SAN DIEGO, May 25, 2006 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) announced the results of preliminary drilling operations in the Barnett Shale, which is considered by many to be one of the most active natural gas opportunities in Texas. Preliminary drilling was completed on May 1, 2006. Quest's financial commitment included an initial investment of approximately $138,000. However, production reports from Gaither Petroleum show from May 1, 2006 to date that the well has already produced a total of 16.492 MMCF. Other participants with Quest in the well are Sauder Management Company (as the Operator), Carrizo Oil and Gas Inc. (Nasdaq:CRZO), Triad Oil and Gas, L.L.C. and Ryder Scott, LP. The well is in the Newark East Field (Barnett Shale) in Southeast Parker County close to the Hood County border. Quest's investment marks its official entry into the Barnett Shale field and enables Quest to receive a significant amount of high quality 3D seismic data.
Quest's CFO and Vice President of Operations Joe Wallen commented, "We are pleased to announce that our investment in our Barnett Shale venture is beginning to cash flow. The current volume being produced from this well along with the quality and experience of the operators in the field affords the company access to very valuable data that can assist Quest in evaluating some other opportunities in the area. Accordingly, we believe that this will be a profitable venture for Quest and will aid us in our plans for further expansion."
Quest's CEO Mr. Panther added, "Over the past month or so, I have received numerous calls from investors. The people who I have spoken to are concerned that more current reports are not being published and released on a regular basis. While we cannot provide any individual with information that is not available to others, we do believe that the company needs to be more proactive in the frequency of our communications, especially now that we are getting some traction in our corporate office and in the oil patch. Hereafter, we are going to implement a plan to more actively communicate with shareholders and other interested parties, on at least a bi-weekly basis, using an audio format. We intend to lay out our shareholder communications plan right after Memorial Day."
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 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.