ARLINGTON, Texas, May 19, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) is pleased to announce the successful closing of $750,000 in financing that will be used for the Acadia North Gas Project. Please see today's 8K at http://www.sec.gov for more detail.
Through the efforts of Midtown Partners & Co., LLC as lead placement agent, all participants have come to an agreement on funding details. The gross funding of $750,000 has cleared escrow and has been received by the Company. The Company's CFO, Cameron King indicated, "Quest is excited to start the first of many of its planned investments into oil and gas development projects. The successful drilling and completion of the Acadia project may provide the leverage for Quest to become a multi-million dollar annual producer."
Mr. Richard Kreger of Midtown Partners & Co. LLC advises, "Midtown Partners and our institutional investors recognized a potential value proposition with Quest Oil and its gas development project. Midtown recognizes the significant upside potential of the project, and we are fortunate to have this opportunity to be involved with Quest."
The Acadia North Project is located 160 KM due east of Calgary, Alberta. Quest's holds 100% interest in two sections of land that are underlain by the Viking sand reservoir that contains 10 BCF of gas-in-place. Seismic activities for the Acadia Project began in December 2004 when Quest authorized expenditures with Vega Resources and contracted Transaction Oil and Gas Ventures as Project operator.
ABOUT QUEST OIL CORPORATION
Quest Oil is an oil and gas company dedicated to solving North America's complex energy problems. Quest Oil identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in Alberta, Canada, Pennsylvania, Texas and other US promising locales. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America.
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com
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. Additional disclosures regarding the Company are contained in our public filings made with the United States SEC. Please visit the SEC website at www.sec.gov for more information.