1. Questerre Energy Corporation CorporatePresentation Pareto E&P Independents Conference January 17, 2008

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 & Directors –Capitalization –Financial Overview Area Overview –Beaver River Field, British Columbia –Greater Sierra, British Columbia –Southern & Central Alberta –Antler, Saskatchewan –St. Lawrence Lowlands, Quebec Outlook Investment Case

4. Company Overview Frontier Canada focus –Full cycle exploration & development targeting pools over 60 Bcf (10 mmboe) 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 Poised for success –Questerre is on the cusp of creating significant shareholder value in all projects

5. Asset Overview Diversified portfolio of assets Beaver River Field, British Columbia Testing underway on one of the largest onshore wells drilled in Canada in 2007 New Mattson discovery on production Greater Sierra, British Columbia Significant land base for a proven resource play with senior Canadian E&P as partner Southern and Central Alberta 1,000 boe/d production base with over $10 million in annual cash flow Southeast Saskatchewan Acquired proven light oil resource style play with immediate cash flow and growth St. Lawrence Lowlands, Quebec Made new basin Trenton Black-River discovery with additional exploration underway Two Utica shale gas discoveries are being assessed for commerciality St. Lawrence Lowlands Quebec Southern & Central Alberta QUEBEC ALBERTA Beaver River Field & Greater Sierra British Columbia Antler 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, 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 have invested together with directors $12 million

7. 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 Bjorn Inge Tonnessen –Oil & Gas E&P, Energy Analyst – Executive VP Business Development, Svenska Group – Oslo, Norway Jed Wood –Oil & Gas E&P and Service Sector - Founder and CEO High Arctic Energy Services, Red Deer, Alberta

8. Capitalization Insiders 29,092,57717% Free Float 139,837,89383% Total168,930,470 Options (Average exercise price $0.60) 13,064,170 Average trading volume (OSE plus TSX)774,480

9. 2007 Financial Overview 20072006 Average daily production (boe/d)1,408655 Cash flow from operations$10.17 million$3.01 million Average sales price ($/boe)$46.31$40.79 Operating netback ($/boe)$24.62$19.44 Corporate debtNilNil Net working capital surplus$8.54 million$8.74 million 2007 numbers estimates based on nine months ended September 30, 2007; subject to finalization of year-end numbers

10. Beaver River Field Western Canada

11. Beaver River Field Field already tied in and producing with infrastructure and gathering system with a replacement cost of over $30 million Land position doubled in 2007 to over 23,000 acres

12. 4200m directional well successfully drilled and cased as potential gas producer Production testing program commenced with interim results expected imminently and final results in February Offset wells A-2 and A-5 each produced at over 9,000 boe/d and each recovered over 7 million boe from the Nahanni A-8 well has been engineered to access three separate Nahanni compartments and will likely be produced at lower rates than original wells to maximize recovery New compartment potential A-2 well A-5 well A-8 well A-8 Nahanni well Precision 228 rig drilling A-8 well

13. 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 contingent resource –1,433 Bcf discovered resource 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 Planning multi-well drilling program to follow-up success Nahanni Horizon

14. Mattson Gas Discovery Two commercial wells on production Independent resource study estimates 495 Bcf – 750 Bcf of discovered resource per sq. mile - modern completion techniques and natural fracturing key to maximizing recovery Selective development will be pursued in current gas market Stimulation on A-7 and B-3 wells

15. Greater Sierra Western Canada

16. Greater Sierra Farm-in with senior E&P company adds a proven resource play covering over 140 sq. km Questerre will fund 3-D seismic acquisition program ($6.15 million) and drill and complete two wells ($4.8 million) to earn a 50% interest in entire acreage First well a success with a final rate while drilling of 2.03 mmcf/d (338 boe/d); second well to spud this month Six to eight locations to be drilled next year Nabors 21 rig drilling first Questerre well Schematic cross section to base of Jean Marie

17. Alberta Western Canada

18. Vulcan, Southern Alberta 50% interest in newly discovered gas and oil pools in Vulcan Gas pool commenced production in early 2007 at approximately 2,000 boe/d (1,000 boe/d net); currently 1,400 boe/d (700 boe/d net) Infill development of oil pool commenced in January with horizontal wells – expect GPP approval in spring has potential to add 500,000 to 750,000 barrels

19. Antler Central Canada

20. Antler, Saskatchewan Magnus land holdings in SE Saskatchewan Five successful horizontal wells drilled to date - initial production of over 100 boe/d each (50 boe/d net) with estimated 2P reserves of 100,000 barrels per well 50% interest in significant land position - 30 infill development locations identified and 300 drilling spacing units to be evaluated Evaluation commenced with 27 sq. mile 3-D seismic survey in December 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 over $60 per barrel at current prices

21. St. Lawrence Lowlands Eastern Canada

22. St. Lawrence Lowlands One million gross acres with multi Tcf potential Trenton Black-River and unconventional Utica shale gas are proven plays in New York state Recent discovery by Questerre and its partner Talisman proves exploration model for the Trenton Black-River in Quebec Forest Oil participated in two Utica shale gas wells on Questerre acreage Talisman/Questerre St. Lawrence Lowlands Basin Talisman Appalachian Basin Talisman Michigan Basin

23. Trenton Black-River Farm-out partner Talisman to drill four wells plus seismic to earn a 75% working interest in over 700,000 acres Questerre to retain a 21¼% working interest plus a 4¼% royalty – equating to a 30% economic take Talisman acquired 2-D seismic survey over two Questerre prospects in fall 2007 based on Gentilly #1 success Questerre expects two-well commitment by Talisman in 2008 Testing of Gentilly #1 Discovery Well

24. Utica Shale Farm-out partners Gastem/Forest Oil drilled two discovery wells for Utica shale this summer Questerre is fully carried for $13 million and retains a 7.5% royalty convertible to a 20% working interest in this acreage Forest Oil will operate completion and testing of wells to assess commerciality Talisman recently announced intention to assess unconventional Utica shale gas in Quebec

25. Infrastructure Pipeline infrastructure in Lowlands Extensive infrastructure in Canada’s second largest natural gas market Realized natural gas prices in Quebec are at a $0.25 premium to NYMEX due to proximity to markets Crown royalties of 12.5% compared to 30% in Alberta Estimated operating netbacks based on $7 NYMEX: –Quebec : $6.71/mcf or $40.26/boe –Alberta : $4.15/mcf or $24.40/boe

26. Company Outlook

27. Beaver River Field, Western Canada –High impact A-8 Nahanni well being tested –Follow-on multi-well program under development Greater Sierra, Western Canada –Drill, complete and tie-in two wells for Jean Marie production by March 2008 –Complete 3-D seismic acquisition program to define multi-horizon prospects Antler, Central Canada –Drill, complete and tie-in two additional horizontal wells by March 2008 –Interpret 3-D seismic acquisition program to setup drilling locations for remainder of 2008 St. Lawrence Lowlands, Eastern Canada –Talisman expected to commit to two wells in 2008 –Forest Oil to complete commercial assessment of Utica shale wells

28. Investment Case Large scale exploitation projects in Northern Canada Base of conventional production in Southern Alberta Significant light oil development at Antler in Saskatchewan Big E exploration in Quebec for a new basin Strong well balanced portfolio Long term fundamentals of 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 Changing markets creating opportunities 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 well at Beaver River being tested High leverage through partner risk capital and expertise Incremental growth in lower risk conventional asset base Large growth potential with mitigated risk

29. 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