Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company")
(TSX,OSE:QEC) reported today on its financial and operating results for the
quarter ended March 31, 2023.

Michael Binnion, President and Chief Executive Officer of Questerre, commented,
"We are taking a more active role at Red Leaf, our 40% owned investee company,
as they develop their core assets: a wax processing facility in the Uintah Basin
with environmental permits in place and their patented technology to produce oil
from shale that incorporates carbon capture."

He added, "We have been leading discussions with stakeholders including
producers in the basin, prospective purchasers, and financial advisors. These
have been very encouraging and support the business case for the wax project.
Red Leaf has also been working closely with us and a potential licensee for a
small-scale project using their technology in the Kingdom of Jordan."

We are following the legal process for our claim against the Quebec Government
including the preparation of our damage assessment. As our Clean Gas remains a
viable option to resolve the impending electricity energy shortage in the
province, we are still seeking a business and political solution. During the
quarter, the Quebec Ministry of Energy sent us a request for a proposal for
pilot projects that would 'foster carbon neutrality and help attain targets in
the fight against climate change.' This was followed by the announcement of a
consultation process ahead of new legislation this fall on a new clean energy
strategy for the province."

Highlights
o	Red Leaf commissions pre-FEED engineering study for 40,000 bbl/d wax
processing facility
o	Government of Quebec seeks proposals for pilot projects
o	Average daily production of 1,790 boe/d and adjusted funds flow from
operations of $4.3 million

Production volumes increased in the first quarter of 2023 to 1,790 boe/d from
1,288 boe/d last year following the conversion of its royalty interest at Kakwa
North into a working interest in the fourth quarter of 2022. The impact of
higher production volumes was largely offset by the lower crude and natural gas
prices during the period. Petroleum and natural gas revenue totaled $10.5
million in the period compared to $9.6 million last year. The Company generated
net income of $0.9 million for the quarter (2022: $2.4 million) and adjusted
funds flow from operations of $4.3 million unchanged from last year.

The Company incurred capital expenditures of $3.2 million for the period (2022:
$4.9 million) and reported a working capital surplus of $25.5 million as of
March 31, 2023 (2022: $1.2 million).

The term "adjusted funds flow from operations" and "working capital surplus" are
non-IFRS measures. Please see the reconciliation elsewhere in this press
release.

Questerre is an energy technology and innovation company. It is leveraging its
expertise gained through early exposure to low permeability reservoirs to
acquire significant high-quality resources. We believe we can successfully
transition our energy portfolio. With new clean technologies and innovation to
responsibly produce and use energy, we can sustain both human progress and our
natural environment. 

Questerre is a believer that the future success of the oil and gas industry
depends on a balance of economics, environment, and society. We are committed to
being transparent and are respectful that the public must be part of making the
important choices for our energy future.

For further information, please contact:

Questerre Energy Corporation
Jason D'Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking
statements or information ("forward-looking statements") including the Company's
views on the prospectivity of discussions regarding Red Leaf's wax processing
facility, that its Clean Gas remains a viable solution for the energy shortage
in the province and its desire for a political and business solution to its
dispute with the Government of Quebec.

Forward-looking statements are based on several material factors, expectations,
or assumptions of Questerre which have been used to develop such statements and
information, but which may prove to be incorrect. Although Questerre believes
that the expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because Questerre can
give no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Further, events or circumstances may
cause actual results to differ materially from those predicted as a result of
numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company, including, without limitation: the
implementation of Bill 21 by the Government of Quebec and certain other risks
detailed from time-to-time in Questerre's public disclosure documents.
Additional information regarding some of these risks, expectations or
assumptions and other factors may be found under in the Company's Annual
Information Form for the year ended December 31, 2022, and other documents
available on the Company's profile at www.sedar.com. The reader is cautioned not
to place undue reliance on these forward-looking statements. The forward-looking
statements contained in this news release are made as of the date hereof and
Questerre undertakes no obligations to update publicly or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

Certain information set out herein may be considered as "financial outlook"
within the meaning of applicable securities laws. The purpose of this financial
outlook is to provide readers with disclosure regarding Questerre's reasonable
expectations as to the anticipated results of its proposed business activities
for the periods indicated. Readers are cautioned that the financial outlook may
not be appropriate for other purposes.

(1) For the three-month period ended March 31, 2023, liquids production
including light crude and natural gas liquids accounted for 1,022 bbl/d (2022:
814 bbl/d) and natural gas including conventional and shale gas accounted for
4,607 Mcf/d (2022: 2,843 Mcf/d).

Barrel of oil equivalent ("boe") amounts may be misleading, particularly if used
in isolation. A boe conversion ratio has been calculated using a conversion rate
of six thousand cubic feet of natural gas to one barrel of oil and the
conversion ratio of one barrel to six thousand cubic feet is based on an energy
equivalent conversion method application at the burner tip and does not
necessarily represent an economic value equivalent at the wellhead. Given that
the value ratio based on the current price of crude oil as compared to natural
gas is significantly different from the energy equivalent of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value.

This press release contains the terms "adjusted funds flow from operations" and
"working capital surplus" which are non-GAAP terms. Questerre uses these
measures to help evaluate its performance. 

As an indicator of Questerre's performance, adjusted funds flow from operations
should not be considered as an alternative to, or more meaningful than, cash
flows from operating activities as determined in accordance with GAAP.
Questerre's determination of adjusted funds flow from operations may not be
comparable to that reported by other companies. Questerre considers adjusted
funds flow from operations to be a key measure as it demonstrates the Company's
ability to generate the cash necessary to fund operations and support activities
related to its major assets.

	Three Months Ended March 31,
($ thousands) 	               2023	             2022
Net cash used in operating activities	$     4,648	$     4,904
Change in non-cash operating working capital	(370)	(586)
Adjusted Funds Flow from Operations	$   4,278	$   4,318

Working capital surplus is a non-GAAP measure calculated as current assets less
current liabilities excluding risk management contracts and lease liabilities.