Calgary, Alberta - Questerre Energy Corporation ("Questerre" or the "Company") (TSX, OSE: QEC) is pleased to report that it has closed two previously announced private placements for gross proceeds of $3.0 million.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “The majority of these funds will help finance the 3-D seismic program at our newly acquired project in the Greater Sierra region of British Columbia. We are pleased to have worked with Desjardins Securities on our second placement of $1 million. With their strong retail and institutional presence in Quebec, we look forward to the results from our exploration activities here in 2008.”
The first placement was non-brokered and consisted of the issuance of 2,500,000 Common Shares, on a flow-through basis, at $0.80 per Common Share for gross proceeds of $2 million. This placement was part of the acquisition of Magnus Energy Inc. (“Magnus”) and fully subscribed by arms-length institutional investors that participated in the Magnus transaction.
The second placement consisted of the issuance of 1,000,000 Common Shares, on a flow-through basis, at $1.00 per Common Share for gross proceeds of $1 million. Desjardins Securities Inc. was appointed as agent for this placement. Subscribers included institutional and retail investors in Quebec.
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