Questerre Energy Corporation CorporatePresentation Pareto Oil & Offshore Conference September 2006

Forward-Looking Statement This presentation contains forward-looking information. Implicit in this information are assumptions regarding oil and natural gas prices, production, royalties and expenses that, although considered reasonable by Questerre at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in Questerre’s plans, changes in commodity prices, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee by Questerre that actual results achieved will be the same as those forecast herein. Estimated values in this presentation do not represent fair market value.

Presentation Outline Company Overview –Asset Overview –Management & Directors –Capitalization 2005 Highlights 2006 Highlights and New Developments Area Overview –St. Lawrence Lowlands, Quebec –Beaver River Field, British Columbia –Alberta Outlook Investment Case

Company Overview Traditional approach to creating value by exploring for new reserves Philosophy of applying innovative exploration ideas and technology to find “big gas with big markets” Based on Questerre’s exploration ideas, our shareholders are exposed to a portfolio of opportunities to discover world-scale natural gas fields Company is underpinned by a growing base of value with exit production for 2006 expected to be at least 1,600 boe/d

Asset Overview Diversified portfolio of assets –St. Lawrence Lowlands – large scale exploration with four prospective plays –Beaver River Field – tight gas resource play plus deep exploitation play –Alberta – conventional E&P targets Management of downside risks –High-impact projects funded by partners –Conventional projects in Alberta provide growing cash flow base Central Alberta St. Lawrence Lowlands Beaver River Southern Alberta

Management & Directors Management has a track record with innovative exploration projects internationally and domestically with a focus on seismically intensive projects Management has extensive experience in large scale international E&P projects, unconventional reservoirs and conventional Alberta production Founders of CanArgo Energy Corporation (CNR:AMEX,OSE) and Flowing Energy Corporation (Production growth : 0 to 3,000 boe/d; sold to Daylight Energy Trust Ltd. Management and Directors have invested approximately C$12 million and own 21% of the Company

Capitalization Directors & Management18,622,63913% Terrenex Acquisition Corporation10,698,785 8% Norwegian float70,175,89050% Canadian float 41,625,27029% Total141,122,584 Options (Avg. exercise price C$0.49) 11,013,752 No debt and operating cash flow over $1 million per quarter

2005 Highlights Significant progress made with both high-impact projects and development of a conventional asset base in 2005 –Secured farm-in partners for both high-impact projects –Increase in NPV-10 of 2P reserves (proved + probable) from C$3.9 million to C$22.1 million (900,000 boe) –Drilled 17 wells with an 88% success rate and made a significant new pool discovery in Southern Alberta –Exit rate of 170 boe/d on-stream plus over 630 boe/d behind pipe

2006 Highlights & New Developments Talisman to spud test well on Quebec acreage –Seismic acquired by Talisman confirms work to date and identified two additional zones of interest –First well to spud in early winter Commercial production established from Mattson tight gas resource play –Recompleted well producing over 500 boe day –First well in five well program to spud this fall Successful delineation drilling program in Vulcan and new core area in Westlock –Seven wells drilled to expand new Mannville oil and gas discovery in Vulcan –Established Westlock as a new core area – multiple horizon, low cost drilling targets Completed acquisition of Stride Energy Ltd., adding 227 boe/d and 26 sections (16,640 gross acres) in Westlock Concluded 33 section (21,210 gross acres) farm-in with Apache Canada in Westlock Currently producing over 1,100 boe/d with significant shut-in gas; cash flow over $1 million per quarter

St. Lawrence Lowlands Eastern Canada

St. Lawrence Lowlands One of the most exciting exploration wells to be drilled in North America this year or next Talisman is North America’s expert in the Trenton Black-River play and is currently producing approx. 20,000 boe/d from this play across the border in New York Four zones to be tested with a single well Large acreage position with multiple prospective horizons has multi-Tcf potential Quebec St. Lawrence Lowlands New York Numerous Talisman discoveries with initial test rates of mmcf/d

Talisman Farm-in Talisman has the right to drill up to four wells to earn majority interest in 700,000 acres Questerre will retain a 21¼% working interest in the land and receive a 4¼% royalty - equating to a 30% economic take Questerre farmed-in on additional 300,000 acres held by Gastem Inc. for a 50% interest Total land position of over 1 million acres Questerre – Gastem Farm-in Talisman – Questerre Farm-in Questerre – Gastem Farm-in Quebec Montreal

Prospect Potential Primary target is Trenton-Black River dolomite – 300 Bcf potential Secondary target is Utica shale –tight gas play – 300,000 acres Third target is Potsdam sandstone Bcf potential Fourth target is fractured basement play

Illustrative Value of 300 Bcf Discovery AlbertaQuebec $5/mcf$1,500,000,000$1,500,000,000 Less Royalties (30% AB/12.5% PQ)(450,000,000)(187,500,000) Transportation ($1.00 AB/$0.10 PQ)(300,000,000)(30,000,000) Operating & Processing ($0.65/mcf)(195,000,000)(195,000,000) Capital (50 wells plus facilities)(180,000,000)(180,000,000) $ 375,000,000$ 907,500,000

Recent Developments Talisman committed to drill its test well on Questerre’s lands –Preliminary interpretation confirms Questerre’s prospects and has identified additional drilling locations Questerre expects well to spud in early winter Technical work on St. Jean acreage to south confirms same potential exists at much shallower depths approx. 600m Major US independent recently farmed in on 143,400 acres adjacent to Questerre’s acreage exclusively for Utica shale potential Talisman announced two wells drilled for primary target in NY tested at combined rate of 34 mmcf/d (5,600 boe/d)

Beaver River Field Western Canada

Beaver River Field Two primary zones of interest –Tight gas resource play in the Besa River/Mattson - naturally fractured siltstones and shales –Hydrothermally dolomitized Nahanni –Infill/ new compartment drilling opportunities on a discovered field with only 15% recovery to date Infrastructure and pipeline in place with replacement cost over C$30 million Independent reserve report by McDaniel & Associates values Questerre’s share of Nahanni reserves alone at approx. C$150 million NPV- 10

Besa River/Mattson Potential Test test well currently producing over 3 mmcf/d 800 meters of interbedded sandstone, siltstone and shale Orange outlines prospective area of 7,500 acres (12 sections); yellow outlines area where highest natural fracturing believed to occur Independent study completed on Beaver River core indicates OGIP ranges between 200 Bcf – 495 Bcf per section – modern completion techniques key to maximizing recovery

Nahanni Potential Amoco abandoned the field after six initial wells in Nahanni produced on average 30 Bcf/well (185 Bcf or 15% recovery); additional wells were uneconomic at $0.25/mcf Management estimates of remaining reserves supported by independent evaluation –120 Bcf in possible reserves –540 Bcf in resource potential –1,433 BCF OGIP 6 new compartment locations identified on reprocessed 3-D seismic survey 3 infill locations based on coning

Recent Developments Winter work program for Besa River/Mattson successfully completed A-2 well exceeds expectations –Tested at 1.64 mmcf/d against no back pressure –Currently producing over 3 mmcf/d against high Duke mainline pressure (1,000 psi) –Continuing to cleanup with no measurable decline Partner to commence field development program with an initial 4-well Besa River/Mattson program Work program to include a Nahanni in-fill well targeting an updip compartment Program to commence September 2006 Upon completion of first two wells, Questerre and Transeuro will have 50/50 interest in the field and all infrastructure

Alberta Western Canada

Vulcan, Southern Alberta 50% interest in significant discovery in Vulcan – oil and gas delineated as separate pools Eleven wells to date testing at rates ranging from 250 to 1,300 boe/d each (90% success rate) Oil is 40 degree API and receives premium pricing; gas is rich in NGLs Development drilling for oil this summer with up to 8 infill locations; three drilled to date Upper Mannville potential plus CBM

Westlock, Central Alberta New core area following acquisition of Stride Energy Ltd. Significant land position of over 50 sections with multi zone potential Relatively shallow wells with lower drilling, completion and tie-in costs Current production over 250 boe per day post acquisition Seven wells drilled to date; six cased as producers 4 to 8 additional locations for remainder of 2006

Recent Developments Successful winter drilling program at Vulcan –Four wells drilled for new Mannville G Pool in first quarter – Two tested gas, one tested oil and one appears to be at oil-water contact –One well drilled to extend Ensign B Mannville Pool – producing 2 mmcf/d –Two wells drilled for Horseshoe Canyon CBM; two additional planned Active summer drilling program commenced to further expand Vulcan pool –Four wells drilled to date; 1 gas and three oil –Up to 5 locations down dip to develop significant oil column –Up to one additional gas location Farm-in agreement with Apache could more than double land position to over 40,000 acres –5 well commitment to earn 10 sections –Access to Apache pipelines and facilities

Outlook for 2006 First exploration well in Quebec in Q4 2006, results in Q Spud new Besa River/Mattson well at Beaver River in Q3, results in Q Commencement of work for a Nahanni well in Q1 2007, results in early to 5 oil development wells at Vulcan in Q3/Q4, production in Q3/Q4 4 to 8 multi-horizon exploration wells in Westlock Q3/Q4, production in Q4/Q Year end target of 1,600 boe/d on production with additional shut in gas – excludes potential from Beaver River and Quebec wells

Market Overview 2006 YTD World M&A Metrics Purchase Price in US$ per BOE Strong fundamentals for long term natural gas market

Investment Case Exposure to multiple opportunities to find big gas near big markets Growing base of cash flow and value in Alberta Two large tight gas resource plays at Beaver River and Quebec Beaver River deep gas project with over 120 Bcf of potential 1 million acres in emerging Trenton-Black River play in Quebec Strong well balanced portfolio Fundamentals of long term 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 reserves valuations provide better risk reward ratios relative to international and off shore opportunities on big impact plays Excellent market conditions 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 vetted and endorsed by partners Experienced management Existing portfolio provides for substantial organic growth Active drilling program for remainder of 2006 including a very exciting well in Quebec High leverage through partner risk capital and expertise Approximately $20 million to be spent in 2006 by partners on our land Large growth potential

Directors Les Beddoes, Jr. International Exploration - Former VP Exploration for Bow Valley Industries, Victoria, BC Michael Binnion, President & Chief Executive Officer Russ Hammond Corporate Finance - Former Managing Director, Greenwell Montague, London, UK David Mallory Financial Management - Former Chief Financial Officer of several junior E&P companies, Calgary, Alberta Tom Landry, Jr. Oil & Gas E&P and Service Sector - Oil and gas investor & lawyer, Dallas, Texas Peder Paus, Chairman Merchant banker – Former Managing Director Manufacturers Hanover Trust, London, New York, Oslo Jed Wood Oil & Gas E&P and Service Sector - Founder and CEO Hi-Arctic Energy Services, Red Deer, Alberta Board of Directors have extensive experience in domestic, international, technical, financial and operational areas

Management Michael Binnion, President & Chief Executive Officer John Brodylo, VP Exploration (Nexen) Peter Coldham, VP Engineering & Operations (Chevron) Jason D’Silva, VP Finance (CanArgo, Flowing) Wayne Hauck, Geophysicist (Murphy Oil, Philips) Richard Mindus, Operations Manager (Nexen) Maria Rees, Corporate Secretary (CanArgo, Flowing) Rick Tityk, VP Land (Hunt Oil) All senior personnel have experience with large company and small company projects contributing to the effective management of our entire portfolio of assets

1580 Guinness House 727 Seventh Avenue SW Calgary, Alberta T2P 0Z5 Canada Tel : (403) Fax : (403) Web: