Message #10 From:
Stock News Bot Date: September 12, 2006 09:55:00 AM
QOIL News CORRECTING and REPLACING Canadian Initiative Nears as Quest Oil Strategy Evolves
CARLSBAD, Calif.--(BUSINESS WIRE)--Sept. 12, 2006--Headline of release should read: Canadian Initiative Nears as Quest Oil Strategy Evolves (sted Canadian Initiative Near as Quest Oil Strategy Evolves)
The corrected release reads:
CANADIAN INITIATIVE NEARS AS QUEST OIL STRATEGY EVOLVES
The process of aligning Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) leadership with the vision of its stockholders is in full swing. The company has identified and executed on several strategic initiatives that may enhance the position of the company operationally and in the public marketplace. Here are some of the recent decisions and actions:
-- Canadian Approval. The Alberta Energy and Utilities Board (EUB) has approved Quest Canada Corporation's application for approval to hold EUB licenses under Canadian Directive 067. Although further analysis of the Alberta opportunities is required, this directive gives us the proper controls needed prior to any additional investment of resources in that region.
-- Debt Settlement. We were able to settle more than $350,000 in debt with former managers. We issued 100,000 restricted shares in order to settle this amount.
-- Auditors Hired. Malone & Bailey PC, independent auditors, were engaged to audit our books so that we could complete the filing of Form 10-KSB for year end March 31, 2006. We also filed our Form 10-QSB for the quarter ending June 30, 2006.
-- Website adjustments. Many of our shareholders have noticed that our corporate website was down in August. This was not a planned event and in fact, this disruption was caused by a third party. Thank you for all the phone calls from our regular site visitors. The site is back up and the issue has been resolved. Plans for revamping the site for more effective communication with shareholders are underway.
-- Name change. A corporate name change is being considered. Establishing a unique name in the marketplace to support the evolving opportunities cannot be done by the board of directors unilaterally. This will require a vote of the shareholders and appropriate filings with the SEC.
James B. Panther, II CEO stated, "Re-thinking the strategic direction of the company has been a high priority since we began earlier this year. We have additional restructuring to do in order to achieve our objectives and unlock the shareholder value that we believe exists. We are finally getting traction on some of the issues that we've been facing. There is still much work to do but the opportunities in the industry continue to expand."
About Quest Oil Corporation
Quest is committed to the exploration and development of economical oil and natural gas reserves. Quest management is focused on an acquisition program targeting high quality and low risk prospects. 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., Wallstin Petroleum LLC and PetroStar Oil Services Inc.
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Quest Oil Corporation's ability to obtain additional financing, to obtain regulatory approvals in a timely manner, and the demand for Quest Oil Corporation's products. Quest Oil Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Quest Oil Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Anyone considering an investment in Quest Oil Corporation should first conduct thorough due diligence on Quest Oil Corporation by reading all of our publicly available filings. Such public filings are available by visiting the United States Securities and Exchange Commission website at http://www.sec.gov. Quest Oil Corporation encourages any person considering an investment in Quest Oil Corporation to first consult with a registered representative who is licensed to sell securities and who may be able to assist in accessing and analyzing important due diligence materials.
