ARLINGTON, Texas,, June 14, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) announces that the first well of the Company's two well drilling program at the Acadia North natural gas project has been surveyed and a surface lease has been negotiated. A drilling license for well 10-34-25-26 W4M is expected to be issued this week and negotiations are underway with a drilling contractor to contract a rig that is active nearby. If this rig can be contracted the well could be spudded as early as June 20th. The second well 15-22-25-26 W4M is being survey and should be ready for drilling immediately after well 10-34-25-26 W4M is complete.
According Quest Oils' Consulting Petroleum Engineer, Richard Johnson P.Eng, "The two wells are being drilled to tap into a Viking natural gas reservoir that has previously produced from wells within half a mile of the two new locations. The earlier wells did not drain the reservoir and independent engineering evaluations of the zone indicate Proved Reserves exist under the lands being earned by the Company through the drilling of these two wells."
Quest Oil has a 100% working interest in the 1,280 acre Acadia North prospect with a net retained interest of 79%. The Acadia Project is located in southeast Alberta near the Saskatchewan border. The Arneson Viking Pool is a shoreface sand deposit and oriented in a NE-SW direction. The porous sand ranges from 30 feet to 46 feet thick and contains gas. Pay zone thickness ranges from 4 feet to 12 feet with a Proven Plus Probable Plus Possible recoverable reserve of 13 BCF with an estimate life of 13 years. July '05 contracts for Natural Gas are trading at $7.260/mmBTU with evidence of continued appreciation and stability over the next few years.
About Quest Oil Corporation
The Company is committed to the exploration and development of economical oil and natural gas reserves globally. Quest management is focused on an acquisition program targeting high quality and low risk prospects. Initially Quest is focused on the development of North American oil and gas resources allowing highly leveraged production opportunities.
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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