Message #8 From:
Stock News Bot Date: September 29, 2005 02:25:00 AM
QOIL News Quest Oil, Inc. Reports Research Firm Upgrades QOIL; Independent Research Firm States Potential Return Could Be Huge Based on Current Energy Prices
HOUSTON--(BUSINESS WIRE)--Sept. 29, 2005--Quest Oil, Inc., (OTCBB: QOIL) is pleased to announce an independent research firm has upgraded their equity rating on QOIL. This upgrade comes at a time when energy prices are reaching year over year record highs.
The research report cited the following:
-- Quest Oil Successfully Drills the Acadia North Prospect.
-- We anticipate that gas from the Acadia project will be hooked up for delivery by the end of October and that in the ensuing six-month period delivery of 450,000 mcf of gas will be possible. Therefore, it's reasonable to assume that moving into 2006 the company will begin to generate revenue, which is always an important positive development for any exploration company.
-- The company's Acadia North property has by some estimates gas reserves of at least $17 million.
-- Two oil properties - Hawkeye and Nettie Gardner in Texas - have proven and probable oil reserves of nearly 1 million barrels of oil.
-- Over the short-term QOIL has the necessary funding to continue with its exploration and development of various properties.
-- Quest Oil Establishes Petrostar Oil Services Inc. as Operating Subsidiary.
To view the entire independent research report, please click on the attached URL: http://www.bridgeir.com.
Cameron King, President and CEO of Quest Oil, Inc. states, "This is an exciting time for our company. We are honored to have a quality independent research firm review our operations, wells and performance and provide the resulting upgrade in our stock. This provides further information for our shareholders that our company is headed in the right direction." Mr. King further stated, "It is reasonable to assume that moving into 2006 our company will begin to generate strong residual revenues, which is always a positive development for any exploration company."
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.
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.
