SEPAC Investment Symposium Questerre Energy Corporation November 8

SEPAC Investment Symposium Questerre Energy Corporation November 8, 2006

Presentation Outline • Company Overview – Asset Overview – Management & Board – Capitalization • Area Overview – St. Lawrence Lowlands, Quebec – Beaver River Field, British Columbia – Southern and Central Alberta • Outlook Forward Looking Statement This presentation contains forward-looking information. Implicit in this information are assumptions regarding oil and natural gas prices, production, royalties and expenses that, although considered reasonable by Questerre at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in Questerre’s plans, changes in commodity prices, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee by Questerre that actual results achieved will be the same as those forecast herein. Estimated values in this presentation do not represent fair market value.

Company Overview • Looking for “big gas near big markets” • Partners Talisman and Transeuro have farmed in on Questerre generated natural gas prospects • Based on Questerre ideas, our shareholders are exposed to a portfolio of opportunities to discover world-scale natural gas fields with access to markets • Company is underpinned by a growing base of value with exit production for 2006 expected to be approximately 1, 600 boe/d

Asset Overview • Diversified portfolio of assets – St. Lawrence Lowlands – large scale exploration with four discreet prospective plays – Beaver River Field – tight gas resource play plus deep exploitation play – Alberta – conventional E&P targets • Management of downside risks – High-impact projects funded by partners – Conventional projects in Alberta provide growing cash flow base Beaver River St. Lawrence Lowlands Central Alberta Southern Alberta

Management • • Michael Binnion, President & Chief Executive Officer John Brodylo, VP Exploration (Nexen) Peter Coldham, VP Engineering & Operations (Chevron) Jason D’Silva, VP Finance (Can. Argo, Flowing) Wayne Hauck, Geophysicist (Murphy Oil, Philips) Richard Mindus, Operations Manager (Nexen) Maria Rees, Corporate Secretary (Can. Argo, Flowing) Rick Tityk, VP Land (Hunt Oil)

Board of Directors • Les Beddoes, Jr. – International Exploration - Former VP Exploration for Bow Valley Industries, Victoria, BC • Michael Binnion, President & Chief Executive Officer • Russ Hammond – Corporate Finance - Former Managing Director, Greenwell Montague, London, UK • David Mallory – Financial Management & Governance - Former CFO Guardian Exploration, Flowing Energy, Calgary, Alberta • Tom Landry, Jr. – Oil & Gas E&P and Service Sector - Oil and gas investor & lawyer, Dallas, Texas • Peder Paus, Chairman – Merchant banker – Former Managing Director Manufacturers Hanover Trust, London, New York, Oslo • Jed Wood – Oil & Gas E&P and Service Sector - Founder and CEO Hi-Arctic Well Control, Red Deer, Alberta

Capitalization Directors & Management Terrenex Acquisition Corporation 18, 622, 639 10, 698, 785 13% 8% Norwegian float 70, 175, 890 50% Canadian float 41, 625, 270 29% Total Options (Average exercise price $0. 49) Net working capital (Sept. 30, 2006) 141, 122, 584 11, 013, 752 $8. 84 million Cash flow from operations (Third quarter) $1. 67 million Corporate Debt (Sept. 30, 2006) $0. 09 million

St. Lawrence Lowlands, Quebec Appalachian Basin, upstate New York Numerous Talisman discoveries with initial test rates of 3 - 42 mmcf/d

Talisman Farm-in Terms • Talisman to test four high potential zones with Talisman Gentilly #1 currently drilling near Trois Rivieres • Talisman currently producing approx. 20, 000 boe/d from the primary target zone across the border in New York • Talisman has the right to drill up to four wells to earn a 75% interest in 700, 000 acres, subject to a 6. 67% GORR • Many additional prospects already identified on seismic by Questerre

Prospect Potential Primary target Trenton-Black River Dolomite 300 Bcf potential Secondary target Utica Shale –tight gas play 300, 000 acres Third target Potsdam Sandstone 200 Bcf potential Fourth target Fractured Basement play

Fiscal Environment • Second largest gas market in Canada • TCPL and Gaz Metro distribution lines run adjacent acreage • Crown royalties of 12. 5% and premium pricing to NYMEX • Questerre gross land position over 1 million acres

Illustrative Value of Single Zone Discovery Alberta Quebec Revenue ($6/mcf AECO - $6. 50/mcf NYMEX) $1, 800, 000 $2, 227, 500, 000 Less Royalties (30% AB/12. 5% PQ)(540, 000) (278, 437, 500) Transportation ($0. 10 AB/$0. 10 PQ) (30, 000, 000) Operating & Processing ($0. 65/mcf) (195, 000, 000) Capital (50 wells plus facilities) (180, 000, 000) $ 855, 000 $ 1, 544, 062, 500 Based on 300 Bcf potential of Trenton-Black River in Talisman Gentilly #1

Beaver River Field, British Columbia

Besa River/Mattson Potential • Discovery well producing over 4 mmcf/d with compression • Independent study on core indicates OGIP ranges between 200 Bcf – 495 Bcf per section • Potential for over 50 locations based on ¼ section spacing

Nahanni Potential • Amoco abandoned the field after six initial wells in Nahanni produced on average 30 Bcf/well (185 Bcf or 15% recovery); additional wells were uneconomic at $0. 25/mcf gas prices • Independent resource report by Mc. Daniel determined field has – 120 Bcf in possible reserves – 540 Bcf in resource potential – 1, 433 BCF OGIP • 12 infill locations identified on reprocessed 3 -D seismic survey (10 to 45 Bcf potential per location)

Alberta Central Alberta Westlock Southern Alberta Vulcan

Vulcan, Southern Alberta • 50% interest in significant discovery of one gas and one oil pool in Vulcan • Upper Mannville potential plus CBM

Vulcan, Southern Alberta • Field gas production to commence in fourth quarter pending GPP application approval • Up to four infill locations identified for oil pool to be drilled early 2007

Westlock, Central Alberta • New core area of over 50 sections developed in 2006 • Land includes 33 section farm-in on Apache on 100 for 70 basis

Westlock, Central Alberta • Relatively shallow wells with lower drilling, completion and tie-in costs • Reduced risk through multi-zone potential

Operating Statistics Quarter ended Nine months ended Sept. 30, 2006 Average daily production (boe/d) 1, 037 ($/boe) Total production revenue Royalties $41. 66 $40. 79 $12. 52 $11. 30 Production expenses $8. 52 $10. 05 Operating netback $20. 62 $19. 44 Net cash G&A $3. 08 $4. 20 655

Outlook • Talisman spud Gentilly #1 well in Quebec to test four zones • First of five well program drilling for the Besa River/Mattson to assess gas discovery made last winter • Planning has commenced for a Nahanni well at Beaver River • Infill wells to be drilled in the Vulcan oil pool in Q 1 2007 • 2 to 4 multi-horizon exploration wells to be drilled in Q 1 2007 at Westlock • 2006 exit target of 1, 600 boe/d does not include any production from Beaver River or Quebec wells being drilled now

1580 Guinness House 727 Seventh Avenue SW Calgary, Alberta T 2 P 0 Z 5 Canada Tel : (403) 777 -1185 Fax : (403) 777 -1578 Web: www. questerre. com Email : info@questerre. com