Questerre Energy : May 4, 2020 - Questerre updates operations

Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company")
(TSX,OSE:QEC) provided an update on activities during the COVID-19 crisis.

Michael Binnion, President and Chief Executive Officer, commented, "As noted in
our annual report, we are focused on preserving liquidity. We entered this year
with relatively low debt levels and have a lot of discretion on our capital
spending. We deferred all non-essential investment, cutting our budget by over
80% or $15 million. We spent around $3 million in the first quarter, financed
largely by our cash flow from operations. With the operators at Kakwa suspending
their capital programs in this crisis, we expect minimal spending, if any, over
the remainder of the year."

"Net of cash on hand, we expect to end the first quarter effectively less than
50% drawn on our $20 million credit facility. With limited capital spending
planned, we believe we have sufficient near-term liquidity. The facility is
scheduled for its bi-annual review at the end of the second quarter." Commenting
on the recent fiscal aid package for the oil and gas industry announced by the
Federal Government of Canada, he added, "There are no guarantees, but we hope to
qualify for some of this financial assistance. It will provide some additional
flexibility for the next 12-18 months."

He further added, "We are also reducing overheads with the goal of eliminating
$1.5 million or one third of gross expenses last year. Effective April 1, 2020,
we instituted a four-day work week with reductions in salaries of between 20%
and 50% and a 20% reduction in Board fees. We are continuing to look at other
opportunities to reduce overheads."

"Earlier this year, we were able to cover field lifting costs, including firm
transportation and processing commitments, at prices between US$20 and US$30 per
barrel. The collapse in oil prices last month and rising local discounts of up
to 80% of the oil price due to reduced demand and lack of storage have made this
situation much worse. Differentials have improved recently but we may shut in
production either partially or completely when realized prices fall materially
below break-even levels. If shut-in, we do not expect to see the reservoirs at
Antler and Kakwa impacted from a productivity perspective but are working to
minimize any effects."

Mr. Binnion added, "With the Government of Quebec actively seeking projects to
contribute to the recovery and improve their self-sufficiency and independence,
we are optimistic about the long-term value of our assets, particularly Quebec.
Our Clean Tech Energy project can create significant benefits, both economic and
environmental. We look forward to discussing these benefits with local
communities and the government when the shutdown is lifted."

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
[phone] | [phone] (FAX) |Email: [e-mail]

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
focus on preserving liquidity, its estimate of capital spending in the first
quarter, the amount of this spending financed by funds flow from operations, its
expectation of minimal capital spending for the remainder of the year, its
expectation that it will be drawn less than 50% on its credit facility at the
end of the first quarter, its belief that it has sufficient near-term liquidity,
the scheduled review of its credit facility, its hope that it qualifies for
government financial assistance, its goal to reduce gross overhead expenses by
one third, its review of other opportunities to reduce expenses, its view on the
impact of low commodity prices including differentials on its operations, its
plans to potentially shut in production either partially or completely, its
expectation that the shut-ins will not impact the productive capacity of the
reservoirs at Antler and Kakwa, its optimism about the long term value of its
assets, particularly Quebec, the economic and environmental benefits of its
Clean Tech Energy project and its plans to discuss the benefits of this project
with local communities and the government when the shutdown is lifted.

Forward-looking statements are based on a number of 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 effect of COVID-19 on the markets and the demand for oil and
natural gas; commitments to cut oil production by OPEC and others; whether the
Company's exploration and development activities respecting its prospects will
be successful or that material volumes of petroleum and natural gas reserves
will be encountered, or if encountered can be produced on a commercial basis;
the ultimate size and scope of any hydrocarbon bearing formations on its lands;
that drilling operations on its lands will be successful such that further
development activities in these areas are warranted; that Questerre will
continue to conduct its operations in a manner consistent with past operations;
results from drilling and development activities will be consistent with past
operations; the general stability of the economic and political environment in
which Questerre operates; drilling results; field production rates and decline
rates; the general continuance of current industry conditions; the timing and
cost of pipeline, storage and facility construction and expansion and the
ability of Questerre to secure adequate product transportation; future commodity
prices; currency, exchange and interest rates; regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in which
Questerre operates; and the ability of Questerre to successfully market its oil
and natural gas products; changes in commodity prices; changes in the demand for
or supply of the Company's products; unanticipated operating results or
production declines; changes in tax or environmental laws, changes in
development plans of Questerre or by third party operators of Questerre's
properties, increased debt levels or debt service requirements; inaccurate
estimation of Questerre's oil and gas reserve and resource volumes; limited,
unfavourable or a lack of access to capital markets; increased costs; a lack of
adequate insurance coverage; the impact of competitors; 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, 2019 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.

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