Corporate Presentation May 28, 2008 Questerre Energy Corporation

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 Area Overview Outlook Business plan & asset overview Management & Board Capitalization Area Overview St. Lawrence Lowlands, Quebec Antler, Saskatchewan Greater Sierra, British Columbia Outlook First quarter results Near term goals Investment summary

Business Plan Superior risk/reward in the Canadian frontier “Big gas and big markets” 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 Success to date Potential giant gas resource discovery in St. Lawrence Lowlands, Quebec Additional exploration targets in Quebec being evaluated in 2008 Partnerships with several seniors including Talisman, EnCana and Forest Oil Company is underpinned by current production of approximately 1,300 boe/d

Southeast Saskatchewan Southern & Central Alberta Asset Overview Diversified portfolio of assets St. Lawrence Lowlands, Quebec Potential giant Utica & Lorraine shale gas discovery being evaluated by Forest Oil & Talisman Follow-up exploration by Talisman on new basin Trenton Black-River discovery Southeast Saskatchewan Proven Bakken/Torquay light oil resource style play with immediate cash flow and high netbacks Northeast British Columbia Significant land base for established Jean Marie resource play with EnCana Tail end production from Beaver River with shale gas potential Southern and Central Alberta Production base with over $10 million in operating cash flow in 2007 Northeast British Columbia Southeast Saskatchewan BRITISH COLUMBIA ALBERTA SASKATCHEWAN QUEBEC Southern & Central Alberta St. Lawrence Lowlands Quebec

Management and Board Management Board of Directors Michael Binnion, President & CEO John Brodylo, VP Exploration (Nexen) Peter Coldham, VP Engineering & Operations (Chevron) Jason D’Silva, VP Finance (CanArgo, Flowing) 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 experienced in large-scale and WCSB projects have invested together with directors $12 million Board of Directors Les Beddoes, Jr. International Exploration - Former VP Exploration for Bow Valley Energy Inc., Victoria, BC Michael Binnion, President & CEO Russ Hammond Corporate Finance - Former Managing Director, Greenwell Montague, London, UK David Mallory Chairman of Audit, Corporate Governance, and Reserves Committee Financial Management & Governance – CEO BLZ Energy Ltd., Calgary, Alberta Peder Paus, Chairman Merchant banker – Former Managing Director, Manufacturers Hanover Trust, London, New York, Oslo Bjorn Inge Tonnessen Oil & Gas E&P, Energy Analyst – Executive Vice President, Svenska Group, Oslo, Norway Jed Wood Oil & Gas E&P and Service Sector - Founder and CEO High Arctic Energy Services, Red Deer, Alberta Tom Landry, Jr. Oil & Gas E&P and Service Sector - Oil and gas investor & lawyer, Dallas, Texas

Capitalization Free Float 150,931,263 84% Total (1) 179,287,088 Insiders 28,355,825 16% Free Float 150,931,263 84% Total (1) 179,287,088 Options (Average exercise price $0.61) 16,584,170 Average daily trading volume (OSE plus TSX) (Jan-Mar) 1.36 million Average daily trading volume (OSE plus TSX) (Apr-May) 14.34 million (1) Includes pending cancellation of 10,698,785 shares held by Terrenex and excludes 15 million share offering underway

St. Lawrence Lowlands, Quebec

St. Lawrence Lowlands New basin discovery with potential for giant unconventional gas fields of over 24 tcf recoverable Three discovery wells in three zones: Utica siltstone/shale - St. Francois du Lac Lorraine siltstone/shale - St. Francois Romaine Trenton Black-River hydrothermal dolomite – Gentilly Questerre through Terrenex first drilled in Quebec with Bow Valley in 1989 and has held the core acreage position since 1998 St. Francois du Lac shale gas well

St. Lawrence Lowlands What is known – economics and geology Fiscal terms are excellent Play fairway definable Three prospective zones Discovered resource is big What it’s based on – extensive database Over 50 well penetrations Over 5,000 km of 2-D seismic Bow Valley/Terrenex and EnCana technical studies Forest and Talisman recent work including: Five modern wells with modern core analysis (Three on Questerre acreage) Three tested vertical discovery wells (200 mcf/day to 1,200 mcf/day) What isn’t known – engineering Recovery per well Production profile from stimulated horizontal wells Ultimate costs on a development program basis Optimization techniques/strategy

Infrastructure Canada’s second largest natural gas market Estimated 200-400 mmcf/d capacity on TCPL (seasonal) Realized natural gas prices at border are a $1 premium to NYMEX due to proximity to markets Royalties of 10% to 12.5% Net backs over $40/boe based on $9/mcf NYMEX

Play Fairway Category Acreage Quebec City No shale 32,000 Shallow 62,000 Deep fairway 189,000 Compressive thrust 47,000 Overcooked 6,000 Total 336,000 Quebec City Thickness of Utica shale ranging From 100 – 500 m in Lowlands Play fairway between: Yamaska fault and Logan’s Line Area of igneous intrusives Zero Utica Line Hot Line Montreal Acreage Gross Net Questerre - TLM (21¼%-25% + 4.25% GORR) 719,788 206,163 Yamaska – FST/GMR (20% working interest) 113,453 22,691 St. Jean – GMR (56% working interest) 182,122 107,437 Total 1,015,363 336,291

Play Fairway Play Fairway 200 km by 25 km Unstructured Structured Shallow Overthrust

Rock Properties Discovered resource Average (Bcf/section) 93 92.5 120 Forest Talisman Forest Utica Utica Lorraine Barnett Depth (ft) 2,300–6,000 1,500–10,000 1,500–11,000 4,500-9,000 Thickness(ft) 500 300–1,000 1,500–6,500 150-700 Clay content (%) 15 – 26 15 – 51 30 – 38 15 -30 TOC (%) 1.0 - 3.1 0.3 - 2.5 0.1 – 1.5 3.5 – 5.0 Gas-filled porosity (%) 3.2 – 3.7 2.2 – 3.5 1.2 – 3.2 3.0 – 4.8 Maturity (Ro) 1.3 – 2.0 1.1 – 4.0 1.1 – 4.0 1.0 – 2.2 Discovered resource Average (Bcf/section) 93 92.5 120

Multi Tcf Potential Questerre assumptions 1. Estimated discovered resource of 93 Bcf/section for Utica and 120 Bcf/section for Lorraine Recovery factors based on 100 acre spacing for Utica and 80 acre spacing for Lorraine Potential contingent resource based on 70% prospectivity factor plus 50% land utilization/risk factor resulting in 35% of net acreage being developed Shrinkage factor of 5% includes fuel gas Questerre 305,700 net working interest acres (106,995 acres utilized) Recovery Gross Bcf/well Gross Bcf/well Net Recoverable Net Recoverable Total Utica Lorraine Utica (Tcf) Lorraine (Tcf) Tcf 10% 1.38 1.43 1.48 1.91 3.38 15% 2.07 2.14 2.22 2.86 5.07 20% 2.76 2.85 2.95 3.81 6.77 25% 3.45 3.56 3.69 4.76 8.46 Questerre 30,591 royalty interest acres (10,707 acres utilized) 10% 1.38 1.43 0.148 0.191 0.339 15% 2.07 2.14 0.222 0.286 0.508 20% 2.76 2.85 0.296 0.381 0.677 25% 3.45 3.56 0.370 0.477 0.846 Economic hurdle rates Recovery per well of over 0.6 Bcf plus initial flow rates (30 day average) of over 300 mcf/day are estimated to generate an economic rate of return based on $9 NYMEX and total capital cost on a per well basis of $3mm or less.

Pilot Programs Over the next 18 months Questerre will participate in pilot programs to establish commerciality of unconventional gas in St. Lawrence Lowlands at an estimated cost of $40 - $50 million net to Questerre Commencing this summer Forest Oil to operate two pilot production horizontal wells with four stage fracs to establish initial flow rates, estimate decline curves and recovery per well to be followed by contingent full field development in 2010 Commencing Sept 1, 2008 Talisman to operate three vertical test wells for three zones followed by over 10 well pilot program in 2009 and contingent full development in 2010 Questerre to operate with Gastem one shallow vertical test well on the shallow shale play in late 2008 on St. Jean permits First gas estimated by second half of 2009 and full development in 2010 based on results achieved.

Antler, Saskatchewan

Antler, Saskatchewan Seven successful horizontal wells drilled to date - stabilized production averaging 30 boe/d each (15 boe/d net) with 1P reserves of up to 90,000 barrels per well Early results from selective fracture stimulation could increase production by several times 50% interest in significant land position - 45 infill development locations identified with 3-D and 100 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 $80 per barrel based on $100 WTI Questerre land holdings in SE Saskatchewan

Northeast British Columbia

Greater Sierra – Jean Marie play Farm-in with EnCana adds a proven Jean Marie play covering over 140 sq. km – long life reserves leveraged to gas prices Questerre drilled two successful wells this winter on production at combined initial rate of 4.0 mmcf/d 6-8 locations to be drilled next year based on results from 46 square mile 3-D survey acquired this winter 100 gross possible drilling locations with P50 EUR of 1.2 Bcf per well Schematic cross section to base of Jean Marie Nabors 21 rig drilling first Questerre well

Company Outlook

Q1 2008 Financial Overview 2008 2007 Average daily production (boe/d) 1,274 1,702 Cash flow from operations $3.94 million $3.05 million Average sales price ($/boe) $62.36 $48.98 Operating netback ($/boe) $37.08 $24.57 Working capital (Net debt) ($4.51 million) $20.43 million Existing debt limits $11.25 million

Company Outlook St. Lawrence Lowlands, Eastern Canada Talisman exploration program for the TBR – Sept 1 Talisman $100million plus Utica and Lorraine shale gas evaluation and pilot program to commence – Sept 1 Forest Oil to drill and fracture stimulate two pilot production horizontal wells to follow on Utica discovery commencing this summer Shallow Utica/TBR well to be operated by Questerre in the fall on St Jean Northeast British Columbia Process and interpret 3-D seismic acquisition program to define multi-horizon prospects for 2009 drilling season Antler, Saskatchewan Drill, complete and fracture stimulate 4 wells and stimulate four existing wells this summer Seek opportunities to further grow land position

Investment Case Strong portfolio Multiple opportunities in Lowlands including recent discoveries Long life Jean Marie gas in northeast British Columbia Significant light oil development at Antler in Saskatchewan Base of conventional production in Southern Alberta Large growth potential with mitigated risk Large retained interest in potential giant shale resource plays in Lowlands Additional opportunities for large gas discoveries in Quebec High leverage through partner risk capital and expertise Incremental growth in lower risk asset base Improving Markets Recent strengthening in natural gas prices Growing investor interest in shale gas International demand for natural gas reducing LNG imports in North America Experienced management 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

Calgary, Alberta T2P 3W2 Canada 1650 AMEC Place 801 Sixth Avenue SW Calgary, Alberta T2P 3W2 Canada Tel : (403) 777-1185 Fax : (403) 777-1578 Web: www.questerre.com Email : info@questerre.com