ARLINGTON, Texas, May 13, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL), is pleased to announce that the Company has engaged the services of Midtown Capital Partners Co., LLC to negotiate and secure a financing to forward its Acadia gas projects. Upon closing definitive agreements the Company will announce terms and conditions of the transaction through an 8K filing.
Commenting on the announcement, Rod Bartlett, Quest's President, said, "The Acadia Project is a key element of Quest's downstream projects. With a successful financing effort we will mark a significant milestone in our progress toward bringing the Acadia project on stream."
Cameron King, CFO, added, "Midtown Partners & Co., LLC is acting as lead placement agent in arranging the necessary institutional funding for this project. Quest welcomes Midtown Partners as a financial partner as well as providing long term commitment for strategic growth opportunities."
The Acadia North Project is located 160 KM due east of Calgary, Alberta. Quest's holds 100% interest in two sections of land that are underlain by the Viking sand reservoir that contains 15 BFC of gas-in-place. Seismic activities for the Acadia Project began in December, 2004 when Quest authorized expenditures with Vega Resources and contracted Transaction Oil and Gas Ventures as Project operator.
ABOUT QUEST OIL CORPORATION
Quest Oil is an oil and gas company dedicated to solving North America's complex energy problems. Quest Oil identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in Alberta, Canada, Pennsylvania, Texas and other US promising locales. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America.
ABOUT MIDTOWN PARTNERS & CO., LLC
Originally founded in May 2000, Midtown Partners & Co., LLC is an investment bank focused on private placement investment banking opportunities. The investment banking group at Midtown Partners & Co., LLC was founded on the premise that client relationships and industry focus are keys to the success of emerging growth companies. Such companies require investment banking services from a firm with a unique understanding of the marketplace and the nature of these transactions. Additional information can be found at http://www.midtownpartners.com.
ON BEHALF OF THE BOARD Quest Oil Corporation Mr. Cameron King MBA, CFO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com
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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. Additional disclosures regarding the Company are contained in our public filings made with the United States SEC. Please visit the SEC website at www.sec.gov for more information.