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 22, 2026 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE: QEC) announced it will apply to list the Company’s Series 2 Preferred Shares (the “Preferred Shares”) on Euronext Growth Oslo (the “Listing”), operated by Euronext Oslo Børs. The Company will submit the application for the Listing on June 23, 2026.

The Preferred Shares track the economic performance and value of the Company's Quebec assets, including its significant natural gas discovery in the Quebec Utica shale. The Preferred Shares were issued in January 2026. This followed the reorganization of the Company's share capital, as approved by the Common shareholders at the Special Meeting held on January 15, 2026.

Subject to approval of the application for the Listing by Euronext Oslo Børs and satisfaction of applicable conditions, the first day of trading in the Preferred Shares on Euronext Growth Oslo is expected to be on or about June 30, 2026.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "This listing on Euronext Growth Oslo gives our shareholders direct liquidity in our Quebec assets. The market will have direct exposure to one of North America’s most important undeveloped natural gas resources. We believe this is an important step in unlocking the full value of this discovery."

He added, “Our shareholders participate in the future of this discovery through two paths. Should a political and business solution permit development of the project, our Common and Preferred shareholders will share the asset equally, subject to the Common shareholders funding a 10-well program to demonstrate commercial advancement of the project.”

He further added, “Should development not proceed, any financial compensation received by the Company would be allocated 95% to the Preferred shareholders and 5% to the Common shareholders. According to an independent expert report, the damages related to the discovery are estimated to be between C$700 million and C$4.8 billion. To optimize the tax treatment of any such distribution, and in accordance with articles of the Company, the Preferred Shares would be converted into Common Shares based on the 90-day volume weighted average trading price of the Common Shares immediately prior to the distribution.”

In connection with the proposed Listing, the Company intends to place before the Common and Preferred shareholders a vote on a consolidation of the Preferred Shares at the Annual and Special Meeting of Shareholders scheduled for June 23, 2026. The initial proposal in the Management Information Circular dated May 23, 2026 (the “Circular”), reflected a consolidation of the Preferred Shares on a 100:1 basis. Following the mailing of the Circular, the Company plans to amend this resolution to a proposed consolidation on a 10:1 basis. This will result in approximately 45,221,345 Preferred Shares outstanding. The proposed consolidation will be subject to shareholder and regulatory approval.

The consolidation will be implemented prior to the first day of trading of the Preferred Shares on Euronext Growth Oslo. SB1 Markets AS is acting as Euronext Growth Advisor and Wikborg Rein Advokatfirma AS is acting as legal advisor to the Company in connection with the Listing.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy 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”) within the meaning of applicable securities laws in Canada. Any statements about Questerre’s expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “strives”, “seeks”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “mileposts”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes the submission and approval of the application for the Listing, the satisfaction of the applicable listing conditions, the expected first day of trading, the Company’s views on providing its shareholders liquidity in its Quebec assets and the approval of the consolidation of the Preferred Shares by the Common and Preferred shareholders.

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. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.

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 following risk factors: additional funding requirements; exploration, development, and production risks; volatility in the oil and gas industry; prices, markets, and marketing of crude oil and natural gas; liquidity and the Company’s substantial capital requirements; political uncertainty; non-government organizations; changing investor sentiment; global financial market volatility; adverse economic conditions; alternatives to and changing demand for petroleum products; environmental risks; regulatory risks; inability of management to execute its business plan; competition from other issuers; expiration of licenses and leases; Indigenous claims; possible failure to realize anticipated benefits of acquisitions; and reputational risks.

Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company's Annual Information Form for the year ended December 31, 2025, and other documents available on the Company’s profile at www.sedarplus.ca. Readers are 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.