Wolinak of Abenaki First Nation and Questerre sign agreement for energy development

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The Council of the First Nation of the Abenakis of Wolinak in Quebec (the “Abenakis of Wolinak”) and Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that they have signed a joint economic development agreement.

The joint venture will focus on developing a net-zero emissions energy hub in Quebec. The hub will demonstrate the emerging circular economy through pilot projects that produce clean energy, including zero-emissions gas, and assess new carbon recycling technology. These could include the production of methanol, fertilizer as well as cement additives and other high value products using captured carbon dioxide. The hub will also evaluate the potential for carbon dioxide sequestration as well as the production of clean hydrogen using technology developed by ZEG Power, a Norwegian-based company. Questerre executed a letter of intent with ZEG Power last year to evaluate their proprietary leading-edge technology.

Subject to final agreements, the Abenakis of Wolinak will be granted a net profit interest from development on their traditional territories in the Becancour area. The Abenakis of Wolinak will also have the opportunity to acquire a working interest in the exploration licenses from Questerre and directly participate in future development. The parties have committed to the use of local contractors where capacity exists, specifically Wolinak contractors on traditional territories. Based on its previous experience with First Nations in Western Canada, Questerre will use reasonable efforts to help the Abenakis of Wolinak build their contracting capacity.

Michel Bernard, Chief of the Council of the First Nation of the Abenakis of Wolinak, commented, “With the many tragic events in Quebec and Canada, we believe that reconciliation has to move beyond words and to real action. Action that makes a difference for First Nations. We are pleased that Questerre has spent the past few years getting to know us, our history and our land in Quebec. They are the first company to fully recognize our traditional use territories and commit to move forward with full consultation and cooperation with our people. This agreement could bring the prosperity to our Nation and equality for our people while protecting the environment.”

Michael Binnion, President and Chief Executive Officer of Questerre, added “The Abenakis of Wolinak people have a long history in Quebec that pre-dates the arrival of the French colonists. It is important that any development recognizes their historic claims and builds a respectful relationship with these First Nations. Our plans for a net-zero technology hub that incorporates emerging new carbon technology is the solution to meeting Quebec’s ambitious climate goals. We look forward to deepening our cooperation with the Abenakis of Wolinak and with all local stakeholders.”

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:

Council of the Abenakis of Wolinak

Dave Bernard, General Director

(819) 294-6696 | (819) 294-6697 (FAX) | Email: dbernard@cawolinak.com

Questerre Energy Corporation

Michael Binnion, President & Chief Executive Officer

(403) 777-1185 | (403) 777-1578 (FAX) | Email: info@questerre.com

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the development of a net-zero emissions energy hub in Quebec, the demonstration of the circular economy through pilot projects that could include high value products using captured carbon dioxide, the evaluation of carbon dioxide sequestration, the production of clean hydrogen, and the commitment to the use of local contractors where capacity exists.

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 effect of COVID-19 on the markets and the demand for oil and natural gas; 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, 2020, 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.