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, 2024.

Michael Binnion, President and Chief Executive Officer of Questerre, commented,
"During the quarter, we applied for a pilot project under Bill 21 in Quebec. In
addition to a comprehensive test of the carbon storage potential on our lands,
we propose to pilot zero-emissions hydrogen production. Following the
Government's recent investment in the carbon capture and storage space, we are
optimistic this could be an integral part of their strategy to meeting emissions
reduction targets.

On the legal front, a pre-trial ruling on our legal claim suspended key
provisions of Bill 21 pending a hearing on the merits of our case. The
Government has since been granted leave to appeal the ruling."

He added, "Carbon capture and storage is also important to our plans to build
assets outside Quebec. We are exploring opportunities to develop zero-emissions
projects using carbon storage with First Nations in Alberta."


Highlights
o	Quebec Superior Court grants stay on key provisions of Bill 21 and Government
granted leave to appeal
o	Questerre applies for carbon storage and zero-emissions hydrogen pilot in
Quebec 
o	Average daily production of 1,664 boe per day with adjusted funds flow from
operations of $3 million

Reflecting natural declines, production volumes decreased nominally in the first
quarter of 2024 to 1,664 boe/d from 1,790 boe/d last year. Production volumes
are expected to continue their natural decline until the three (0.75 net) wells
drilled this year at Kakwa are completed and tied-in later this year. For the
quarter, petroleum and natural gas revenue reflected lower production volumes
and realized commodity prices and totaled $9.0 million in the period compared to
$10.5 million last year. The Company generated a net loss of $0.2 million for
the quarter (2023: $0.9 million net income) and adjusted funds flow from
operations of $3.0 million compared to 4.3 million last year.

The Company incurred capital expenditures of $2.6 million for the period (2023:
$3.2 million) and reported a working capital surplus of $30.2 million as of
March 31, 2024 (2023: $25.1 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 inclusion of carbon capture and sequestration as an integral part
of the Government of Quebec's plans to meet emission reduction targets and its
expectation on the timing of production increases from new wells drilled at
Kakwa.

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, 2023, 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, 2024, liquids production
including light crude and natural gas liquids accounted for 978 bbl/d (2023:
1,022 bbl/d) and natural gas including conventional and shale gas accounted for
4,114 Mcf/d (2023: 4,607 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) 	                                                 2024	           
2023
Net cash used in operating activities	               $   2,628	  $   4,648
Change in non-cash operating working capital	        345	        (371)
Adjusted Funds Flow from Operations	               $   2,973	  $   4,277

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