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Questerre reports on Bill 21

Press Release

July 18, 2022

Calgary, Alberta — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported that the Government of Quebec intends to bring into effect Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities on August 23, 2022. The Company also reported that the Attorney General of Quebec is seeking a motion to dismiss the Company’s claims for the related revocation of its licenses in the province.

Michael Binnion, President & Chief Executive Officer of Questerre, commented, “By enacting Bill 21, the Government chooses, once again, to ignore the realities of the current energy crisis and how to genuinely reduce GHG emissions. This ill-conceived legislation only serves to increase GHG emissions in Quebec and elsewhere. As our European allies and partners around the world urgently seek reliable natural gas, Quebec is squandering the opportunity to become a trusted supplier and a proactive participant in reducing our dependence on autocratic suppliers of energy.”

He added, “The Attorney General of Quebec’s decision to seek a dismissal of our legal claims without due process has only strengthened our resolve to fight this blatant injustice. We are objecting to this dismissal and the revocation of our licenses under this legislation. We will vigorously defend our legal rights and seek fair and just compensation for breaching our license agreements. Quebec is a democratic state and it must act in good faith with respect to our agreements. Expropriating honest corporations assets without due process and fair compensation does not respect the rule of law that democracy depends on. We are also working with our partners, including First Nations, to ensure their legal rights are protected.”

The Government has announced that Bill 21 will come into force on August 23, 2022. This follows royal assent on April 13, 2022 and the approval of the elected representatives of the National Assembly. A copy of the announcement in the official gazette is available online at : http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telecharge.php?type=1&file=105873.pdf.

The Company also reported that the Attorney General of Quebec has requested the Superior Court order the special case management of all outstanding litigation related to Bill 21. If granted, this demand would result in all Bill 21 related litigation being regrouped and dealt with by one single judge. The Company, through its legal counsel, will submit its official response to this request in due course. The Attorney General also intends to ask for all pending litigation to be dismissed. The pending litigation includes the judicial review application and the claim for expropriation filed by Questerre in 2018 and 2022 respectively.

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: [email protected]

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