COLORADO SPRINGS, Colo., Nov. 9, 2005 (PRIMEZONE) -- Future Quest Nevada, Inc. (Pink Sheets:FQNI) announced that in an all cash transaction, the company acquired a 100% working interest in a property lease and producing oil well. The property, commonly known as the Hill Lease, consists of 15.5 acres and is located in Navarro County, Texas. There is currently one producing oil well on the property and the lease allows for a possibility of an additional five wells. The lease and well were acquired from a partnership lead by American Stellar Energy, Inc. (Pink Sheets:AMRS). The transaction closed November 4, 2005.
"We are reviewing our options to further develop the property to enhance value," states Future Quest President Tim DeHerrera. "These options include drilling a new well or lateral drilling on the existing well to try and increase oil flow."
Future Quest Nevada Inc is a development stage company in the Oil and Gas Exploration Industry.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Future Quest Nevada Inc. ("FQNI") reasonably expects to occur in the future. Expectations for the future performance of the business of FQNI are dependent upon a number of factors, and there can be no assurance that FQNI will achieve the results as contemplated herein and there can be no assurance that FQNI will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. FQNI disclaims any obligation to update any forward-looking statement made herein.