<img src="https://ml.globenewswire.com/Resource/Download/39b3134d-89f4-4104-bf3e-9841455e59c0?size=2" nborder="0" align="left" hspace="5" vspace="5" title="New Logo 2020.png" alt="Questerre Energy Corporation"/>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, Aug. 24, 2026 <a href="https://www.globenewswire.com" target="_blank">(GLOBE NEWSWIRE)</a> -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE: QEC) reported today that it has been selected as the successful bidder in the first bid round under the province of Nova Scotia’s Subsurface Energy Research and Development Investment Program. Questerre is in the final stages of negotiating a Petroleum Exploration Agreement with the province of Nova Scotia covering lands in the onshore Cumberland Basin of northern Nova Scotia. The basin is prospective for oil and natural gas in multiple formations. Subject to final terms, the agreement will provide Questerre with exclusive exploration rights and the opportunity to advance commercial discoveries to development. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Over 25 years ago, we acquired a significant land position in Quebec that ultimately led to our giant Utica gas discovery. Our entry into Nova Scotia offers a similar opportunity to apply our extensive subsurface expertise in a new prospective basin.” He added, “Winning the first bid round allows us to start building relationships in Nova Scotia—with local communities and landowners, the Department of Energy, and research partners such as Dalhousie University. We respect Premier Houston’s efforts to strengthen the province’s energy security, and we intend to earn our place in that effort.” He further added, “Our experience in Quebec gave us more than the subsurface expertise to evaluate a frontier basin. It also gave us a hard-earned appreciation that earning public confidence is as important to developing a resource as understanding the geology.” 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 but is not limited to the Company’s conclusion of the Exploration Agreement with the province of Nova Scotia, the terms of the Exploration Agreement and its views on the prospectivity of this acreage. 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; prices, markets, and marketing of crude oil and natural gas; 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. <pre>CONTACT: For further information, please contact:

Questerre Energy Corporation
Bjorn Inge Tonnessen, Chairman +47.902.01.289 | Email: btonnessen@questerre.com
Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com</pre> <img alt="" src='https://ml.globenewswire.com/media/NWE2MjQ3MTctOTk1YS00NzIzLWJmNTEtN2NkODk4ZDFiNzc4LTExMDI1NzctMjAyNi0wOC0yNC1lbg==/tiny/Questerre-Energy-Corporation.png' referrerpolicy='no-referrer-when-downgrade' />

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Questerre wins first bid round for Nova Scotia exploration rights

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