Questerre reports option exercise and annual grant of stock options to directors and employees

Questerre Energy Corporation ("Questerre" or the "Company") reported that members of the Board and Management exercised for cash a total of 5,975,000 stock options with an exercise price of C$0.20 per common share expiring on February 3, 2025. The exercise was made concurrent with the payment of C$0.18 million in aggregate as detailed below by the Company to these individuals. No common shares were issued in connection with the exercise of these options. Options Exercised Payment (C$) Directors Bjorn Tonnessen Chairman 250,000 7,500 Dennis Sykora Director 150,000 4,500 Hans Holden Director 150,000 4,500 Management Michael Binnion CEO 1,500,000 45,000 John Brodylo VP Exploration 750,000 22,500 Peter Coldham VP Engineering 750,000 22,500 Jason D'Silva CFO 1,000,000 30,000 Dana Shepherdson Controller 500,000 15,000 Rick Tityk VP Land 750,000 22,500 Staff 175,000 5,250 Total 5,975,000 179,250 Subsequently, at its annually scheduled Board meeting, which included an evaluation of overall compensation, the Company has granted directors, officers and employees a total of 6,675,000 options to acquire Common Shares at a price of C$0.23 per Common Share on January 27, 2025. The exercise price is determined as the closing price on TSX the day prior to the grant. The options will expire on January 26, 2030. Current Granted Total Directors Bjorn Inge Tonnessen 1,400,000 250,000 1,650,000 Mireille Fontaine 1,130,000 150,000 1,280,000 Dennis Sykora 880,000 150,000 1,030,000 Hans Jacob Holden 880,000 150,000 1,030,000 Jauvonne Kitto 250,000 150,000 400,000 Management Michael Binnion 7,020,000 1,500,000 8,520,000 John Brodylo 3,510,000 750,000 4,260,000 Peter Coldham 3,510,000 750,000 4,260,000 Jason D'Silva 5,060,000 1,000,000 6,060,000 Dana Shepherdson 3,310,000 500,000 3,810,000 Rick Tityk 3,510,000 750,000 4,260,000 Staff 1,860,000 575,000 2,435,000 Total 32,320,000 6,675,000 38,995,000 We seek Safe Harbour.