ARLINGTON, Texas, June 20, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) announces that the Company has entered into binding acquisition negotiations with Wallstin Petroleum LLC (Wallstin) of Fredericksburg, Texas. Wallstin holds two leases, Stevenson of Hutchinson County, TX holds eight (8) gas and oil wells and the Elder lease of Gregg County, TX holds one (1) oil well. The Hutchinson County field is located in the Texas Panhandle and is a 50 well development program. The purchase price for the two sections is priced at $403,000 for the 100% working interest and will be subject to the issuance of the equivalent value in Company common shares for the asset purchase and is scheduled to close within seven days. PV10 calculations indicate petroleum assets at $4,647,673. Final terms and consideration will be announced on the signing of the formal Acquisition Agreement.
Acadia North Project Update
Transaction Oil and Gas, the operator of the Acadia North Project has advised that they are in receipt of all licenses and permits for wells North 15-22-25-26 W4M and South 10-34-25-26 W4M and drill rig has been mobilized into the area. The window for arrival of the drilling rig for well 10-34-25-26 W4M is between June 23rd and June 28th. It is anticipated that drilling to depth should take 3 - 4 days. Well will be completed, tied-in and brought on line to market. The Company will endeavor to update shareholders as to the timing of drilling with the best information available to us at the time.
Quest Appoints Dr. Jim Irwin to Director
Quest is please to announce the acceptance of Dr. Jim Irwin to the roles of Director and Project Development. Dr. Irwin brings over 25 years of instructional, research and field experience to the Quest team. Dr. Irwin obtained his B.Sc. in geology from McGill University, Montreal, in 1980 and Ph.D. in geology from the University of California, Berkeley, in 1986. Between 1986 and 1992 he was a Research Fellow in the Department of Physics at Berkeley developing techniques for the study of fluid inclusions in minerals associated with ore deposits and other geologic settings. Years 1992-1994 were spent as a Project Scientist at Scripps Institution of Oceanography, San Diego. Dr. Irwin has since been active as a consultant and director of various companies involved in mineral and resource exploration globally. Quest is proud to have attracted Jim to the Company and we look forward to successful future.
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.
ON BEHALF OF THE BOARD Quest Oil Corporation. "Cameron King" Cameron King MBA - Director
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
Safe Harbor for Forward-Looking Statements:
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.