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Questerre reports on Uinta Basin Railway progress

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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, July 26, 2022 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported on the planned Uinta Basin Railway that will serve the Uinta Basin in Utah including the acreage held by Red Leaf Resources, Inc. (“Red Leaf”), its investee company. Questerre currently holds a 40% equity interest in Red Leaf.

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Michael Binnion, President & Chief Executive Officer of Questerre, commented, “It has become less and less common to successfully permit large infrastructure projects such as railways. We congratulate the Seven County Infrastructure Coalition in Utah and their partners including Rio Grande Pacific, on securing the final permit. With plans to end on Red Leaf’s lands we think this railway will materially enhance its value.”

The Uinta Basin railway is reported to be the first major freight rail project built in the United States in the last 30 years. It is expected to improve access for waxy oil production in the basin to more lucrative markets on the US Gulf Coast. Subject to a final investment decision, construction of the approximately 90-mile railway could commence as early as next year and be operational within two years. Earlier this month, the US Forest Service approved the final right of way. More information on the Uinta Basin railway can be found online at https://www.uintabasinrailway.com.

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The recent approval is for the Whitmore Park route proposed by the railway that includes a proposed terminus on a 7,000-acre parcel of land held by Red Leaf. Red Leaf acquired this acreage earlier this year as part of a settlement for a US$50 million secured note including principal and interest. The Red Leaf acreage is also permitted by the state of Utah for a 44,000 barrel per day refinery that would upgrade the waxy oil to more valuable products including feedstock for lubricants. Red Leaf is in discussions with local stakeholders for a rail loading facility that would move crude oil from tanker trucks to rail cars that could also serve as the first stage of the larger refinery project.

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.

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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 the Company’s views on the impact of the proposed Uinta Basin Railway on the value of the lands held by Red Leaf, the timeline for the construction of the railway and Red Leaf’s plans for a transloading facility and possible refinery on its acreage.

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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 implementation of Bill 21 by the Government of Quebec 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, 2021, 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.

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