Message #5 From:
NewsBot Date: August 4, 2005 02:20:20 PM
QOIL News Research Quest Oil, Stock Trading Message Board
Quest Oil: Acadia North Gas Well "15-34" Reaches Depth and Sets Production Casing
ARLINGTON, Texas, Aug. 4, 2005 (PRIMEZONE) -- Quest Oil Corporation ("Quest" or the "Company") (OTCBB:QOIL) announces that the drilling of the Acadia North 15-34-25-2 W4 gas well has reached a depth at 733.7 meters and has completed cementing in production casing. Operator, Transaction Oil and Gas Services advised today that well is 15 (fifteen) feet above the Viking sand gas reservoir and the drill rig has been stripped out allowing for logging and pressure testing.
Quest Project Engineer, Richard Johnson P.Eng. will be organizing the completion of wells "10-22" and "15-34" within days. The Company has scheduled an Endless Tubing Unit (ETU), for the perforating of both holes and well head installation. Upon installation of well head, the Operator will tie-in the wells to nearby Alta Gas pipelines, which are approximately one quarter mile from each gas well.
Quest President and CEO, Cameron King MBA, asserts "production is the name of the game and Quest is in the final stages of proving up the Acadia North project. Completion of these wells within the next few days will establish the ongoing fundamentals for the Company and cash flow will allow us grow and acquire additional properties in Alberta."
Quest Oil Spuds Acadia North '15-34' Gas Well
ARLINGTON, Texas, Aug. 1, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL), is pleased to announce that the Company has been informed by its operator, Transaction Oil and Gas Ventures, Inc., that drilling has commenced on the Acadia North Gas Project, Alberta. The 3,000 foot "15-34" natural gas well was spud July 31, 2005 and is drilling to the top of the Viking Sand.
Quest anticipates the drilling and casing to take approximately one week. Once production casing has been installed to depth, Quest will log and pressure test both wells for the purpose of obtaining accurate estimates of shut-in reservoir pressure, reserve size and estimating production flow rates. An Endless Tubing Unit (ETU) has been requisitioned to be on site for the completion of both wells "10-22" and "15-34." The ETU inserts the production tubing into the casing and will perforate the Viking Sand by using high pressure water and air to cut through the remaining few feet.
The main objective of the 1,280 acre Acadia North Project is the Viking Sand that has a potential reserve of 13 BCF gas. The Acadia North project is a natural gas reserve at shallow depth, short payback and long life reserves. The play is located in the "Viking Sand", the largest Viking hydrocarbon accumulation in Alberta, Canada. Quest Oil holds 100 percent working interest over the project.
About Quest Oil Corporation
The Company is committed to the exploration and development of economical oil and natural gas reserves globally. Quest management is focused on an acquisition program targeting high quality and low risk prospects. Initially Quest is focused on the development of North American oil and gas resources allowing highly leveraged production opportunities in Alberta and Texas, through its 100 percent owned subsidiaries Quest Canada Corp. and Wallstin Petroleum LLC.
Quest Oil Schedules Acadia North '15-24' Gas Well Spud Date
'15-34' Well to Spud July 29th
ARLINGTON, Texas, July 26, 2005 (PRIMEZONE) -- Quest Oil Corporation, (OTCBB:QOIL) the Company's operator, Transaction Oil and Gas Ventures, Inc. has confirmed Acadia North gas well "15-24" will spud on July 29, 2005. As previous indicated in the July 11, 2005 news release, a spud date was targeted for July 17th, 2005; however due to a dramatic increase in drilling activity in the area by several major oil and gas companies, drill rig availability is limited and requires significant lead times.
Quest Oil's "15-34" well is the second well to be drilled under the Company's overall development strategy at Acadia North. The Company expects to reach total depth of 900 meters (2,900 feet) and case the well in 7 days from spud date. The completion phase requires drilling to depth approximately 5 meters above the Viking sand and cement in production casing. Once casing is in place, an Endless Tubing Unit will be required to complete both "10-22" and "15-34" gas wells to the point of production tie-in. Upon completion of production casing, the wells will be put on a tight hole status for 30 days. Furthermore, on July 15, 2005 the Company's AFE of $408,800 for well "15-34" was paid in full.
The Acadia North project is a development property with a natural gas reserve at shallow depth, short payback period and long life reserves. The play is located in the "Viking Sand", the largest Viking hydrocarbon accumulation in Alberta, Canada. Gas prices continue to remain strong with September delivery priced at $7.89 U.S. per mmBtu.
ABOUT QUEST OIL CORPORATION
The Company is committed to the exploration and development of economical oil and natural gas reserves globally. Quest management is focused on an acquisition program targeting high quality and low risk prospects. Initially Quest is focused on the development of North American oil and gas resources allowing highly leveraged production opportunities in Alberta and Texas, through its 100% owned subsidiaries Quest Canada Corp. and Wallstin Petroleum LLC.
ON BEHALF OF THE BOARD
Quest Oil Corporation. "Cameron King" Cameron King MBA -President and
CEO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Quest Oil Corporation has little or no control.
CONTACT: Quest Oil Corporation
Investor Information:
Mr. Darren Hayes, Corporate Development
(866) 264-7668
