement - No

change in total shares held at 156,200 shares

Mr. Nicholson was granted 50,000 stock options to

bring his total options outstanding to 525,000.

Les Beddoes, Director -- Exercise of 58,335 options

and participation of 58,335 shares in placement - No

change in total shares held at 452,080 shares

Mr. Beddoes was granted 108,335 stock options to bring

his total options outstanding to 488,753.

Paul Harrington, VP Finance was granted 100,000 stock

options to bring his total options to 340,000.

Pat Quinlan, Director was granted 50,000 stock options

to bring his total options outstanding to 300,000.

Pierre Boivin, Director was granted 50,000 stock

options to bring his total options outstanding to 465,000.