August 10, 2022 - Questerre reports second quarter 2022 results

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

Michael Binnion, President, and Chief Executive Officer, commented, "During the
quarter, three new Kakwa wells were brought on production. Leveraging the strong
commodity prices, we recorded adjusted funds flow from operations of over $12
million for the period."

Commenting on Quebec, he added, "Protecting our legal rights is our top priority
after the Government of Quebec announced its plans to enact Bill 21 and revoke
our licenses without meaningful compensation. We filed our primary claim in the
Superior Court of Quebec this winter. Our litigation counsel recently engaged
one of the Big 4 accounting firms as an expert witness to quantify our damages.
Based on the value of the multi-Tcf discovery, we expect this claim will be
substantially larger than the notional $100 million the Government has suggested
as a settlement. We are also supporting other stakeholders including First
Nations and Quebec royalty holders to ensure their rights are also protected
against the Government's actions."

Reporting on the Company's 40% investment in Red Leaf, he added, "They also made
progress on their new technology with a successful third-party review completed
early in the third quarter. The granting of the final permit for a short line
railroad that terminates on their land is also very good news for Red Leaf and
its refinery permit in the Uinta Basin in Utah."

Highlights
o	Average daily production of 1,909 boe/d(1) and adjusted funds flow from
operations of $12.2 million for the quarter
o	Government of Quebec announces plans to enact Bill 21 and revoke exploration
licenses
o	Red Leaf completes third-party engineering validation of new design

Consistent with prior periods, Kakwa continued to account for 80% of corporate
production. With three (0.75 net) wells brought on production in the quarter,
production increased materially over the prior year. For the second quarter,
daily production averaged 1,909 boe/d (2021: 1,479 boe/d) and for the six months
ended June 30, 2022, it averaged 1,600 boe/d (2021: 1,579 boe/d). 

The improvement in commodity prices over the same period last year materially
improved revenue and adjusted funds flow from operations in 2022. For the
quarter, petroleum and natural gas sales increased to $17 million from $7.1
million last year and $26.6 million year to date from $14.1 million in the prior
year. The higher revenue contributed to adjusted funds flow from operations of
$12.2 million (2021: $4.2 million) in the quarter and $16.5 million for the
first six months of the year (2021: $7.1 million).

The higher revenue also contributed to net income of $9.1 million for the
quarter (2021: $2.9 million) and $11.5 million (2021: $3.8 million) for the
first half of the year. Capital expenditures in the quarter were $2.8 million
(2021: $0.5 million) and $7.8 million year to date (2021: $0.9 million).

The Company also reported on the pending renewal of its credit facility with a
Canadian chartered bank. Following a preliminary review conducted in the second
quarter, the Company anticipates its $16 million revolving operating demand
facility will remain unchanged at $16 million. The renewal will take effect upon
receipt of the final requisite approvals in the third quarter. The effective
interest rate on the facility for the first half of 2022 was 4.08% (2021:
3.45%). As at June 30, 2022, effectively no amounts were drawn on the facility
and the Company held unrestricted cash and term deposits of $13.8 million. The
Company had a net working capital surplus of $10.6 million (2021: $1.2 million
deficit).

The term "adjusted funds flow from operations" and "working capital surplus
(deficit)" 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
[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
plans to protect its legal rights in Quebec, its expectations that the claim
will be substantially larger than the notional amount proposed by the Government
of Quebec, its support for other stakeholders and its views on the potential
impact of the final railroad permit on Red Leaf's refinery permit.

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 June 30, 2022, liquids production including
light crude and natural gas liquids accounted for 1,157 bbls/d (2021: 887
bbls/d) and natural gas including conventional and shale gas accounted for 4,510
Mcf/d (2021: 3,549 Mcf/d). For the six-month period ended June 30, 2022, liquids
production including light crude and natural gas liquids accounted for 987
bbls/d (2021: 929 bbls/d) and natural gas including conventional and shale gas
accounted for 3,682 Mcf/d (2021: 3,898 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 (deficit)" 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 June 30,	Six months ended
June 30,
($ thousands) 	                               2022	       2021	    2022         
  2021
Net cash from operating activities         $ 10,162	    $ 3,006	$ 15,066	 $
6,085
Interest received 	                        (69)	        (48)	    (108)	     (98)
Interest paid	                                 10	        123	      39	     256
Change in non-cash operating working capital  2,080	      1,143        1,476	   
 866
Adjusted Funds Flow from Operations	   $ 12,183	    $ 4,224     $ 16,473	 $
7,109

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

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