Questerre Energy Corporation CorporateUpdate November 2007

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 Poised for success –Questerre is on the cusp of creating significant shareholder value in all projects Over the next six months we will have key results from all our projects –More than five years of work to build a portfolio of assets with multiple opportunities for success and mitigated risk

Successes to date Created a diversified portfolio Beaver River Field, British Columbia One of the largest onshore wells in Canada in 2007 currently drilling for multiple prospects New Mattson discovery on production Southern and Central Alberta 1,000 boe/d production base created with over $10 million in annual cash flow Southeast Saskatchewan Acquired proven light oil resource style play with immediate cash flow and growth St. Lawrence Lowlands, Quebec Made new basin Trenton Black-River discovery with additional exploration underway Two Utica shale gas discoveries to be assessed for commerciality St. Lawrence Lowlands Quebec Southern & Central Alberta QUEBEC ALBERTA Beaver River Field British Columbia Antler Saskatchewan BRITISH COLUMBIA SASKATCHEWAN

Beaver River Field High impact A-8 well spud in August 2007 – will test new Nahanni compartment plus three shallow zones One of the biggest onshore wells to be drilled in Canada in 2007 with a $20 million budget Well currently at 2,900m –Good gas shows encountered in the Mattson –Second intermediate casing string to be set at base of high pressure gas bearing Prophet formation On schedule to complete drilling before year-end Nahanni compartment Mattson Prophet Besa River shales

Nahanni Potential Offset wells A-2 and A-5 each produced at over 9,000 boe/d and each recovered over 7 million boe from the Nahanni A-8 well has been engineered to access three separate Nahanni compartments and will likely be produced at lower rates than original wells to maximize recovery Despite difficult operating conditions Questerre team mobilized and commenced drilling with minimal delay Challenging mobilization conditions New compartment potential A-2 well A-5 well A-8 well

Mattson Gas Discovery Two commercial wells on production Independent resource study estimates 495 Bcf – 750 Bcf of discovered resource per sq. mile - modern completion techniques and natural fracturing key to maximizing recovery Three different fracture stimulation techniques tested – slick-water, nitrogen energized gel and emulsified CO 2 – with range of results Work to date suggests a combination of open fractures with an emulsified CO 2 stimulation or a slick-water stimulation is most successful Evaluating a winter work program which may include a sidetrack of B-3 well with a slick- water stimulation Stimulation on A-7 and B-3 wells

Magnus Acquisition Transaction closed on November 1, 2007 Acquisition price of approximately $17 million– paid through million common shares, $6.7 million in net cash and assumption of $1.6 million in working capital deficit Proved plus probable reserves of 851,000 boe with NPV 10% of $17.91 million and production of approximately 120 boe/d Tax pools of over $25 million and obligations to incur $13.7 million in exploration expenses Magnus’ main asset is 220 sq. km (86 sq. miles) of land in Antler, Saskatchewan and seismic independently valued at over $8 million

Antler, Saskatchewan Antler could be extension of Bakken/Torquay pool in adjacent province of Manitoba with current production of over 8,000 boe/d 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 Two successful horizontal wells drilled by Questerre at end of third quarter with initial production of over 100 boe/d each and estimated proven plus probable reserves of 100,000 barrels per well Significant land position - Thirty infill development locations identified and 300 drilling spacing units to be evaluated Magnus land holdings in SE Saskatchewan

St. Lawrence Lowlands Trenton Black-River exploration model proven in Lowlands with Gentilly #1 discovery well Talisman conducting follow-on exploration with 2-D seismic acquisition program on two Questerre prospects – Yamaska and Duchene Seismic acquisition to be completed by month end with processing and interpretation by early 2008 Subject to seismic review, Questerre expects to participate in 2-4 wells with Talisman in 2008 Yamaska prospect Testing of Gentilly #1 Discovery Well

St. Lawrence Lowlands Utica shale gas play –Farmout partners Gastem/Forest Oil drilled two discovery wells for Utica shales this summer –Forest Oil will operate completion and testing of wells to assess commerciality –Questerre retains a 7.5% royalty convertible to a 20% working interest in this acreage Exploration commences on St. Jean –St. Jean permits are prospective for Trenton Black-River at shallower depths –High resolution aeromagnetic being processed and interpreted in advance of possible drill in 2008

2007 YTD Financial Highlights Average daily production (boe/d)1, Cash flow from operations$8.64 million$3.01 million Average sales price ($/boe)$46.33$40.79 Operating netback ($/boe)$23.73$19.44 Corporate debtNilNil Net working capital surplus$26.48 million$8.74 million

Outlook Beaver River Field, Western Canada –High impact A-8 Nahanni well to be completed prior to year end, testing in early 2008 St. Lawrence Lowlands, Eastern Canada –Seismic acquisition for two prospects to be completed shortly –Forest Oil to test Utica shale wells by year-end Antler, Central Canada –Two to three additional horizontal wells to be drilled and 3-D seismic acquisition prior to year-end Vulcan, Western Canada –First infill well in the Vulcan oil pool in early 2008

Investment Case Large scale exploitation project at Beaver River in Northern Canada 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 impact well at Beaver River underway 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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