Questerre Energy — Director's Dealing 2011

Feb 8, 2011

Insiders increase shareholdings

Questerre Energy reported today that directors and

officers have increased their shareholdings in the

company. Through the exercise of a total of 417,000

stock options expiring in February 2011 at a price of

$0.65 per share, they have increased their positions

as follows:

Michael Binnion, President and Chief Executive

Officer, acquired 195,000 shares through the exercise

of stock options increasing total number of shares

held to 6,140,045 shares. Mr. Binnion, also exercises

control or direction over an additional 5,035,792

Common Shares through Rupert's Crossing, an investment

holding company.

Peder Paus, Chairman, acquired 75,000 shares through

the exercise of stock options increasing his total

number of shares held to 5,655,925 shares

Russ Hammond, Director, acquired 50,000 shares through

the exercise of stock options increasing total number

of shares held to 50,000 shares

Jason D'Silva, Chief Financial Officer, acquired

64,000 shares through the exercise of stock options

increasing total number of shares held to 2,683,140

shares.

Rick Tityk, VP Land, acquired 33,000 shares through

the exercise of stock options increasing total number

of shares held to 73,000 shares

Other Transactions

In accordance with the company's stock option plan,

certain other members of management have exercised

their put rights with respect to expiring stock

options with a weighted average exercise price of

$0.71 per share. No shares have been purchased or sold

as a result of the exercise of this put right.

The options were purchased by the Company for an

amount equal to the difference between the market

price and the exercise price. The following members of

management exercised their put rights as detailed below:

John Brodylo, VP Exploration exercised put right with

respect to 150,000 options

Peter Coldham, VP Engineering & Operations exercised

put right with respect to 225,000 options

Maria Rees, VP Business Administration exercised put

right with respect to 75,000 options

Rick Tityk, VP Land exercised put right with respect

to 42,000 options

Jason D'Silva, Chief Financial Officer exercised put

right with respect to 11,000 options for tax purposes