COLORADO SPRINGS, Colo., Dec. 5, 2005 (PRIMEZONE) -- Future Quest Nevada, Inc. (Pink Sheets:FQNI) (The Company) announced today that the Board of Directors have authorized a thirty for one (30 for 1) share dividend to all common shareholders of record December 15, 2005. This dividend will have an effective date of December 19, 2005.
Pursuant to this stock forward split, shareholders will receive thirty shares of common stock for every one share of common stock held, at record date. Any fractional shares resulting from this forward split will be rounded up to the next whole share.
The Company recently announced that it has acquired a producing oil well and surrounding land lease, in an all cash transaction. The lease terms provide the company with 100% working interest with a 75% Net Royalty Interest in the "Hill Lease" in Navarro County Texas. The Company is currently analyzing the data from the current production to determine additional drilling targets and methods for enhancing current flow rate. "We expect that with the introduction of various technologies such as a lateral drilling program, the current production can be significantly enhanced," states company president, Mr. Tim DeHerrera.
The company expects to solidify its development plans prior to year end.
Future Quest Nevada, Inc. is a development stage company in the Oil and Gas Exploration Industry.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Future Quest Nevada, Inc. ("FQNI") reasonably expects to occur in the future. Expectations for the future performance of the business of FQNI are dependent upon a number of factors, and there can be no assurance that FQNI will achieve the results as contemplated herein and there can be no assurance that FQNI will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. FQNI disclaims any obligation to update any forward-looking statement made herein.