1. Corporate Presentation Questerre Energy Corporation
Pareto Oil & Offshore Conference
September 10-11, 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
Second quarter results
Area Overview
St. Lawrence Lowlands, Quebec
Northeast British Columbia
Antler
Outlook
Near term goals
Investment summary

4. Superior risk/reward in the Canadian frontier
Business Strategy
Superior risk/reward in the Canadian frontier
“Big gas and big markets”
Buy early
Acquire significant land positions in overlooked or underdeveloped areas
Add value
Leverage technical expertise to “understand the rocks” and high grade land positions
Reduce risk
Farm-out to partners and create a diversified portfolio of upsides
Create shareholder value
Prove up reserves and production 4

5. Successes to Date Major new shale gas discovery in Quebec
Additional exploration targets in Quebec being evaluated in 2008/2009
Partnerships with several seniors including Talisman, EnCana and Forest Oil
Company value enhanced by current production of over 1,300 boe per day

6. Southeast Saskatchewan Southern & Central Alberta
Asset Overview
Diversified portfolio of assets
St. Lawrence Lowlands, Quebec
Potentially giant Utica & Lorraine shale gas discoveries being evaluated by Forest Oil & Talisman
Follow-up exploration by Talisman on new basin Trenton Black-River discovery
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 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

7. Management Michael Binnion, President & CEO
Senior multi-disciplinary team experienced in large-scale projects in the WCSB have invested together with directors $12 million
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) 7

8. Board of Directors Les Beddoes, Jr. Michael Binnion, President & CEO
International exploration experience
Former VP Exploration for Bow Valley Energy Inc.; Victoria, BC
Michael Binnion, President & CEO
Pierre Boivin
Experienced Quebec-based business leader
President, Montreal Canadiens; Montreal, QC
Russ Hammond
Corporate finance experience
Former Managing Director, Greenwell Montague; London, UK
David Mallory, Chairman of Audit, Corporate Governance & Reserves Committees
Financial Management & Governance experience
CEO BLZ Energy Ltd.; Calgary, AB
Peder Paus, Chairman
Merchant banking experience
Former Managing Director, Manufacturers Hanover Trust; UK, U.S.A., Norway
Bjorn Inge Tonnessen
Oil & Gas E&P experience former analyst
Executive Vice President, Svenska Group; Oslo, Norway 8

9. Capitalization Free Float 168,930,470 85% Total (1) 196,650,213
Insiders 27,719,743 15%
Free Float ,930,470 85%
Total (1) 196,650,213
Options (Average exercise price $1.21) 17,086,671
Average daily trading volume (OSE plus TSX) 8,592,007 (1) Includes pending cancellation of 10,698,785 shares held by Terrenex, recently acquired by Questerre

10. Q Financial Overview
Average daily production (boe/d) 1,241 1,443
Cash flow from operations $5.14 million $3.18 million
Average sales price ($/boe) $80.01 $49.91
Operating netback ($/boe) $51.07 $28.11
Working capital $68.45 million $29.91 million
Existing credit facility $11.25 million 10

11. St. Lawrence Lowlands, Quebec

12. St. Lawrence Lowlands
New basin discovery with potential for giant unconventional gas reserves
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
First Mover
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

13. Economics and Geology are Known
Fiscal terms are excellent
Play fairway definable
Three prospective zones
Rock can be hydraulically fractured
Discovered resource is big
Utica shale
Lorainne shale
Trenton Black River

14. What its based on Over 50 well penetrations & 30 drill stem tests
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)
Four tested vertical discovery wells (200 mcf/day to 1,200 mcf/day)
Source: Molopo Australia Limited Presentation
Historical Drill Stem Tests of Quebec Shales

15. Testing of Gentilly #1 Discovery well
What is being defined
Recovery per well
Production profile from stimulated horizontal wells
Ultimate costs on a development program basis
Optimization techniques/strategy
Testing of Gentilly #1 Discovery well

16. 1 bcf in Quebec worth 2 bcf in Alberta
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
Pipeline infrastructure in Lowlands
Comparative illustration of fiscal terms

17. 8 of 13 wells on Questerre Land
Acreage Gross Net
Questerre - TLM (~25% % GORR) 719, ,746
Yamaska – FST/GMR (20% working interest) 113,453 22,691
St. Jean – GMR (56% working interest) 181, ,003
Total 1,014, ,440

18. Play Fairway Play Fairway Depth 700 to 2,600 m Legend
Unstructured
Structured
Play Fairway
Depth 700 to 2,600 m
Legend
Overthrusted Fairway
Overthrusted and Overmature
Fairway
Transitional
Shallow
Logan’s Line
Yamaska Growth Fault line
Overmature line
Break in Slope line
Utica Zero Edge line
Depth 350 to 700 m
Depth 0 to 350 m

19. Questerre dominates fairway

20. 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) 20

21. Multi Tcf Potential Questerre assumptions
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 305,849 net working interest acres (107,047 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 (10,707 acres utilized)
10%
15%
20%
25%
Note: 1 trillion cubic feet of gas is 167 million barrels of oil equivalent (BOE)

22. Economic Sensitivity
Horizontal wells into Lorraine and Utica have NPV-10% of $6 million based on:
Initial 30 day rate - 2 mmcf/d
First year Decline – 63%
Recoverable Reserves 2.4 Bcf/well
Capital costs $3 million
Operating Costs $1.00/mcf
$9/mcf NYMEX
Sensitivity in NPV10 to change in parameters
$1 change in NYMEX = $1.1 million
100 mcf/d (17 BOE/d) change in initial rates = $0.440 million
$100K change in capital costs = $0.091 million
Breakeven cases (all other parameters held even)
$3.25 NYMEX
635 mcf/d (106 BEO/d) initial rate
CAPEX of $9.5 million per well

23. Pilot Programs
Over next 18 months QEC will participate in pilot programs to establish commerciality of unconventional gas in St. Lawrence Lowlands at an estimated cost of $40 million to $50 million net to Questerre with first gas estimated by second half of 2009 and full development in 2010 based on results achieved

24. Current Activity
Talisman program well underway with stimulation of Gentilly #1 and spud of La Visitation well
Interim results from successful frac of one Utica interval in Gentilly #1 at 800 mcf/d
La Visitation to be follow up with two more wells expected to be drilled before year-end
Forest Oil to complete horizontal drilling in Q3 and complete testing in Q4
Questerre mobilized rig to spud St. Luc exploration well and test shallow Utica shale
Talisman Gentilly #1 FRAC

25. Northeast British Columbia

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

27. Nabors 21 rig drilling first Questerre well
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 Estimated Ultimate Recovery of 1.2 Bcf per well
Nabors 21 rig drilling first Questerre well

28. Antler, Saskatchewan

29. Antler – Bakken/Torquay Play
Twelve successful horizontal wells drilled to date with 1P reserves of up to 90,000 barrels per well
Six multi-stage fracs carried out with stabilized production over 70 bbls/d
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 $80 per barrel based on $100 WTI
Questerre land holdings in SE Saskatchewan

30. Company Outlook

31. Company Outlook St. Lawrence Lowlands, Eastern Canada
Talisman exploration program for the Trenton Black River underway - three wells scheduled for results in early 2009
Talisman $100 million plus Utica and Lorraine shale gas evaluation and pilot program underway - results in fourth quarter
Forest Oil to fracture stimulate two pilot production horizontal wells - results in fourth quarter
Shallow Utica/Trenton Black River well to be operated by Questerre in fall 2008 on St Jean
Northeast British Columbia
Evaluate results from A-5 recompletion for Liard shale potential
Six well program anticipated in Greater Sierra based on interpretation of 3-D seismic acquisition program
Antler, Saskatchewan
Drill, complete and fracture stimulate nine additional wells and stimulate two existing wells over second half of 2008

32. Investment Case Strong portfolio
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
Large growth potential with mitigated risk
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
Evolving Markets
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
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
Concepts have been validated by partners’ due diligence and results

33. 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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