Questfire Energy Corp. Reports Successful Drilling and First Production

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THE UNITED STATES.


Questfire Energy Corp. ("Questfire" or the "Company") (TSX VENTURE:Q.A) (TSX
VENTURE:Q.B) is pleased to announce that it has drilled three successful 100
percent working interest oil and liquids-rich natural gas wells into three
separate pools, all of which are expected to be recognized as new pool
discoveries, and brought its first oil production on-stream February 1.


Following the closing of Questfire's previously announced IPO, in October 2011
the Company initiated a three-well, Company-operated exploration drilling
program, all at 100 percent working interest:




--  The first well, at Richdale in the Company's W4 exploration area, was
    completed in late October and is a new, liquids-rich natural gas pool
    discovery in the Mannville formation. The well tested at a final rate of
    2 mmscf per day with a 31% drawdown over a 4 hour production test. The
    well commenced production on February 13 at a restricted rate of
    approximately 600 mcfd (100 boe per day), and is expected to yield
    approximately 15 bbls/mmscf of natural gas liquids; 
--  The second well was drilled in the Company's W5 exploration area in
    December and resulted in an oil well in a Lower Mannville formation. It
    commenced production February 1 at approximately 10 bbls per day of
    sweet, 31 degrees API oil, with no water. This well targeted a Deep
    Basin oil zone and the Company will closely monitor its performance to
    evaluate the potential for follow-up horizontal well development; 
--  The third well, also drilled in the Company's W5 exploration area,
    encountered a new Upper Mannville natural gas pool and flow-tested in
    January at 1.1 mmscf per day (170 boe per day) at the end of a 44 hour
    production test at a flowing wellhead pressure of 37 psi. A gas analysis
    taken during the flow test suggests that recoverable natural gas liquids
    will be in the range of 35-40 bbls/mmscf. Pipeline tie-in and processing
    options exist to third-party facilities and are being evaluated.



The Company continues to accumulate land prospective for light oil exploration
and currently has a 100 percent working interest land base of 23 sections
(14,695 acres). In addition, Questfire recently completed a 21-square-kilometre
proprietary 3D seismic survey in its W5 exploration area. The data helped
delineate several potential oil pools. The Company is preparing two 100 percent
working interest drilling locations targeting light oil that are scheduled for
drilling late in the first quarter, subject to weather and rig availability, and
further drilling is planned following spring break-up. 


Questfire was formed to participate in oil and natural gas exploration,
development and production in Canada. In particular, Questfire intends to
generate and develop its own prospects, acquire oil and natural gas properties
and participate with joint venturers and other industry partners in oil and gas
exploration and development in the Western Canada Sedimentary Basin.


The Class A Shares and Class B Shares are listed on the TSX Venture Exchange
under the trading symbols Q.A and Q.B respectively.


Reader Advisory

This news release contains certain forward-looking statements, including
management's assessment of future plans and operations, and capital expenditures
and the timing thereof, that involve substantial known and unknown risks,
uncertainties, and assumptions certain of which are beyond Questfire's control.
Such risks, uncertainties, and assumptions include, without limitation, risks
associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. Questfire's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that Questfire will derive therefrom. Readers are cautioned
that the foregoing list of factors is not exhaustive. All subsequent
forward-looking statements, whether written or oral, attributable to Questfire
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and
Questfire does not undertake any obligation to update publicly or to revise any
of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.


Petroleum and natural gas volumes are converted to an equivalent measurement
basis referred to as a "barrel of oil equivalent" (boe) on the basis of 6
thousand cubic feet of natural gas equalling 1 barrel of oil. This is based on
an energy equivalency conversion method applicable at the burner tip and does
not necessarily represent a value equivalency at the wellhead. Readers are
cautioned that boe figures may be misleading, particularly if used in isolation.