HOUSTON, Dec. 22, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) is pleased to announce the closing of the purchase of the Midkiff Oil Field (the "Midkiff Field") as previously announced in a news release dated November 7, 2005. The purchase price for the lease, well assets and infrastructure was $210,000.
The Midkiff Field is located in Eastland County, Texas, and consists of 17 leases covering approximately 1,070 acres with 91 total wells. The Midkiff Field is adjacent to Hawkeye Field, a Quest Oil owned lease. Petrostar Oil Services, Inc., a Quest Oil subsidiary, will be conducting work over operations which include upgrading pipelines for increase pressure, well head rebuilding and down-hole motor repairs.
Wallstin Petroleum LLC, a Quest Oil subsidiary, contracted Frontier Surveying to conduct survey and has staked two wells on the Hawkeye Field for infill drilling to test the deeper Barnett Shale and Ellenberger sections. Drilling permits for these wells are in the process of being filed with the Texas Railroad Commission.
The Nettie Gardner lease (Exoc Field) has completed surveying by Frontier Surveying and has staked five new well locations. Filing the necessary drilling permits with the Texas Railroad Commission is in process. Wallstin Petroleum is currently negotiating with the drilling contractor on supplies and spud date. The target horizon is the Gardner oil sand, which has produced in the Gardner No. 2 well on the lease. An evaluation of the sand will be done to determine the applicability of a horizontal well drill program. Production is anticipated from the Jennings gas sands that overlie the Gardner sand.
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 in Alberta and Texas, through its 100% owned subsidiaries Quest Canada Corp., Wallstin Petroleum LLC and PetroStar Oil Services, Inc.
ON BEHALF OF THE BOARD
Quest Oil Corporation "Cameron King" Cameron King MBA - President and CEO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
Safe Harbor for Forward-Looking Statements:
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. Prior to making an investment in Quest Oil Corporation, persons and their registered representatives should review Quest's public filings which are available at www.sec.gov. Parties who do not have internet access may contact Quest directly in order to have copies of Quest's public filings sent to them via facsimile or thorough the public mails.