08.09.2010 13:05
Quest Oil Identifies 192 Wells, Viable Rework Prospects at Hawkeye and Midkiff
Quest Oil Prepares to Execute Infill Drill Program
Quest Oil, Corp. (Pink Sheets: QOIL) is pleased to announced that the Company has identified 192 wells that represent, in management's belief, viable rework prospects on its Hawkeye and Midkiff properties in Eastland County, Texas. Accordingly, Quest Oil has initiated a comprehensive work program that is designed to measure oil and gas reservoirs and reserves for the rework prospects. Management are utilizing Hydrocarbon Imaging, a radiometric imaging technology, to delineate priority targets. Pending results from the hydrocarbon plat, Quest Oil will also commence an infill drilling program at the Hawkeye and Midkiff fields that is focused on low risk drill targets.
Joe Wallen, Quest Oil's CEO commented, "Management have extensive "boots-on-the-ground" experience in the basins of west and central Texas, and believe that the Hawkeye - Midkiff area have outstanding exploration and development potential. In the Hawkeye and Midkiff area, the main producer is the shallow Adams Branch Limestone - the source of which is the Barnett Shale - that underlies most of the area and is most likely in the oil and gas window in terms of maturity. Notably, this formation has been penetrated and does produce in the county."
When viewing stratigraphic charts of the area it becomes abundantly clear that where oil and gas are encountered there is potential across the section for deepening existing wells, down through the Canyon Division on through to the Barnett Shale, the largest gas producing field in the US, which accounted for more than 7% of total domestic natural gas production in 2008.
About Quest Oil, Corp.
Quest Oil, Corp. is an independent oil and gas exploration company that seeks to acquire and develop economically attractive and geologically sound properties that have, in management's view, significant upside potential. Quest Oil is focused on the acquisition of properties that are currently in production, and on the development of new drilling opportunities. Quest Oil's development strategy includes the implementation of state of the art technologies that are deployed to enhance and rework existing, highly predictable wells, within proven oil and gas plays. For more information, please visit www.questoil.com.
Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. 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, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company 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 the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission.
Contacts:
Quest Oil, Corp.
Mr. Joe Wallen, 830-257-0777
President and CEO
info@questoil.com
