ARLINGTON, Texas, Dec. 13, 2004 (PRIMEZONE) -- Quest Oil Corporation, (OTCBB:QOIL) is pleased to announce that it has entered into a Memorandum of Understanding with Vega Resources Ltd., a private Alberta company, to acquire 100% working interest in the Acadia North prospect located east of Calgary, Alberta. All rights and obligations to the lands will be released upon completion of a formal land acquisition contract.
Independent third party engineer reports advise that total cumulative proven, probable and possible reserves total an estimated 6 Bcf Gas. The Acadia North gas prospect has been chosen as a low risk, high probability of being a successful opportunity with good quality seismic anomalies in known gas producing formations. Quest Oil will have access to historical log data, seismic information, good geological control and analog fields which are spread throughout the area for reference and drilling guidance.
The drilling of the first well is targeted for Q1, 2005 after complete careful seismic review, surveying and permitting are accepted. Upon completion, more information regarding the specifics of each pay zone will be made available. With the prices of natural gas continuing to rise as seen in gas futures trading in the $7.00 per mcf range, high quality gas prospects are of a competitive nature, Quest Oil is fortunate to have the opportunity to acquire such a prolific property.
Quest Oil's President Rod Bartlett states, "We are very pleased to have the opportunity to acquire this project for its high quality and upside potential. This is a great step forward for the Company as it brings immediate balance sheet assets and production cash flow into Quest."
ABOUT QUEST OIL CORPORATION
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout North America. Company management is focused on an acquisition program targeting high quality, low risk prospects provided via key strategic alliance partnerships. Participating in the development of North American oil and gas resources is becoming more necessary in the upstream industry and is consistent with Quest's growth strategy going forward.
ON BEHALF OF THE BOARD Quest Oil Corporation Cameron King MBA CFO/Director
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
Contact Investor Relations, 1-866-264-7668 Quest Oil Corporation.
This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward looking-statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as 'expects,' 'will,' 'anticipates,' 'estimates,' 'believes,' or statements indicating certain actions 'may,' 'could,' or 'might' occur.