1. Questerre Energy Corporation CorporatePresentation First Securities 2008 Energy Summit April 8, 2008

2. Presentation Outline Company Overview –Asset Overview –Management & Board –Capitalization Area Overview –St. Lawrence Lowlands, Quebec –Antler, Saskatchewan –Greater Sierra, British Columbia 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.

3. 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 a growing base of value with current production of approximately 1,400 boe/d

4. Asset Overview Diversified portfolio of assets St. Lawrence Lowlands, Quebec Potential giant Utica 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 St. Lawrence Lowlands Quebec Southern & Central Alberta QUEBEC ALBERTA Northeast British Columbia Antler Saskatchewan BRITISH COLUMBIA SASKATCHEWAN

5. 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) 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 have invested together with directors $12 million

6. Board of Directors Les Beddoes, Jr. –International Exploration - Former VP Exploration for Bow Valley Energy Inc., 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 – CEO BLZ Energy Ltd., 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 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

7. Capitalization Insiders 30,903,31918% Free Float 139,987,15182% Total170,890,470 Proforma after acquisition of Terrenex Ltd.176,084,470 Options (Average exercise price $0.61) 16,809,170 Average trading volume (OSE plus TSX)1.67 million

8. St. Lawrence Lowlands, Quebec

9. Utica Shale Gas Discovery Potential giant gas resource discovery in Utica shale Fully developed unrisked upside of 4- 5 billion barrels of oil equivalent (24- 30 Tcf) based on estimates by EnCana and Forest Oil in entire basin Resource play covers between 1.2 and 2.5 million acres (4,856 and 9,712 square km) Questerre was first mover on this play and has the core acreage positions together with its farm-in partners St. Francois du Lac shale gas well

10. Shale Gas Organic shale is typically a source rock that charges conventional reservoirs over geologic time Organic shale around the world contains more oil and gas by orders of magnitude than all conventional reservoirs combined Under the right conditions, certain organic shale can be made to produce in commercial quantities Shale gas developments are characterized by very predictable low rate, long life production Lorraine Shale

11. North American Shale Gas Basins From: Karlen, G. 2007. Resource Play Potential Utica Shales – Quebec Lowlands. EnCana Corp. Barnett shale in Texas most successful basin to date –2 Bcf/d of production with 5,900 producing wells –160 rigs currently running –Ultimate recovery estimated at 39 Tcf (6.5 billion boe)

12. Commerciality of Shale Gas Gas in place is the total of adsorbed gas and free gas –Adsorbed gas is a molecular film on the surface of organic material in the shale –Free gas is within thin interbedded sands and silts Using total organic carbon (TOC) and thermal maturity (Ro) together with pressure, temperature, depth etc. the adsorbed gas per ton of shale can be calculated Free gas can be calculated using conventional core analysis methodology Recovery and flow rates ultimately depend on rock properties that must be proven by fracturing and testing of wells

13. Selective Fracture Stimulation Relatively new technique to combine benefits of horizontal wells with fracture stimulation Stimulation technique has successfully increased production in many plays by 3 to 20 times Cost of horizontal wells in Quebec estimated at $2.5 million including selective fracture stimulation Source – Packers Plus Energy Services & DOB Magazine

14. EnCana Utica Shale Study – June 2007 Utica shale appears to be a viable resource play target with multi-Tcf potential Encana resource potential of 100 bcf/section giving a P max estimate of 24 Tcf of total recoverable gas In June 2007, EnCana concluded that additional testing is required evaluate mechanical properties of shale – ability to successfully fracture stimulate Forest/Questerre undertook this work in 2007 From: Karlen, G. 2007. Resource Play Potential Utica Shales – Quebec Lowlands. EnCana Corp.

15. Forest Oil Presentation – April 2008 Forest recently published results from its joint discovery well with Questerre –New logs, core analysis and test results have confirmed past work by EnCana and others Conclusion: Utica has resource potential of 93 Bcf gas in place per section on average Very similar to EnCana high case estimates before new data became available

16. Utica Shale on Questerre Acreage Thickness of Utica shale ranging From 100 – 500 m in Lowlands Quebec City Montreal Questerre acreage in orange Forest acreage in green AcreageGrossNetProspective Talisman Farm-in (25% working interest)719,788176,155123,309 Yamaska (20% working interest)113,45322,69115,884 St. Jean (56% working interest)253,428143,09035,000 Total1,086,669341,936174,193 Royalty interest (41/4% GORR)719,788503,850 Assumes completion of acquisition of Terrenex Ltd.

17. Questerre Resource Potential 1.Estimated discovered resource of 93 Bcf per section (640 acres or 2.5 square km) 2.Recovery factors based on 100 acre spacing (2.5 wells per square km) 3.Gross recoverable resource based on 70% of the land proving to be prospective 4.Net recoverable resource based on Questerre’s estimate of 174,193 acres of net prospective acreage on more conservative 50% risking of prospectivity Questerre working interest 341,936 acres Recovery Net Bcf/well Gross Recoverable Net Recoverable TCFTCF 15% 1.39.892.26 20% 1.712.932.96 25% 2.216.733.83 Questerre royalty interest in 719,788 acres 15% 1.36.550.278 20% 1.78.570.364 25% 2.211.080.471 Assumes completion of acquisition of Terrenex Ltd.

18. Additional Prospects Lorraine shale –Shallower than Utica –Covers similar area Trenton Black-River –Proven success in Appalachian Basin – production by Talisman exceeds 100 mmcf/d –Exploration model proven in Lowlands with Gentilly #1 discovery well in 2007 - Talisman acquired 2- D seismic survey over two Questerre prospects in fall of 2007 Questerre expects Talisman 2008 drilling program will evaluate all three zones Talisman/Questerre St. Lawrence Lowlands Basin Talisman Appalachian Basin Talisman Michigan Basin

19. Infrastructure Pipeline infrastructure in Lowlands Extensive infrastructure in 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 Net backs approximately $40/boe based on $9/mcf NYMEX

20. Antler, Saskatchewan

21. Questerre land holdings in SE 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 3-4 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

22. Northeast British Columbia

23. 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 P 50 EUR of 1.2 Bcf per well Nabors 21 rig drilling first Questerre well Schematic cross section to base of Jean Marie

24. Company Outlook

25. 2007 Financial Overview 20072006 Average daily production (boe/d)1,390778 Cash flow from operations$10.23 million$5.08 million Average sales price ($/boe)$46.63$42.29 Operating netback ($/boe)$23.49$22.51 Corporate debtNilNil Net working capital surplus$10.01 million$22.70 million

26. Company Outlook St. Lawrence Lowlands, Eastern Canada –Talisman expected to commit to drilling program in 2008 to test multiple targets including TBR, Lorraine and the Utica discovery –Forest Oil to drill and fracture stimulate two horizontal wells to follow on Utica discovery 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 tie-in 5 additional wells in 2008; evaluate fracture stimulation –Seek opportunities to further grow land position

27. Investment Case Multiple opportunities in Lowlands including recent discovery Long life Jean Marie gas in northeast British Columbia Significant light oil development at Antler in Saskatchewan Base of conventional production in Southern Alberta Strong well balanced portfolio Recent strengthening in natural gas prices Growing investor interest in shale gas International demand for natural gas reducing LNG imports in North America Improving Markets 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 Large retained interest in potential giant shale gas resource play 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 Large growth potential with mitigated risk

28. 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