1. Corporate
Presentation
December 2006
Questerre Energy
Corporation

2. Forward Looking Statement
Presentation Outline
Company Overview
Asset Overview
Management & Board
Capitalization
Third Quarter Update
2006 Year To Date Progress
Financial Highlights
Area Overview
St. Lawrence Lowlands, Quebec
Beaver River Field, British Columbia
Southern and Central Alberta
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. Company Overview Objective Strategy Success to date
Looking for “big gas in big markets”
Strategy
Leverage technical expertise to acquire significant land positions in overlooked or underdeveloped areas
Mitigate risk through partnerships and portfolio diversification
Success to date
Based on Questerre ideas, our shareholders are exposed to a portfolio of opportunities to discover world-scale natural gas fields with access to markets
Talisman and Transeuro have farmed in on Questerre generated natural gas prospects
Company is underpinned by a growing base of value with exit production for 2006 expected to be approximately 1,600 boe/d

4. Asset Overview Diversified portfolio of assets Risk mitigation
St. Lawrence Lowlands, Quebec
large scale exploration with four discreet prospective plays
Beaver River Field, British Columbia
tight gas resource play plus deep exploitation play
Southern and Central Alberta
conventional E&P targets
Risk mitigation
High-impact projects funded by partners
Conventional projects in Alberta provide growing cash flow base
Beaver River Field
British Columbia
Westlock
Central Alberta
BRITISH
COLUMBIA
ALBERTA
QUEBEC
Vulcan
Southern Alberta
St. Lawrence Lowlands
Quebec

5. Management & Directors
Management has extensive experience in large scale international E&P projects, unconventional reservoirs and conventional smaller scale Alberta production
Founders of CanArgo Energy Corporation (CNR:AMEX,OSE) and Flowing Energy Corporation (Production growth : 0 to 3,000 boe/d in three years; sold to Daylight Energy Trust Ltd.)
Management and Directors have invested approximately $12 million and own 21% of the Company

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)

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
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
Jed Wood
Oil & Gas E&P and Service Sector - Founder and CEO Hi-Arctic Well Control, Red Deer, Alberta

8. Capitalization Free Float 111,801,160 79% Total 141,122,584
Directors, Management & Other Insiders 29,321,424 21%
Free Float ,801,160 79%
Total 141,122,584
Options (Avg. exercise price C$0.50) 11,463,752
Net working capital (Sept. 30, 2006) $8.84 million
Cash flow from operations (Third quarter) $1.67 million
Corporate Debt (Sept. 30, 2006) $0.09 million

9. Third Quarter Update

10. 2006 Year To Date Progress St. Lawrence Lowlands, Quebec
Talisman completes seismic program and commits to first well
Third Quarter
Equipment mobilization begins to spud Gentilly #1 well
Beaver River Field, British Columbia
750 boe/d gas discovery in the shallow Mattson horizon
Appraisal well for Mattson horizon spud
Southern & Central Alberta
Successful delineation drilling programs in Vulcan and developing new core area in Westlock
Installation of central battery and gas compressor station completed at Vulcan
Participated in the drilling of 5 (2.7 net) wells with 4 cased as potential producers

11. 2006 Year To Date Progress Corporate
Established production base and positive cash flow
One of top oil and gas performers on TSX and OSE for 2006 YTD – Share price increase of 138%
Third Quarter
Daily production averaged 1,037 boe, up 63% from 635 boe in the second quarter
Positive cash flow from operations of $1.68 million, up 55% from $1.08 million in the second quarter

12. Third Quarter Financial Highlights
Quarter ended Nine months ended
Sept. 30, 2006 Sept. 30, 2006
Average daily production (boe/d) 1,
Production revenue $41.66 $40.79
Royalties $12.52 $11.30
Production expenses $8.52 $10.05
Operating netback $20.62 $19.44
Net cash G&A expense $3.08 $4.20
All amounts in C$/boe

13. St. Lawrence Lowlands
Quebec

14. St. Lawrence Lowlands
Talisman operating drilling of one of the highest potential exploration wells to be drilled in North America in the recent past
Four prospects to be tested with a single well with primary target the Trenton Black-River
Talisman is North America’s expert in the Trenton Black-River play and is currently producing approx. 20,000 boe/d from this play across the border in New York
Large acreage position with multiple prospective horizons has multi-tcf potential
Talisman
Michigan
Basin
Talisman/Questerre
St. Lawrence Lowlands
Basin
Talisman
Appalachian
Basin

15. Talisman Farm-in Terms
Talisman has the right to drill up to four wells to earn 75% interest in 700,000 acres
Questerre will retain a 21¼% working interest in the land and receive a 4¼% royalty - equating to a 30% economic take
Questerre farmed-in on additional 300,000 acres held by Gastem Inc. for a 50% interest
Total land position of over 1 million acres

16. Prospect Potential Primary target Trenton-Black River Dolomite
300 Bcf potential
Secondary target
Utica Shale –tight gas play
300,000 acres
Third target
Potsdam Sandstone
200 Bcf potential
Fourth target
Fractured Basement play

17. Comparative Illustration of Fiscal Terms
Alberta Quebec
Revenue ($7/mcf AECO - $7.50/mcf NYMEX) $2,100,000,000 $2,557,500,000
Less
Royalties (30% AB/12.5% PQ) (630,000,000) (319,687,500)
Transportation ($0.10 AB/$0.10 PQ) (30,000,000) (30,000,000)
Operating & Processing ($0.65/mcf) (195,000,000) (195,000,000)
Capital (50 wells plus facilities) (180,000,000) (180,000,000)
$ 1,065,000,000 $ 1,832,812,500
Per Mcf $3.55 $6.11
Per Boe $21.30 $36.66
Based on 300 Bcf potential of Trenton Black-River in Talisman Gentilly #1

18. Talisman Gentilly #1
Ron Eckhardt, EVP North America Operations for Talisman updates Gentilly #1 well at investor conference in Montreal on December 5 & 6, 2006:
“Small indications of gas in the Trenton Black-River that are encouraging”
“Well had very large gas shows in the shallower fractured shales”
“Even in Appalachia with good control, it is possible to drill wells with no dolomite, so the two wells (Talisman has drilled in Quebec) does not make or break the play”
“With success, Talisman would proceed with horizontal wells across the graben which increases chances of finding (Trenton Black-River) dolomite”
Entire presentation can be viewed at

19. Outlook Minimum of two zones to be tested in first quarter 2007
Subject to results, Talisman expected to proceed with a 3-D seismic survey in summer 2007
Talisman could spud an appraisal well for this prospect and/or drill another well to earn a 75% interest in four additional permits on Questerre land
Questerre to acquire high resolution aeromag survey and purchase seismic data over Gastem acreage to high grade nearby permits

20. Beaver River Field
British Columbia

21. Beaver River Field Two primary zones of interest
Tight gas resource play in the Mattson - naturally fractured sandstones, siltstones and shares
Hydrothermally dolomitized Nahanni –Infill/ new compartment drilling opportunities on a discovered field with only 15% recovery to date
Field already tied in and producing
Infrastructure and gathering system with replacement cost over $30 million

22. Mattson Potential
Discovery well currently producing over 4 mmcf/d with compression
800 meters of interbedded sandstone, siltstone and shale
Estimated 200 Bcf – 495 Bcf of OGIP per section – modern completion techniques key to maximizing recovery
Potential for over 50 locations based on ¼ section spacing could add 5,000 to 10,000 boe/d net to Questerre

23. 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 McDaniels determined field has
120 Bcf in possible reserves
540 Bcf in resource potential
1,433 BCF OGIP
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

24. A-7 well
Two gas kicks encountered requiring higher mud weights to control
Multiple gas shows while drilling
Drilling has taken longer than planned due to harder than expected rock formation and fishing operations
Well is currently drilling through deeper Mattson sands at 1800+m

25. Outlook
A-7 well to be completed and tested in first quarter 2007 with construction of ice bridge (weather dependent)
Questerre expects A-7 well to be tied-in to gathering system and on production by second quarter 2007
Transeuro expected to begin operations on Nahanni well shortly thereafter
Full field development for the Mattson to commence after evaluation of A-7 results

26. Alberta, Western Canada
Central Alberta
Westlock
Southern Alberta
Vulcan

27. Vulcan, Southern Alberta
50% interest in significant discovery in one gas and one oil pool in Vulcan
Oil is 40 degree API and receives premium pricing; natural gas is rich in liquids
Upper Mannville potential plus CBM

28. Vulcan, Southern Alberta
Field gas production to commence with GPP application approval expected shortly
Infill development of oil pool delayed by operator until mid 2007
Vulcan
ALBERTA

29. Westlock, Central Alberta
New core area of over 50 sections developed in 2006
Land includes 33 section farm-in on Apache on 100 for 70 basis
Westlock
ALBERTA

30. Westlock, Central Alberta
Relatively shallow wells with lower drilling, completion and tie-in costs
Reduced risk through multi-zone potential
Westlock

31. Recent Developments Vulcan, Southern Alberta Westlock, Central Alberta
Completed delineation drilling program for oil and gas pools in third quarter
Completed construction of central battery and compressor station with capacity of 1,000 bopd and 15 mmcf per day
Full field gas production awaiting approval of GPP application
Westlock, Central Alberta
3-D seismic program underway to firm up drilling locations
Completing regional geology study to further evaluate potential in area
Participating in Crown land sales and evaluating farm-in agreements to further expand holdings in area

32. Stock Performance

33. Outlook 2007 St. Lawrence Lowlands, Quebec
Test results from Gentilly #1 well expected in Q1 2007
Evaluate results with potential follow-on drilling and 3-D seismic
Beaver River Field, British Columbia
Completion and testing of A-7 well for Mattson production at Beaver River in Q1 2007
Next well to spud in Q for Nahanni
Full field development to commence for Mattson after evaluation of A-7 results
Southern & Central Alberta
Infill wells to be drilled in the Vulcan oil pool in 2007
2 to 4 multi-horizon exploration wells to be drilled in Q at Westlock
Corporate
Target to add one new core area in 2007
Base exit production for 2007 estimated at approximately 2,200 boe/d, excluding success at Quebec

34. Investment Case Strong
well balanced portfolio
One million acres in Quebec prospective for prolific Trenton-Black River play
Beaver River deep gas project with over 120 Bcf of potential
Two large tight gas resource plays at Beaver River and Quebec
Base of conventional production in Alberta
Large growth potential with mitigated risk
Exposure to multiple opportunities to find big gas in big markets - high impact wells in Quebec and Beaver River underway
High leverage through partner risk capital and expertise
Plans to continue growth in lower risk conventional asset base in Alberta
Excellent market conditions
Fundamentals of long term 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 reserves valuations provide better risk reward ratios relative to international and off shore opportunities on big impact plays
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 vetted and endorsed by partners

35. Calgary, Alberta T2P 0Z5 Canada
1580 Guinness House
727 Seventh Avenue SW
Calgary, Alberta T2P 0Z5 Canada
Tel : (403)
Fax : (403)
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