1. Corporate
Presentation
May 28, 2008
Questerre Energy
Corporation

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 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

4. 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

5. 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

6. 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

7. Capitalization Free Float 150,931,263 84% Total (1) 179,287,088
Insiders 28,355,825 16%
Free Float ,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) million (1) Includes pending cancellation of 10,698,785 shares held by Terrenex and excludes 15 million share offering underway

8. St. Lawrence Lowlands, Quebec

9. 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

10. 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

11. Infrastructure Canada’s second largest natural gas market
Estimated 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

12. 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% % GORR) 719, ,163
Yamaska – FST/GMR (20% working interest) 113,453 22,691
St. Jean – GMR (56% working interest) 182, ,437
Total 1,015, ,291

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

14. 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) –1,000 1,500–6,
Clay content (%) 15 – – –
TOC (%) – – 5.0
Gas-filled porosity (%) 3.2 – – – – 4.8
Maturity (Ro) 1.3 – – – – 2.2
Discovered resource
Average (Bcf/section)

15. 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%
15%
20%
25%
Questerre 30,591 royalty interest acres (10,707 acres utilized)
10%
15%
20%
25%
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.

16. 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.

17. Antler, Saskatchewan

18. 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

19. Northeast British Columbia

20. 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

21. Company Outlook

22. Q Financial Overview
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

23. 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

24. 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

25. Calgary, Alberta T2P 3W2 Canada
1650 AMEC Place
801 Sixth Avenue SW
Calgary, Alberta T2P 3W2 Canada
Tel : (403)
Fax : (403)
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