Resource support

Poll data confirms majority of Quebecers support zero-emission gas projects

THIS PRESS RELEASE IS NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWS WIRE SERVICES OR PERSONS IN THE UNITED STATES

CALGARY, Alta., Feb. 02 10, 2022 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Corporation”) (TSX,OSE: QEC) today announced the results of a recent Quebec survey of natural gas development using new technologies.

More than 66% of determined Quebecers support the local development of natural gas and 20% have no opinion. This support rises to 74% with only 15% against whether new technologies are used to eliminate emissions, the use of municipal water systems and the use of toxic underground fluids and 11% have no opinion.

Michael Binnion, President and CEO of Questerre, said: “Over three years ago, the current government made it clear to us that their approval of our project was contingent on demonstrating its social acceptability. Since then, we have worked closely with stakeholders to understand their concerns. These polling data and the support of local cities, farmers, unions and First Nations show the progress we have made towards this goal.

The survey was conducted for the Quebec Energy Association by Léger Marketing inc. in October 2021. He sampled 2,800 Quebecers in all regions of the province. It has an estimated margin of error of 1.9%, 19 times out of 20.

Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-grade resources. We believe we can successfully transition our energy portfolio. Through new clean technologies and innovation to produce and use energy responsibly, we can support both human progress and our natural environment.

Questerre believes that the future success of the oil and gas industry depends on a balance between economy, environment and society. We are committed to transparency and we respect that the public must be part of the important choices for our energy future.

Notice Regarding Forward-Looking Statements

This press release contains certain statements that constitute forward-looking statements or information (“forward-looking statements”), including the Company’s belief that such survey data and the support of local towns, farmers, labor unions and First Nations show the process implemented to achieve the objective of social acceptability.

Forward-looking statements are based on several important factors, expectations or assumptions of Questerre that were used to develop these 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 as Questerre cannot guarantee that they will prove to be correct. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. In addition, events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including including, without limitation: the effect of COVID-19 on oil and natural gas markets and demand; if the Company’s exploration and development activities with respect to its prospects will be successful or if significant volumes of oil and natural gas reserves will be discovered, or if encountered, they may be produced on a commercial basis ; the ultimate size and extent 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; the results of 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 maintenance of current industry conditions; the timing and cost of pipeline, storage and facility construction and expansion and Questerre’s ability to provide adequate transportation of products; future commodity prices; currency, exchange rate and interest rate; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Questerre operates; and Questerre’s ability to successfully market its oil and gas products; changes in commodity prices; changes in the demand for or supply of the Company’s products; unexpected operating results or declines in production; changes in tax or environmental laws, changes in Questerre’s development plans or by third party operators of Questerre’s properties, increased debt levels or debt service requirements; an inaccurate estimate of the volumes of Questerre’s oil and gas reserves and resources; limited, unfavorable or non-existent 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 can be found in the Company’s Annual Information Form for the year ended December 31, 2020 and other documents available on the Company’s profile at www. .sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and Questerre undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

CONTACT: For further information, please contact: Questerre Energy Corporation Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) | Email: [email protected]