Questerre Energy Corp.

A private placement will now consist of 15.2 million common shares priced at 49 Canadian cents each, or 45.6 million Norwegian crowns. An offering of 26.6 million shares was fully subscribed on the basis that all delivered shares would be tradeable on Oslo Bors. But there were technical challenges borrowing all the shares. The private placement is subject to the approval of the Toronto Stock Exchange. The new shares will not be traded in Canada for four months and one day from the delivery date. Managers and book-runners Pareto Securities AS and Swedbank entered into share lending agreements for 13.3 million common shares issued pursuant to the private placement that will be delivered to the subscribers as tradeable shares on OSE, with the remaining 1.9 million delivered as non-tradable to a single subscriber.