Questerre Energy — Earnings Release 2009

Feb 26, 2010

Questerre announces preliminary year-end results

Calgary, Alberta -- Questerre Energy Corporation

("Questerre" or the "Company") (TSX,OSE:QEC) reported

today on its preliminary financial and operating

results for 2009.

Michael Binnion, President and Chief Executive Officer

of Questerre, commented, "2009 was a fantastic year

for Questerre. We confirmed our significant Utica

shale discovery that we believe ranks among the top

ten natural gas discoveries onshore North America. The

recent St. Edouard No. 1A horizontal test result is a

very positive indicator for the commerciality of our

discovery."

Mr. Binnion added, "With challenging financial

markets, we preserved capital in 2009 by deferring our

development drilling programs in Antler and Greater

Sierra. This resulted in preserving $46.50 million in

positive working capital at year-end with average

daily production of 810 boe/d and cash flow of $2.88

million for the year."

2009 Highlights

· Consistent repeatable results from Utica pilot

vertical well program in the St. Lawrence Lowlands, Quebec

· Independent resource assessment of Utica shale

estimates potential recoverable resource at 4.28 Tcf

or 713 million barrels of oil equivalent to

Questerre's net working interest

· Evaluated new drilling and completion techniques in

Antler, Saskatchewan with encouraging results

· Minimal capital investment and higher oil weighting

generated cash flow of $2.88 million with average

daily production of 810 boe/d

· Maintained financial strength with $46.50 million in

positive working capital and no debt

For the year ended December 31, 2009, the Company

reported cash flow from operations of $2.88 million as

compared to $17.29 million for the prior year. Reduced

production volumes and significantly lower commodity

prices were marginally offset by an increased

proportion of oil production. Questerre's production

averaged 810 boe/d (2008: 1,178 boe/d) with oil and

liquids accounting for 47% of volumes (2008: 33%). As

at December 31, 2009, the Company reported a net

working capital surplus of $46.50 million (2008:

$54.31 million).

Questerre Energy Corporation is an independent energy

company focused on shale gas in North America. The

Company is concentrated on establishing commerciality

of its Utica shale gas discovery in the St. Lawrence

Lowlands, Quebec.

For further information, please contact:

Questerre Energy Corporation

Anela Dido, Investor Relations

(403) 777-1185 | (403) 777-1578 (FAX) |Email:

info@questerre.com

This news release contains certain statements which

constitute forward-looking statements or information

("forward-looking statements"). Although the Company

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 the Company. 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 statements. As such, readers

are cautioned not to place undue reliance on the

forward looking statements, 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,

the Company does not undertake any obligation to

publicly update or to revise any of the included

forward-looking statements, whether as a result 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.

Barrel of oil equivalent ("boe") amounts may be

misleading, particularly if used in isolation. A boe

conversion ratio has been calculated using a

conversion rate of six thousand cubic feet of natural

gas to one barrel of oil and is based on an energy

equivalent conversion method application at the burner

tip and does not necessarily represent an economic

value equivalent at the wellhead.