Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company")
(TSX,OSE:QEC) is pleased to announce that it has entered into a definitive
agreement (the "Definitive Agreement") to acquire 100% of Parana Xisto SA ("PX
Energy"), a privately held shale oil production and refining company based in
southern Brazil by way of acquisition of the shares of its indirect parent
companies, Forbes & Manhattan Resources Inc. ("F&M Resources") and Forbes
Participaões Ltda (the "Acquisition").

"This acquisition is a rare opportunity for us to gain the expertise and
capacity to advance our multi-billion barrel oil shale resource in Jordan(1).
I'm very pleased we were able to structure it to ensure the Quebec Assets are
not affected by this deal." said Michael Binnion, President and Chief Executive
Officer of Questerre. "PX Energy has operated for over thirty years using
technology developed by Petrobras. We believe the PX Energy platform will also
provide us with the operational base, deep expertise, and capital foundation
needed to advance the Red Leaf oil shale and biofuel technology to the next
stage. We are in active discussions with potential co-investors for up to 50% of
this acquisition."

Transaction Highlights

Assets acquired: PX Energy currently produces approximately 4,500 boe per day,
with a targeted increase to 6,000 boe per day by August 31, 2026, supported by
growth capital projects currently underway. 
 
Purchase consideration: 65 million common shares of Questerre, structured as
follows:

o	15 million common shares issued upon closing, which will be subject to a
voting and lock-up agreement