Mr. Jason D'Silva reports

BRAZIL JOINT VENTURE PARTNER RECEIVES REGULATORY APPROVAL

Nice Capital Holdings Ltda., a member of the Nimofast Group, has received regulatory approval to proceed with its joint venture with Questerre Energy Corp. for the development of Parana Xisto SA, an oil shale production and refining company based in southern Brazil.

The Brazilian Administrative Council for Economic Defense issued a certificate yesterday for its final and non-appealable decision to approve the participation of Nice in the joint venture. Nice will acquire a 50-per-cent interest in the joint venture through the acquisition of shares of Questerre's special-purpose subsidiary and the Brazilian holding company that owns 100 per cent of the equity of PX Energy.

Michael Binnion, president and chief executive officer of Questerre, commented: "With the CADE approval in place, we look forward to working with Nimofast to realize the potential of the PX Energy acquisition. We expect to finalize our joint venture agreement with them later this month."

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. It believes it can transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, it can sustain both human progress and its 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. It is committed to being transparent and is respectful that the public must be part of making the important choices for its energy future.

We seek Safe Harbor.