DEERFIELD BEACH, Fla., Feb. 1, 2006 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) is new to StockMarketNewsAlert.com. According to M. D'Alonzo at First Equity Group, Inc., recent news flow from the company has been very positive. "The company announced that the approval of their first well location, the QNG-3 on the Nettie Gardner lease (API # 42-307-31138) by the Texas Railroad Commission (TRRC). Quest Oil has retained King Drilling out of Zephyr, Texas, to drill the wells. The total contract is for a five-well back to back program to drill the QNG-3, QNG-4, QNG-5, QNG-6 and QNG-7 locations. The rig will be mobilized out of Blackwell, Texas and is scheduled to spud QNG-3 well February 8th, 2006, and is expected to conclude drilling all five wells within 14 days.
Nettie Gardner Lease
Joe Wallen, Quest Oil Corporation's VP of Operations, said, "This drill program is going to provide definitive information on the capabilities of the target zones and will prove the long-term value of the area. The primary objectives of the program are to develop the field and determine the resource limits to the Pennsylvanian-age Jennings gas sand and Gardner oil sand. The main target is the Jennings gas sand which was productive in the Gardner No.1 well and was encountered in the Gardner No.2 well. The Nettie Gardner development plan is to drill the five infill wells, perforate the Jennings gas zones, clean up the perforations in the existing Gardner No. 1 well, perforate the Jennings sand in the Gardner No.2 well and tie all seven wells into the pipeline approximately one mile from the lease."
Hawkeye -- Midkiff Lease
According to Mr. Joseph Wallen, "We're finally starting to realize increasing production from the fruits of our labor. There was more work on rejuvenating the Hawkeye field then we originally anticipated. The Texas Railroad Commission (TRRC) mandated that all injection and disposal wells must demonstrate mechanical integrity and file H-5 forms. Since the workover program was initiated the fields have produced approximately 1,000 barrels of oil. We've just sold one load (180 barrels) of oil on the Johnson lease, we've got two loads waiting to go on the Tarver 'B' lease and one load waiting to go on the McCall/Midkiff leases. In addition, two rigs are now performing workovers and we are waiting on a third work-over rig to arrive and we are currently on the waiting list for two additional workover rigs. Our goal is to have all five workover rigs running to bring all remaining wells on-line as quickly as possible."
Bill Stinson, Quest Oil's COO, advised, "We're also on the waiting list for a drilling rig to drill two 4500-foot test wells to prove up the lower Barnett zone. The two drill locations has been surveyed and approved. Rigs that can drill to that depth are in big demand in this area, particularly considering EOG's Barnett Shale activity in the adjacent Erath County. At this point we can't really give a timeline for drilling the well, everything depends on when the rig becomes available."
In other matters, Quest Oil is pleased to announce that, under the $8 million financing agreements entered into by the company on October 6, 2005, the Company has made the first required principal and interest payments in cash.
Note: King Drilling of Zephyr, TX, has no relation or association to Quest Oil Corporation's President and CEO, Cameron King.
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 and PetroStar Oil Services, Inc.
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
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Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Quest Oil Corporation has little or no control.
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