ARLINGTON, Texas, Aug. 17, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) announced today it has concluded its purchase of 100% interest of the Hawkeye lease, Eastland County, TX. The purchase amount for the lease, well assets and infrastructure was $90,000.
The Hawkeye Field consists of 4 leases totaling 483 acres, with a total of 95 wells. Of the 95 wells on the lease, 48 wells are capable of immediately producing with remedial work by service crews.
With the Hawkeye purchase complete, Quest is now able to commence the work-over and development program on the property. Quest Oil's VP Operations, Joseph Wallen will be responsible for putting the lease back in production and developing a drilling program to test the reserves of the Barnett Shale.
Cameron King, Quest CEO, said, "The attractive part of the lease is that it is a proven reserve with established wells, collection and storage facilities in place. With minimal investment Quest will yield 50,000 barrels of oil per year with an RIO of over 500%. The Hawkeye is a great asset and shows good geology for further development."
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/Director
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
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