Quasi-particle spectra, reconstructed by e-h pairing, have been calculated for a system of spatially separated electrons (e) and holes (h) in ground state. The regions of strong pairing interaction and significant correlation effects are reached by abandoning the BCS approximation and using instead interpolation expressions for correlation energies, which depend functionally on the coefficients of the u-v transformation, with subsequent minimization of the total energy of the reconstructed state with respect to the parameters of the u-v transformation. The dependence of the spectra on quantum-well separation and particle concentration in a system of two coupled quantum wells is discussed.