Questerre Energy Corporation CorporatePresentation April 2007

Presentation Outline Company Overview –Asset Overview –Management & Board –Capitalization Recent Achievements Area Overview –St. Lawrence Lowlands, Quebec –Beaver River Field, British Columbia –Southern and Central Alberta Outlook 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.

Company Overview Superior risk/reward in the Canadian frontier “Big gas and big markets” Strategy –Acquire significant land positions in overlooked or underdeveloped areas with opportunity to leverage technical expertise –Mitigate risk through understanding the rocks, partnerships and portfolio diversification Success to date –Based on Questerre ideas, our shareholders are exposed to a portfolio of opportunities to discover world-scale natural gas fields with access to markets –Talisman and Transeuro have farmed in on Questerre generated natural gas prospects –Company is underpinned by a growing base of value with current production of approximately 1,600 boe/d

Asset Overview Diversified portfolio of assets –St. Lawrence Lowlands, Quebec large scale exploration with four discreet prospective plays –Beaver River Field, British Columbia tight gas resource play and deep exploitation and exploration plays –Southern and Central Alberta conventional E&P targets Risk mitigation –Extensive technical work completed on key projects –High-impact projects funded by partners –Conventional projects in Alberta provide growing cash flow base St. Lawrence Lowlands Quebec Vulcan Southern Alberta QUEBEC ALBERTA Beaver River Field British Columbia Westlock Central Alberta BRITISH COLUMBIA

Management & Directors Management has extensive experience in large scale international E&P projects, unconventional reservoirs and conventional smaller scale Alberta production Founders of CanArgo Energy Corporation (CNR:AMEX,OSE) and Flowing Energy Corporation (Production growth : 0 to 3,000 boe/d in three years; sold to Daylight Energy Trust Ltd.) Management and Directors have invested approximately $12 million and own 19% of the Company

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) Ian Nicholson, Manager, Alberta (Beau Canada, Kerr McGee) Maria Rees, Corporate Secretary (CanArgo, Flowing) Rick Tityk, VP Land (Hunt Oil) Senior multi-disciplinary team well experienced in large-scale and conventional projects

Board of 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, –Chairman of Audit, Corporate Governance and Reserves Committee –Financial Management & Governance - Former CFO Guardian Exploration, Flowing Energy, 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 High Arctic Energy Services, Red Deer, Alberta

Capitalization Directors, Management & Other Insiders29,331,42419% Free Float 125,860,32681% Total155,191,750 Options (Average exercise price C$0.60) 12,952,086 Net working capital (At December 31, 2006)$22.7 million Cash flow from operations (4Q 2006)$2.02 million Corporate Debt (At December 31, 2006)Nil

Canada Canada is world’s 3 rd largest natural gas producer and 8 th largest crude oil producer Largest energy supplier to the United States through well established infrastructure –Canada produces 17 Bcf/d and exports 10 Bcf/d to the US –Canada produces 2.5 mmbbl/d and exports 1.6 mmbbl/d to the US Reserves in Canada receive premium prices Source: CAPP, JS Herold 2006 Jan-Aug World M&A Metrics Purchase Price in US$ per BOE

Canadian Frontier vs. Developing Nations Similar pool potential of 10 million boe to 1 billion boe Similar operational and logistical challenges Significant cultural and political advantages Significant market advantages –Liquid market for proven reserves –Premium pricing for natural gas –Farm-in partners available for technical and financial risk mitigation –Conventional debt financing available for reserve development More difficult to access prospective land proximate to infrastructure Western Canadian Gas Resources – Conventional and New Source: CAPP

Recent Achievements

St. Lawrence Lowlands, Quebec –Gentilly 1 discovery well a breakthrough technical success - merits follow-on exploration –Farmout of Yamaska permits – Min. $3 million work program to commence in summer –Commenced exploration on St. Jean permits with high-res aeromag survey Beaver River Field, British Columbia –Received $10 million in cash from Transeuro to complete their earning on the Field –A-2 on production from shallow Mattson at approximately 3.5 mmcf/d –A-7 tested and awaiting pipeline tie-in; additional zones to be tested in summer –B-3 pacesetter well awaiting completion and testing this summer Southern & Central Alberta –1/3 interest in new pool discovery in Vulcan on recent twelve sq. mile joint venture –Evaluating waterflood to add 750,000 barrels (net) at oil pool in Vulcan

Recent Achievements Corporate –Established production base and positive cash flow Daily production in first quarter forecasted to average over 1,600 boe/d up 40% from 1,100 in the fourth quarter of 2006 Positive cash flow from operations of $2.02 million in the fourth quarter of 2006 Increased proved plus probable reserves to 2.25 mmboe in 2006 from 0.9 mmboe in 2005 –One of top oil and gas performers on TSX and OSE for 2006 – Share price increased by 135% from $0.57 to $1.34 –Raised $34.7 million in equity in 2006 at an average price of $1.03/share

2006 Financial Highlights Average daily production (boe/d) Production revenue$42.29$52.20 Royalties$9.93$9.03 Production expenses$9.85$17.79 Operating netback$22.51$25.38 Net cash G&A expense$5.64$25.75 All amounts in C$/boe

St. Lawrence Lowlands Quebec

Recent discovery by Questerre and its partner Talisman opens up Trenton- Black River play in Quebec Talisman is North America’s leading 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 A million gross acres with multiple prospective horizons has multi-tcf potential Talisman/Questerre St. Lawrence Lowlands Basin Talisman Appalachian Basin Talisman Michigan Basin

Talisman Farm-in Terms Talisman has the right to drill up to four wells to earn a 75% 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 Quebec has excellent fiscal terms and extensive natural gas infrastructure

Prospect Potential Third target Potsdam Sandstone Fourth target Fractured Basement play Primary target Trenton-Black River Dolomite 300 Bcf potential Secondary target Utica Shale –tight gas play 300,000 acres

AlbertaQuebec Revenue ($7/mcf AECO - $7.50/mcf NYMEX) $2,100,000,000$2,557,500,000 Less Royalties (30% AB/12.5% PQ)(630,000,000)(319,687,500) Transportation ($0.10 AB/$0.10 PQ)(30,000,000)(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) $ 1,065,000,000$ 1,832,812,500 Per Mcf$3.55$6.11 Per Boe$21.30$36.66 Based on 300 Bcf potential of Trenton-Black River in Gentilly area Comparative Illustration of Fiscal Terms

Outlook Gentilly #1 discovery well on long term production test – will likely require additional horizontal wells to be commercial Talisman could spud an appraisal well, shoot new seismic, or drill another well to earn a 75% interest in four additional permits on Questerre land in 2007 Questerre acquiring high resolution aeromag and purchasing seismic data over nearby St. Jean permits Drilling to commence on Yamaska farmout permits

Beaver River Field British Columbia

Beaver River Field Multiple prospective horizons –Porous upper Mattson on flank of structure – exploration target –Tight gas resource play in the lower Mattson - naturally fractured sandstones, siltstones and shales - resource play –Prophet fractured carbonate, known natural gas accumulation – appraisal target –Devonian shales – unassessed resource play –Hydrothermally dolomitized Nahanni – New compartment drilling opportunities on a discovered field with only 15% recovery to date – infill drilling target Field already tied in and producing Infrastructure and gathering system with replacement cost over $30 million Land position recently doubled to over 23,000 acres

Mattson Potential Discovery well with initial production of over 4 mmcf/d 800 meters of interbedded sandstone, siltstone and shale Estimated 200 Bcf – 495 Bcf of OGIP per section – modern completion techniques key to maximizing recovery Potential for over 100 locations based on ¼ section spacing Porous upper Mattson on flank of structure has potential to be new gas- bearing target

Mississippian Prophet & Devonian Shale Mississippian Prophet fractured carbonate lies above Nahanni at depth of approximately 2800m High pressure natural gas in the Prophet responsible for blowout of Amoco A-1 well and Amoco produced 0.5 Bcf from one well Horizontal drilling and fracture stimulation required to assess connectivity of fractures and productive capability Devonian shales are organically rich black shales that have not been assessed to date

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 gas prices Independent resource report by McDaniel determined field has –120 Bcf in possible reserves –540 Bcf in resource potential –1,433 BCF OGIP 12 new locations identified on reprocessed 3-D seismic survey (10 to 45 Bcf potential per location) could add over 10,000 boe/d net to Questerre Nahanni well to spud this summer to target new compartment

A-7 well Operations completed in early January 2007 – Downhole challenges resulted in operations taking longer and costing more than estimated Well did not reach target depth and casing was damaged during stimulation Multiple gas shows while drilling 100-ton slick-water fracture stimulation in Mattson shales not evaluated due to parted casing Mattson sands were fracture stimulated and will be tied-in Two upper intervals to be completed this summer and produced on commingled basis

B-3 well Pacesetter well drilled under budget and ahead of schedule Multiple gas shows and high-pressure gas kicks encountered while drilling Log analysis and sidewall cores show multiple potential gas-bearing intervals B-3 to be completed and tested this summer once barging season begins

Outlook A-7 well to be tied-in during the second quarter for an extended production test Two upper intervals in A-7 to be completed this summer B-3 well to be completed and tested this summer Nahanni well to spud this summer targeting multiple zones – Mattson, Nahanni, high-pressure Mississippian Prophet and organic-rich Devonian shales

Alberta Central Alberta Westlock Southern Alberta Vulcan

Vulcan, Southern Alberta 50% interest in significant discovery in one gas and one oil pool in Vulcan Oil is 40 degree API and receives premium pricing; natural gas is rich in liquids Gas pool commenced production in early 2007 at approximately 1,000 boe/d Infill development of oil pool delayed until waterflood developed and GPP approval received

Vulcan, Southern Alberta Recently expanded land position by twelve square miles through farm-in and participation agreement – three wells to be drilled First well resulted in new pool discovery; well to be tested at end of second quarter Aggressively pursuing farm-in opportunities and sales to further expand acreage Vulcan ALBERTA

Westlock, Central Alberta New core area of over 50 sections developed in 2006 Land includes 33 section farm-in on Apache on 100 for 70 basis Recent drilling program resulted in two D&A wells and two suspended gas wells Currently reallocating a portion of the budget to Vulcan Two wells planned for this summer following a 3-D seismic survey Westlock ALBERTA

Outlook 2007 St. Lawrence Lowlands, Quebec –Talisman election for additional work expected by June 2007 –Yamaska drilling to commence this spring –Interpret high-resolution aeromag over St. Jean in advance of 2008 new drill Beaver River Field, British Columbia –A-7 and B-3 wells to be evaluated this summer –New Nahanni well to spud this summer Southern & Central Alberta –Participate in new exploration wells in Vulcan –Drill infill wells in the Vulcan oil pool in 2007 –Drill two multi-horizon wells in Westlock during 3Q 2007 Corporate –Target to add one new core area in 2007 –Base exit production for 2007 estimated at over 2,200 boe/d, excluding success at Quebec or Beaver River development wells –Production with B-3, A-7 and new Nahanni wells expected to be over 3,000 boe/d

Investment Case One million acres in Quebec prospective for prolific Trenton-Black River play Beaver River deep gas project with over 120 Bcf of potential plus exploration prospect on flank of structure Large tight gas resource plays at Beaver River and Quebec Base of conventional production in Alberta 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 frontier provides better risk reward ratios relative to developing nations 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 validated by partners’ due diligence Experienced management Exposure to multiple opportunities to find big gas in big markets - high impact wells in Quebec and Beaver River underway High leverage through partner risk capital and expertise Plans to continue growth in lower risk conventional asset base in Alberta Large growth potential with mitigated risk

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