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Questerre appoints Ms. Mireille Fontaine to Board and reports on AGM voting results

THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

CALGARY, Alberta, June 09, 2020 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) announced today that, at its annual and special meeting of shareholders held on June 9, 2020 (the “Meeting”), Ms. Mireille Fontaine joined the Board of Questerre.

Bjorn Inge Tonnessen, Chairman of Questerre, commented, “We are delighted to have Mireille join our Board. A seasoned lawyer with an extensive corporate finance practice, she will be an invaluable addition as we advance our Clean Tech Energy project in Quebec.”

Ms. Fontaine has over 25 years’ experience with a focus on corporate finance, mergers and acquisitions and commercial law where she specialized in cross-border transactions and advises international players looking to do business in Quebec and Canada. She has been a partner with BCF Business Law since 2016, one of the largest Quebec-based law firms, with over 500 employees and 300 professionals. Mireille co-chairs both BCF’s Foreign Investment and International Growth group as well as the Corporate Finance Business Unit and is a member of the Governance Committee.

Ms. Fontaine holds a Bachelor of Law degree from the University of Montreal and is a member of the Bar of Quebec. Her expertise is recognized in numerous prestigious national and international legal publications, such as the Best Lawyers in Canada, Canadian Legal Lexpert Directory, Lawyers World Wide magazine, Who's Who Legal, Who's Who International, Lawyer 100 Canada and the Expert Guides.

Questerre also announced that Earl Hickok has retired from the Board. The Board would like to thank Mr. Hickok for his contributions over the last six years and wish him well in his future endeavors.

The Company reported that all matters presented for approval at the Meeting were approved.

At the Meeting, by way of a show of hands, an ordinary resolution to fix the number of directors to be elected at the Meeting at five (5), was approved. In addition, each of the five nominees proposed in the Company’s Management Information Circular dated May 6, 2020 (the “Circular”) were elected as directors to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed, unless their office is earlier vacated in accordance with the by-laws of the Company. The detailed results of the vote conducted by ballot are set out below:

Nominees Votes For Votes Withheld
Michael Binnion 64,577,638 (94.01%) 4,116,653 (5.99%)
Mireille Fontaine 64,606,238 (94.05%) 4,088,053 (5.95%)
Hans Jacob Holden 64,584,838 (94.02%) 4,109,453 (5.98%)
Dennis Sykora 64,590,588 (94.03%) 4,103,703 (5.97%)
Bjorn Inge Tonnessen 64,571,938 (94.00%) 4,122,353 (6.00%)

By vote by way of a show of hands, the ordinary resolution to approve the appointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the auditors of the Company to hold office until the next annual meeting of shareholders or until their successors are appointed and authorizing the directors of the Company to fix their remuneration, was approved.

By vote by way of a show of hands, the ordinary resolution to approve the unallocated options under the Company’s Stock Option Plan was approved. Details in respect of all of the resolutions approved at the annual and special meeting of shareholders of the Company be found in the Circular which is available under the Company’s profile on SEDAR at www.sedar.com.

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.

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including its plans to advance its Clean Tech Energy project in Quebec.

Forward-looking statements are based on a number of 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; commitments to cut oil production by OPEC and others; 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, 2019 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.

For further information, please contact:

Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com