EDITOR: | November 21st, 2013

Questerre Announces Private Placement Fully Subscribed

| November 21, 2013 | No Comments

November 21, 2013 (Source: Marketwired) – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) is pleased to announce that its previously reported equity issue has been fully subscribed.

The offering will consist of the issuance of 23,494,753 Common Shares of the Company at an issue price of NOK 7.40 or C$1.28 per Common Share for estimated gross proceeds of NOK 174 million or $30 million.

Michael Binnion, President and Chief Executive Officer, commented, “This financing allows us to accelerate our activity in 2014. We expect to double our Kakwa activity to ensure we are ready for the Pembina plant expansion. The placement also addresses the risks around financing our aggressive development plan for this area.”

Payment instruction will be sent to subscribers today. Payment is scheduled to take place on November 29, 2013 and the shares are expected to be tradable on or about December 2, 2013 on Oslo Børs (“OSE”). The Common Shares issued are subject to certain resale restrictions in Canada and cannot be traded in Canada or to the benefit of a Canadian resident for four months and a day from the distribution date. The transaction is completed in reliance on exemptions from the Prospectus Directive (Directive 2003/71 EC as amended by Directive 2010/73 EU) and the new shares will be listed without application to the OSE from the date of registration in the VPS. The offering is subject to receipt of all necessary regulatory approvals, including the approval of the OSE and the Toronto Stock Exchange.

The Company intends to use the net proceeds to primarily fund the development of its liquids-rich Montney acreage in the Kakwa-Resthaven area of west central Alberta, Canada.

Pareto Securities AS, RS Platou Market AS and Swedbank First Securities have acted as managers and bookrunners in connection with this placement.

Questerre Energy Corporation is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. In conjunction with a supermajor, it is at the leading edge of commercializing a proven process to unlock the massive resource potential of oil shale.

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.

This media release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including statements concerning the gross estimated proceeds of the offering, the acceleration of activity in the Kakwa area, the timing of the Pembina plant expansion, financing the Company’s development plan for the Kakwa area, the anticipated payment dates of the offering, the anticipated trading date of the Common Shares on the OSE and the use of the net proceeds of the offering. Although Questerre believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate, including the timely receipt of the necessary regulatory approvals, the use of net proceeds and assumptions concerning the success of future drilling activities. Those factors and assumptions are based upon currently available information available to Questerre. Such statements are subject to known and unknown risks (including the receipt, in a timely manner, of the necessary regulatory approvals), uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Questerre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Raj Shah


Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>

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