Message #1 From:
Stock News Bot Date: June 22, 2005 09:43:49 AM
QOIL News Research Quest Oil, Stock Trading Message Board
Quest Oil to Acquire Wallstin Petroleum and Welcomes Dr. Jim Irwin to the Board
Quest Oil Corporation (OTCBB:QOIL) announces that the Company has entered into binding acquisition negotiations with Wallstin Petroleum LLC (Wallstin) of Fredericksburg, Texas. Wallstin holds two leases, Stevenson of Hutchinson County, TX holds eight (8) gas and oil wells and the Elder lease of Gregg County, TX holds one (1) oil well. The Hutchinson County field is located in the Texas Panhandle and is a 50 well development program. The purchase price for the two sections is priced at $403,000 for the 100% working interest and will be subject to the issuance of the equivalent value in Company common shares for the asset purchase and is scheduled to close within seven days. PV10 calculations indicate petroleum assets at $4,647,673. Final terms and consideration will be announced on the signing of the formal Acquisition Agreement.
Acadia North Project Update
Transaction Oil and Gas, the operator of the Acadia North Project has advised that they are in receipt of all licenses and permits for wells North 15-22-25-26 W4M and South 10-34-25-26 W4M and drill rig has been mobilized into the area. The window for arrival of the drilling rig for well 10-34-25-26 W4M is between June 23rd and June 28th. It is anticipated that drilling to depth should take 3 - 4 days. Well will be completed, tied-in and brought on line to market. The Company will endeavor to update shareholders as to the timing of drilling with the best information available to us at the time.
Quest Appoints Dr. Jim Irwin to Director
Quest is please to announce the acceptance of Dr. Jim Irwin to the roles of Director and Project Development. Dr. Irwin brings over 25 years of instructional, research and field experience to the Quest team. Dr. Irwin obtained his B.Sc. in geology from McGill University, Montreal, in 1980 and Ph.D. in geology from the University of California, Berkeley, in 1986. Between 1986 and 1992 he was a Research Fellow in the Department of Physics at Berkeley developing techniques for the study of fluid inclusions in minerals associated with ore deposits and other geologic settings. Years 1992-1994 were spent as a Project Scientist at Scripps Institution of Oceanography, San Diego. Dr. Irwin has since been active as a consultant and director of various companies involved in mineral and resource exploration globally. Quest is proud to have attracted Jim to the Company and we look forward to successful future.
Quest Oil Announces Target Drill Date
Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) announces that the first well of the Company's two well drilling program at the Acadia North natural gas project has been surveyed and a surface lease has been negotiated. A drilling license for well 10-34-25-26 W4M is expected to be issued this week and negotiations are underway with a drilling contractor to contract a rig that is active nearby. If this rig can be contracted the well could be spudded as early as June 20th. The second well 15-22-25-26 W4M is being survey and should be ready for drilling immediately after well 10-34-25-26 W4M is complete.
According Quest Oils' Consulting Petroleum Engineer, Richard Johnson P.Eng, "The two wells are being drilled to tap into a Viking natural gas reservoir that has previously produced from wells within half a mile of the two new locations. The earlier wells did not drain the reservoir and independent engineering evaluations of the zone indicate Proved Reserves exist under the lands being earned by the Company through the drilling of these two wells."
Quest Oil has a 100% working interest in the 1,280 acre Acadia North prospect with a net retained interest of 79%. The Acadia Project is located in southeast Alberta near the Saskatchewan border. The Arneson Viking Pool is a shoreface sand deposit and oriented in a NE-SW direction. The porous sand ranges from 30 feet to 46 feet thick and contains gas. Pay zone thickness ranges from 4 feet to 12 feet with a Proven Plus Probable Plus Possible recoverable reserve of 13 BCF with an estimate life of 13 years. July '05 contracts for Natural Gas are trading at $7.260/mmBTU with evidence of continued appreciation and stability over the next few years.
Quest Oil Initiates Phase One Drilling Program for Acadia North Gas Project
ARLINGTON, Texas, May 25, 2005 (PRIMEZONE) -- The Board of Directors of Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) is pleased to announce that the Company has mobilized its project geologist and survey crew to its Acadia North project, located in Municipal District of Acadia No. 34, Alberta in advance of a 3,000 ft (950 m) drilling program. This drill program marks the Company's first drilling campaign on the Acadia North Project and, when completed, will satisfy the Company's commitment to drill a minimum of one well on or before June 30th, 2005.
The Acadia Project is located in southeast Alberta near the Saskatchewan border. Acadia North consists of two sections totaling 1,280 gross acres overlying the vast Viking gas target. The Arneson Viking Pool is a shoreface sand deposit and oriented in a NE-SW direction. The pool has been encountered by four previously drilled wells since 1972. The porous sand ranges from 30 feet to 46 feet thick and contains gas. Pay zone thickness ranges from 4 feet to 12 feet with a proven and probable recoverable reserve of 10 BCF at a market value of $30 million.
On May 20, 2005 Quest Oil completed and closed project financing for $750,000 USD. These funds have allowed for immediate application for licensing and permitting of the two Acadia North gas sections. Quest Oil's operator, Transaction Oil and Gas Ventures has been retained to provide turnkey development through to tie-in. Survey crews are on site and will be determining potential drill site locations over the next three weeks. Drill rigs at present are being scheduled for mid-June and once on-site a two well drill program is expected to span a ten-day period through to completion and tie-in.
About Quest Oil Corporation
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout North America. Company management is focused on an acquisition program targeting high quality, low risk prospects provided through key strategic alliance partnerships. Participating in the development of North American oil and gas resources is becoming more necessary in the upstream industry and is consistent with Quest's growth strategy going forward.
ON BEHALF OF THE BOARD Quest Oil Corporation
Mr. Cameron King MBA, CFO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur.
CONTACT: Quest Oil Corporation
Darren Hayes
(866) 264-7668
