Questerre Energy Corporation CorporateUpdate February 2008

Business Plan Frontier Canada focus –Full cycle exploration & development targeting pools over 60 Bcf (10 mmboe) Strategy –Buy early - Acquire significant land positions in overlooked or underdeveloped areas –Add value - leverage technical expertise “understand the rocks” to high grade land positions –Reduce risk – Farmout to partners and create a diversified portfolio of upsides –Create shareholder value – Prove up reserves and production for long term value Final phase underway –Results from major projects coming in –Reserves and production growing

Successes to date Diversified portfolio of assets Northeast British Columbia Significant land base for a proven resource play with EnCana Tail-end production from multi-zone Beaver River Field Southern and Central Alberta 1,000 boe/d production base with over $10 million in annual cash flow Southeast Saskatchewan Acquired proven light oil resource style play with immediate cash flow and high netback growth St. Lawrence Lowlands, Quebec Made new basin Trenton Black-River discovery with additional exploration underway by Talisman Two Utica shale gas discoveries are being assessed by Forest Oil St. Lawrence Lowlands Quebec Southern & Central Alberta QUEBEC ALBERTA Northeast British Columbia Antler Saskatchewan BRITISH COLUMBIA SASKATCHEWAN

Capitalization Insiders 31,162,52718% Free Float 139,662,94382% Total170,825,470 Options (Average exercise price $0.61) 16,954,170 Average trading volume (OSE plus TSX)774,480

Beaver River Field A-8 well successfully drilled and cased to 4,200m Initial test results from Nahanni below expectations – 400 mcf/d with 900 bbls/d of formation water Indicates different sealing mechanism for compartments than originally expected - no pressure communication with A-5 well but presence of formation water Minimal capital spending planned for 2008 New compartment potential A-2 well A-5 well A-8 well Precision 228 rig drilling A-8 well

Greater Sierra Farm-in with senior E&P company adds a proven Jean Marie play covering over 140 sq. km – long life reserves leveraged to gas prices Questerre funding 3-D seismic acquisition program ($6.15 million) and driling and completing two wells ($5.4 million) to earn a 50% interest in entire acreage First two wells successful with a final rate while drilling of approximately 2 mmcf/d (338 boe/d); wells to be tied-in by end of first quarter 6-8 locations to be drilled next year Nabors 21 rig drilling first Questerre well Schematic cross section to base of Jean Marie

Antler, Saskatchewan Magnus land holdings in SE Saskatchewan Seven successful horizontal wells drilled to date - stabilized production averaging 30 boe/d each (15 boe/d net) with estimated 2P reserves of 100,000 barrels per well 50% interest in significant land position - 45 infill development locations identified with 3-D and 200 drilling spacing units to be evaluated Excellent fiscal terms - Light sweet oil (40º API) receives premium pricing and Crown royalty incentives of 2.5% on first 103,000 barrels of production from horizontal wells Netback of $70 per barrel based on $90 WTI

St. Lawrence Lowlands Recently increased interest in Lowlands through acquisition of Terrenex Ltd. Farm-out partner Talisman to drill four wells plus seismic to earn a 75% working interest in over 700,000 acres Questerre to retain a 25% working interest plus a 4¼% royalty – equating to a 35% economic take Talisman acquired 2-D seismic survey over two Questerre prospects in fall 2007 based on Gentilly #1 success Questerre expects two-well commitment by Talisman in 2008 Testing of Gentilly #1 Discovery Well

St. Lawrence Lowlands Farm-out partner Gastem drilled two wells for Utica shale gas Forest Oil fracture stimulated first shale gas well – Questerre expects Forest to test second well with horizontal leg and selective frac technology Questerre is fully carried for $13 million and retains a 7.5% royalty convertible to a 20% working interest in this acreage Talisman recently announced intention to assess unconventional Utica shale gas in Quebec

2007 Financial Overview Estimate Average daily production (boe/d)1, Cash flow from operations$10.00 million$3.01 million Average sales price ($/boe)$46.25$40.79 Operating netback ($/boe)$24.50$19.44 Corporate debtNilNil Net working capital surplus$8.50 million$8.74 million 2007 numbers estimates based on nine months ended September 30, 2007; subject to finalization of year-end numbers

Outlook Northeast British Columbia –Tie-in two wells for Jean Marie production by March 2008 –Complete 3-D seismic acquisition program to define multi-horizon prospects Antler, Saskatchewan –Drill, complete and tie-in 15 wells in 2008 –Seek opportunities to further grow land position St. Lawrence Lowlands, Eastern Canada –Talisman expected to commit to two wells in 2008 –Forest Oil to complete commercial assessment of Utica shale wells

Investment Case Long life Jean Marie gas in northeast British Columbia Base of conventional production in Southern Alberta Significant light oil development at Antler in Saskatchewan Big E exploration in Quebec for a new basin Strong well balanced portfolio Long term fundamentals of gas market in North America are strong Oslo Stock Exchange broadens investor base interested in high impact gas exploration and exploitation throughout the world Canadian frontier provides better risk reward ratios relative to developing nations and off shore opportunities Changing markets creating opportunities Past experience founding, financing, and managing successful international and domestic exploration and production companies Proven determination and commitment to overcome obstacles to success Specific expertise with non conventional reservoirs Ideas have been validated by partners’ due diligence Experienced management Exposure to multiple opportunities to find big gas in big markets High leverage through partner risk capital and expertise Incremental growth in lower risk conventional asset base Large growth potential with mitigated risk

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