VANCOUVER, British Columbia, Sept. 8, 2004 (PRIMEZONE) -- GameState Entertainment, Inc. (OTCBB:GMSE) has entered in to acquisition discussions with Grey Creek Petroleum (Grey Creek), Vancouver BC, by signing a Letter of Intent to acquire 100% of all of the Grey Creek capital stock, including rights and interests to the Application Petroleum Prospectors Licenses (APPL) it now holds in Papua New Guinea.
More detailed information regarding this transaction will be available through our SEC filings, once a definitive agreement has been executed and closed.
About Grey Creek
The primary assets of Grey Creek Petroleum Inc. are two "Petroleum Prospecting License" (PPL) held in Papua New Guinea. Upon completion of the proposed acquisition, the Company will be the operator of these two licenses; PPL-257 and PPL-258 which have a combined land mass of 4 million acres. PPL-257 is located in the offshore Cape Vogel basin encompassing 1.75 million acres and PPL-258 covers 2.25 million acres and is situated in the oil rich East Sepik region.
Effective on August 18th, 2004 the GameState board of directors unanimously agreed to change the company name to Quest Oil Corporation in order to reflect the new direction and focus of the company. The Company has made an application with the State of Nevada to change its name to Quest Oil Corporation and intends to file with the NASD for a new trading symbol and CUSIP number.
Quest Oil is actively engaged in acquiring high quality oil and gas exploration properties in Papua New Guinea and around the world.