LAS VEGAS, June 7, 2006 (PRIMEZONE) -- Future Quest Nevada Inc. (Pink Sheets:FQNI) has announced that it has entered into an agreement to acquire a 10% working interest in the "Bayou Choctaw" prospect. The property is located in Iberville Parish, Louisiana, with significant development and exploration aspects to the project.
The field was discovered in 1972 and two wells were drilled to 11,600 feet where they were completed in the BOL mex #1 and #2 sands and to date have produced 1.656 MM Bbls oil and 4.114 BCF gas. A third well completed soon after, the #3 has accumulated an additional 1.246 MM Bbls of oil and 3.951 BCF gas. An additional well was drilled to a total depth in excess of 12,000 feet and is currently producing over 2MMcfg/d and 40 Bbls of Cond/d and 1500bblsSw/d.
In total, the lower Frio sands have produced over 3 million barrels oil, 12.75 billion cubic feet of gas and 9 million barrels saltwater from an area encompassing no more than 400 acres.
Seismic indicates that the remaining reserves will be in the Proved Undeveloped (PUD) category and should contain approximately 2.47 MMBbls oil (2.47 million barrels) and 19.5 BCF gas (19.5 Billion Cubic feet of gas) according to an independent report prepared by R.A. Lenser & Associates.
Future Quest Nevada Inc. is a development stage oil and gas exploration company.
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.