1. Questerre Energy Corporation CorporatePresentation SEB Enskilda Nordic Seminar January 7-8, 2009

2. 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. Presentation Outline Company Overview –Strategy & asset overview –Management & Board –Third quarter overview –Capitalization Areas of operation –St. Lawrence Lowlands, Quebec –Northeast British Columbia –Antler, Saskatchewan Outlook –Near term goals –Investment summary

4. Business Strategy Commercializing the Quebec shale plays Incredible resource potential for Questerre in Quebec shales through successful execution of original business strategy Commercialization pilot programs underway to unlock value for shareholders Continued risk mitigation through leveraging financial and technical strengths of joint venture partners Strong financial capacity through cash flowing assets and existing working capital

5. Asset Overview St. Lawrence Lowlands, Quebec Potentially giant Utica & Lorraine shale gas discoveries being evaluated by Forest Oil & Talisman Northeast British Columbia Significant land base for established Jean Marie resource play with EnCana Evaluating Liard shale gas potential at Beaver River Field Southeast Saskatchewan Proven Bakken/Torquay light oil resource style play with immediate cash flow and high netbacks Southern Alberta Production base with infill opportunities in discovered oil pool St. Lawrence Lowlands Quebec Southern Alberta QUEBEC ALBERTA Northeast British Columbia Southeast Saskatchewan BRITISH COLUMBIA SASKATCHEWAN

6. Management Michael Binnion, President & Chief Executive Officer John Brodylo, VP Exploration (Nexen) Peter Coldham, VP Engineering & Operations (Chevron) Jason D’Silva, Chief Financial Officer (CanArgo, Flowing) Paul Harrington, VP Finance (Zargon Energy Trust) Jason Kaluski, Operations Manager (Richmount Petroleum Ltd.) Richard Mindus, Operations Manager, Beaver River (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 projects and in the WCSB have invested together with directors $12 million

7. Board of Directors Les Beddoes, Jr. International explorationist Former VP Exploration, Bow Valley Energy Inc.; Victoria, BC Michael Binnion, President & Chief Executive Officer Pierre Boivin Experienced Quebec-based business leader President, Montreal Canadiens; Montreal, QC Russ Hammond Corporate finance background Former Managing Director, Greenwell Montague; London, UK David Mallory, Chairman of Audit, Corporate Governance & Reserves Committee Financial management & governance experience CEO BLZ Energy Ltd. - Private E&P company; Calgary, AB Peder Paus, Chairman Merchant banking experience Former Managing Director, Manufacturers Hanover Trust; UK, Norway Bjorn Inge Tonnessen Oil & gas E&P experience & former senior equity analyst Executive Vice President, Svenska Group; Oslo, Norway

8. Capitalization Insiders 27,116,56414% Free Float 170,183,07886% Total (1) 197,299,642 Options (Average exercise price $1.26) 17,645,421 Average daily trading volume (OSE plus TSX)5,398,993

9. Q3 2008 Financial Overview 20082007 Average daily production (boe/d)1,2921,443 Cash flow from operations$5.41 million$3.18 million Average sales price ($/boe)$74.74$49.91 Operating netback ($/boe)$48.51$28.11 Working capital $67.83 million$29.91 million DebtNilNil Available credit facility$11.25 million-

10. Gas Shales 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 New completion techniques and improving commodity prices have contributed to growing interest in shale plays Utica Shale Multi-stage fracture stimulation Source: Packers Plus

11. North American Shale Gas Shale gas has potential to grow from 7 Bcf to 24 Bcf over next decade –Estimated risked recoverable shale gas of 261 Tcf equal to 2007 North American proved reserves (Source: Tristone Capital) StatoilHydro, BP, Shell and others have recently made significant investments in North American shale gas US Gas Production Forecast Canadian Gas Production Forecast Source: Tristone Capital

12. St. Lawrence Lowlands Quebec

13. Why Quebec Shales Well defined deep fairway Drilling inventory measured in decades IGIP “incredible gas in place” Favorable fiscal terms Lorraine Shale

14. Play Fairway UnstructuredStructured Play Fairway Logan’s Line Yamaska growth fault

15. Questerre Dominates Fairway

16. 8 of 10 deep wells on Questerre acreage AcreageGrossNet Questerre - TLM (~25% + 4.25% GORR)719,788206,746 Yamaska – FST/GMR (20% working interest)113,45322,691 St. Jean – GMR (56% working interest)181,255107,003 Total1,014,496336,440

17. Rock Properties 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 – 3.10.3 – 2.5 0.1 – 1.5 3.5 – 5.0 Gas-filled porosity (%)3.2 – 3.72.2 – 3.5 1.2–3.2 3.0 – 4.8 Maturity (Ro) 1.3 – 2.01.1 – 4.0 1.1 – 4.0 1.0 – 2.2 Discovered Resource Average (Bcf/section) 93 92.5 120

18. Multi Tcf Potential Assumptions 1.Estimated discovered resource of 93 Bcf/section for Utica and 120 Bcf/section for Lorraine based on TLM, FST & QEC estimates 2.Recovery factors based on 100 acre spacing for Utica and 80 acre spacing for Lorraine 3.Potential contingent resource based on 70% prospectivity factor plus 50% land utilization/risk factor resulting in 35% of net acreage being developed 4.Shrinkage factor of 5% includes fuel gas Questerre 305,849 net working interest acres (107,047 utilized) RecoveryGross Bcf/wellGross Bcf/wellNet RecoverableNet RecoverableTotal UticaLorraineUtica (Tcf)Lorraine (Tcf)Tcf 10%1.381.431.481.913.38 15%2.072.142.222.865.07 20%2.762.852.953.816.77 25%3.453.563.694.778.46 Questerre 30,591 royalty interest acres (10,707 acres utilized) 10%1.381.430.1480.1910.339 15%2.072.140.2220.2860.508 20%2.762.850.2960.3810.677 25%3.453.560.3700.4770.846 Note: 1 trillion cubic feet of gas is 167 million barrels of oil equivalent (BOE)

19. 1 Bcf in Quebec is Worth 2 Bcf in Alberta Canada’s second largest natural gas market Estimated 200-400 mmcf/d capacity on TCPL (seasonal) Realized natural gas prices at border are at 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 Pipeline infrastructure in Lowlands Comparative illustration of fiscal terms

20. Robust Economics Utica and Lorraine horizontal wells estimated NPV-10% of $2.4 million based on following parameters: –Initial 30-day rate : 2 mmcf/d –First year decline : 63% –Recoverable reserves: 2.4 Bcf/well –Capital costs: $3 million –Operating Costs: $1.50/mcf –Price: US$6/mcf NYMEX Sensitivity of NPV-10% to change in parameters: –Pricing - $1 change in NYMEX : $0.95 million –Production - 100 mcf/d (17 BOE/d) change in initial rate : $0.26 million –Capital - $100,000 change in capital costs : $0.91 million Project breakeven – 10% IRR (all other parameters held constant) –Pricing : US$3.50 NYMEX –Production : 1.1 mcf/d initial rate –Capital : $5.60 million

21. Current Activity Gentilly #1 Fracture Stimulation Talisman program –Gentilly #1 - Successful frac and 800 mcf/d test from Utica; frac results from Lorraine expected in spring –La Visitation frac of Utica and Lorraine currently underway; results expected in late March –Third well, St. Edouard, to spud in March and frac of St. David after spring breakup Forest Oil program –Successfully frac’d two horizontal wells with variable initial flow rates – final long term flow rates expected at end of Q1 2009 Questerre program –Frac St. Jean well to test shallow Utica shale potential

22. Northeast British Columbia

23. Beaver River - Liard Shale Play Over 1 Tcf of discovered resource potential per square mile for Mississippian age shale/siltstone Currently evaluating this potential with recompletion of A-5 well based on expertise acquired in Quebec Questerre holds a 50% interest in 35 square miles with take-away capacity in place Mississippian shale/siltstone

24. Greater Sierra - Jean Marie Play Farm-in with EnCana adds a proven Jean Marie play covering over 52 square miles– long life reserves leveraged to gas prices Questerre drilled two successful wells last winter and acquired 46 sq. mile 3-D survey 6-8 locations to be drilled in 2010 based on results 100 gross possible drilling locations with P 50 Estimated Ultimate Recovery of 1.2 Bcf per well First Questerre well at Greater Sierra

25. Antler, Saskatchewan

26. Antler – Bakken/Torquay Play Questerre land holdings in SE Saskatchewan Twenty horizontal wells drilled to date with 90% success rate and reserves of approximately 90,000 barrels per well Multi-stage fracs carried out with initial stabilized production of over 70 bbl/d per well on average 50% interest in significant land position – drilling inventory of 112 locations with 3-D and 2-D seismic 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 $30 per barrel based on $40 WTI

27. Company Outlook

28. Near Term Goals St. Lawrence Lowlands, Quebec ̶Results from fracture stimulation of La Visitation, Gentilly #1 in first quarter and St. David and St. Eduard in second quarter ̶Forest Oil program –test results from two stimulated horizontal wells ̶Evaluate results from stimulation of shallow St. Jean well Northeast British Columbia ̶Evaluate results from A-5 recompletion for Liard shale potential Antler, Saskatchewan ̶Commence 10-20 well drilling program contingent on improvement in commodity prices

29. Investment Summary Multiple opportunities in Lowlands including recent discoveries New shale play being tested in Liard basin Long-life Jean Marie gas in northeast British Columbia Significant light oil development at Antler in Saskatchewan Strong portfolio Natural gas re-emerging as reliable energy source in North America Growing investor interest in shale gas International demand for natural gas reducing LNG imports in North America Evolving 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 Concepts have been validated by partners’ due diligence and results Experienced management Large retained interest in potential giant shale resource plays in Lowlands Opportunities for other large gas discoveries in Quebec & NE BC High leverage through partner risk capital and expertise Incremental growth in lower risk asset base Large growth potential with mitigated risk

30. 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

31. Appendix Shale Gas

32. Gas Shales Fine grained reservoirs with very low permeability Rock is self sourcing and self sealing Natural gas is stored in adsorbed and free state In addition to shale, other minerals are present Lorraine Shale Utica Shale

33. Gas Shales Geographically widespread Large variations in porosity, permeability, gas in place, natural fractures and ability to artificially fracture Technically challenging and most shale does not produce gas Lorraine Shale Utica Shale

34. Gas Shales in North America Source: Talisman Energy November 2008 Presentation

35. Artificial Fracturing Fracturability very dependent on presence of brittle minerals such as silica and carbonates Fracture patterns dependent on tectonic stresses now and in the past Some shales fracture like a glass which enhances flow rates and some like a sponge which does not

36. Multi-stage Fracture Stimulation Relatively new technique to combine benefits of horizontal wells with fracture stimulation Allows controlled stimulation of entire horizontal section to maximize production Stimulation technique has successfully increased production in many plays by 3 to 20 times