Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company")
(TSX,OSE:QEC) reported today on its financial and operating results for the
third quarter ended September 30, 2022.

Michael Binnion, President and Chief Executive Officer of Questerre, commented,
"Although Bill 21 was enacted during the quarter, the Quebec election is now
over. There could be an opportunity for a less political approach to energy
security by the Quebec Government. We remain open to a political and business
solution as the growing demand for clean energy only highlights the value of our
project. Concurrently, to protect our legal rights, we are advancing the claim
for breach of contract and unjust enrichment. A Superior Court judge was
appointed last month to separately manage all the claims related to Bill 21 and
a hearing date should be set shortly."

He added, "Effective the end of the quarter, we converted our royalty interest
in the four original farm-in wells at Kakwa North into a 50% working interest.
This should add approximately 500 boe/d over the remainder of this year. Based
on our discussions with the operator, we expect drilling on a three well pad
will commence late next year."

Highlights
o	Questerre converts Kakwa North royalty interest to working interest adding 500
boe/d for remainder of the year
o	Government of Quebec announced plans to enact Bill 21 and revoke exploration
licenses
o	Average daily production of 1,629 boe/d and adjusted funds flow from
operations of $5.2 million

Consistent with prior periods, Kakwa continued to account for 80% of corporate
production. With three (0.75 net) wells brought on production earlier this year,
production increased over the prior year. For the third quarter, daily
production averaged 1,629 boe/d (2021: 1,363 boe/d) and for the nine months
ended September 30, 2022, it averaged 1,609 boe/d (2021: 1,507 boe/d)(1).
Production volumes declined over the second quarter which included flush
production from the new Kakwa wells.

Although prices declined from the second quarter, higher commodity prices over
the same period last year improved revenue and adjusted funds flow from
operations in 2021. For the third quarter, petroleum and natural gas sales
increased to $11.6 million from $7.4 million last year and $38.2 million year to
date from $21.5 million in the prior year. The higher revenue contributed to
adjusted funds flow from operations of $5.2 million (2021: $3.6 million) in the
quarter and $21.6 million for the nine months ended September 30 (2021: $10.7
million). Funds flow in the current quarter was impacted by an incremental $1.5
million in operating costs over last year, reflecting a successful workover
program in Saskatchewan and escalating fuel and water handling costs at Kakwa.

The higher revenue also contributed to net income of $2.8 million for the third
quarter (2021: $2.0 million) and $14.2 million (2021: $5.8 million) for the nine
months ended September 30. Capital expenditures in the quarter were $1.7 million
(2021: $0.5 million) and $9.4 million year to date (2021: $1.5 million). The
Company posted a working capital surplus of $14.4 million at September 30, 2022
(2021: $1.7 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 potential for less political and business solution to the issues
impacting its project in Quebec, the advancement of its legal claims, the timing
for a hearing date, its expectations about production additions from the
existing wells at Kakwa North and the timing of a potential drilling program.

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, 2021, 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 September 30, 2022, liquids production
including light crude and natural gas liquids accounted for 987 bbl/d (2021: 833
bbl/d) and natural gas including conventional and shale gas accounted for 3,852
Mcf/d (2021: 3,178 Mcf/d). For the nine-month period ended September 30, 2022,
liquids production including light crude and natural gas liquids accounted for
986 bbl/d (2021: 898 bbl/d) and natural gas including conventional and shale gas
accounted for 3,739 Mcf/d (2021: 3,655 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.

For September	                       Three months ended    Nine months ended
($ thousands) 	                              2022    2021	  2022     2021
Net cash from operating activities	    $8,413  $4,202     $23,477  $10,287
Interest received 	                      (134)    (54)	  (242)    (152)
Interest paid	                                 2     111	    41      367
Change in non-cash operating working capital(3,098)   (681)	(1,622)     185
Adjusted Funds Flow from Operations	    $5,183  $3,578     $21,654  $10,687

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