Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company") (OSE, TSX: QEC) is pleased to announce that its 100.8 million NOK private placement was substantially over-subscribed.
The placement consisted of the issuance of 14,000,000 Common Shares (the “New Shares”) at 7.20 NOK (C$1.34) per Common Share, representing approximately 10% of the issued and outstanding share capital. DnB NOR Markets and Pareto Securities ASA acted as the Company’s advisors in connection with the placement.
The proceeds from the placement will fund the Company’s exploration and development activities in Alberta, British Columbia and Quebec.
Allocation letters and contract notes were sent to subscribers yesterday. Allocation was made based on perceived investor quality. Due to the substantial over-subscription, a small segment of the allotment was made on a random basis. Settlement is scheduled to take place on December 22, 2006 through the automatic settlement as a DVP transaction. The New Shares will be tradable on Oslo Børs on December 22, 2006. The New Shares are subject to certain resale restrictions in Canada and cannot be traded in Canada or to a Canadian resident until April 23, 2007.
Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.
For further information, please contact:
Michael R. Binnion, President
Tel: (403) 777-1185
Fax: (403) 777-1578
Email: info@questerre.com
Web: www.questerre.com