Questerre comments on trading activity

January 6, 2022 - Questerre comments on trading activity

Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company")
(TSX,OSE:QEC) is issuing this press release in response to recent trading
activity.

Questerre is not aware of any material, undisclosed information related to the
Company's operations and affairs that would account for the recent increase in
the market price and trading volume of its common shares. Recent comments by the
Government of Quebec relating to potential compensation for revoking hydrocarbon
licenses in the province have been a focus for the Company's shareholders. In
October 2021, the Quebec Premier announced the intention of the Government to
end production of fossil fuels. To date, the Government has not provided any
further clarification on the details of this renunciation and the compensation.
The Company will continue to monitor developments relating to these matters and
the impact on its Quebec assets.

As previously reported in its second quarter 2021 financial report, the
Company's book costs for its Quebec assets are in excess of $100 million. The
Company estimates that the registered costs associated with these operated and
non-operated assets in Quebec is approximately $175 million and may not include
all costs. The Company plans to update this estimate in its 2021 Annual Report.
For information related to the Company's resources in Quebec and the associated
risked net present value of future net revenue, please refer to the disclosure
in the Company's Annual Information Form for the year ended December 31, 2020
available on www.sedar.com. 

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-quality resources. We believe we can successfully
transition our energy portfolio with new carbon technologies and innovation to
responsibly produce and use energy. 

Questerre is a believer that the future success of the oil and gas industry
depends on balancing economics, environment, and society. We are committed to
being transparent and are respectful that the public must be part of making the
important choices for our energy future.

For further information, please contact:

Questerre Energy Corporation
Jason D'Silva, Chief Financial Officer
[phone] | [phone] (FAX) |Email: [e-mail]

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking
statements or information ("forward-looking statements") including the timing of
any potential compensation by the Government of Quebec for the revocation of
hydrocarbon licenses, the Company's plans to monitor developments relating to
these matters and the impact on its Quebec assets and its plans to update its
estimate of registered costs in its 2021 Annual Report.


Forward-looking statements are based on several material factors, expectations
or assumptions of Questerre which have been used to develop such 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 because Questerre can
give no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Further, events or circumstances may
cause actual results to differ materially from those predicted as a result of
numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company, including, without limitation: the
effect of COVID-19 on the markets and the demand for oil and natural gas;
whether the Company's exploration and development activities respecting its
prospects will be successful or that material volumes of petroleum and natural
gas reserves will be encountered, or if encountered can be produced on a
commercial basis; the ultimate size and scope 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; results from 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 continuance of
current industry conditions; the timing and cost of pipeline, storage and
facility construction and expansion and the ability of Questerre to secure
adequate product transportation; future commodity prices; currency, exchange and
interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Questerre operates; and the
ability of Questerre to successfully market its oil and natural gas products;
changes in commodity prices; changes in the demand for or supply of the
Company's products; unanticipated operating results or production declines;
changes in tax or environmental laws, changes in development plans of Questerre
or by third party operators of Questerre's properties, increased debt levels or
debt service requirements; inaccurate estimation of Questerre's oil and gas
reserve and resource volumes; limited, unfavourable or a lack of 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 may be found under
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. The
reader is cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements contained in this news release are
made as of the date hereof and Questerre undertakes no obligations to update
publicly or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

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