Questerre Implements Corporate Restructuring Plan

CALGARY, ALBERTA–(Marketwired – Feb. 5, 2015) – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) reported today that it has implemented a corporate restructuring plan to reduce its administrative overhead in the current commodity price environment.

As part of the restructuring program, the Board has elected to reduce head office personnel by 20% and implement a 10% reduction in salaries for senior management. Fees paid to Board members will also be reduced by 10%.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, “We already restricted our capital program to approximately $12 million in 2015 to primarily complete and tie-in existing wells at Kakwa. This restructuring program aims to reduce our gross overhead of approximately $7 million by 20% this year.”

With activity suspended on its operated Kakwa acreage in 2015, the Company reported that its Chief Operating Officer, Frank Walsh, will be leaving at the end of the first quarter, to pursue other opportunities. Questerre would like to thank Mr. Walsh for his service over the last year. Effective April 1, 2015, Keith Wilford will assume the position of Chief Operating Officer in addition to his current duties as Vice President, Operations. Mr. Wilford has held this position with Questerre since September 2014. He is a seasoned engineer with over 30 years’ experience in applied engineering and field operations. Most recently he has provided drilling, completions, production, facility design and engineering support to a number of private and public companies on a consulting basis. Prior thereto from 2008 to 2012, he was President and Chief Executive Officer of Silverback Energy Ltd., a private exploration and production company. Mr. Wilford holds a Bachelor of Science in Mechanical Engineering from the University of Manitoba.

In connection with this restructuring program and as part of its annual option grant program, the Company has granted to directors, officers and employees a total of 5,796,250 options to acquire common shares at a price of $0.30 per common share. The options will expire on February 2, 2020.

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.