ARLINGTON, Texas, April 8, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL), www.questoil.com, would like to thank its shareholders for their patience and continued calls to the Company requesting updated corporate developments. These numerous requests are the reason for the update here within.
The primary concern for most shareholders is the advancement of the Company's projects and necessary funding to achieve production. The recent drop in share price and volatility has hampered some of our financing efforts. However, the Company is currently negotiating with several potential financial partners so that we will be able to complete our current prospects. Once these opportunities are reviewed by legal counsel and all regulatory documents are filed, the company will advise accordingly.
The Company's officers have been working diligently on closing the Brokenstraw opportunity and scheduling necessary permits and surveys for Acadia North. The increased activity in the oil and gas sector, timing and securing necessary professional personnel have placed additional burden to scheduling.
Acadia North: The operational planning around the drill program for Acadia North was completed with the AFE being tendered mid-March. The Company believes it will be spudding its first project Acadia North in late May, early June, post spring breakup. Acadia is a Natural Gas play in Eastern Alberta with billions of cubic feet in reserve, and with current Nymex Index prices set for May at $7.558 per MMBTU, Quest is pleased with the timing of Acadia's drill program.
Broken Straw: Quest Oil is still very much involved in the Warren County oil opportunity and is continuing to review the advancing size of the field and have begun discussions to acquire additional lands and leases in the area. Management believes focusing its efforts on the proven reserves will bring cash-flow to the Company within the third quarter of 2005. These business basics will be Quest management's response to downward pressure on the stock market price.
Quest Oil Corporation is also offering its shareholders to listen to a CEO audio interview with Roderick Bartlett and AudioNews(tm) that can be accessed through the http://www.audiostocks.com website.
About Quest Oil Corporation
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout North America. Company management is focused on an acquisition program targeting high-quality, low-risk prospects provided through key strategic alliance partnerships. Participating in the development of North American oil and gas resources is becoming more necessary in the upstream industry and is consistent with Quest's growth strategy going forward.
ON BEHALF OF THE BOARD Quest Oil Corporation Mr. Roderick Bartlett, President and CEO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
In addition to historical facts or statements of current condition, this press release and the AudioNews(tm) referred to herein may contain forward-looking statements. This may include statements regarding anticipated progress on oil exploration opportunities, research programs, development of potential products and services, interpretation of progress related to each company's business strategy, prospects for regulatory approval, manufacturing development and capabilities, market prospects for products, sales and earnings guidance, and other statements regarding matters that are not historical facts. The Company's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions. More specific risks and uncertainties are set forth in Form 8-K, 10-QSB and 10-KSB which are filed with the U.S. Securities and Exchange Commission at www.sec.gov. Given these risks and uncertainties, investors should not rely on any such factors or forward-looking statements. The Private Securities Litigation Reform Act of 1995 permits this discussion. Additional disclosures are available at www.Audiostocks.com.