LAS VEGAS, May 18, 2006 (PRIMEZONE) -- Future Quest Nevada Inc. (Pink Sheets:FQNI) has announced today that it has entered into an agreement to acquire a 10% working interest in the "Bayou Choctaw" project with Texhoma Energy Inc. (Pink Sheets:TXHE). Texhoma currently has contracted to acquire a 25% working Interest. Future Quest has agreed to pay its share of the investment cost and participate on ground-floor terms in acquiring a 3-D seismic survey. The Company then has the option to participate in the first two wells and carry the promoting parties through the drilling of those wells to "casing point" on the basis of paying for 13.33% of the cost to earn its 10% working interest.
The property is located in Iberville Parish, Louisiana, and contains development and exploration aspects to the project. Proven Undeveloped Reserves, "PUD," have been identified in the "Bolmex" and "Nonion struma" geological zones at a depth of approximately 11,500 feet. An independent reserve report prepared by R.A. Lenser & Associates for Texhoma and its partners attributes an estimated value in excess of $800,000.00 of oil and gas proven undeveloped reserves to Future Quests interest.
In the event of a discovery, facilities for the production of the wells and export pipelines are available.
It is anticipated that the 3-D seismic survey will identify further significant targets warranting further development, and exploration. This news release contains information that is "forward-looking" in that it describes events and conditions, which Future Quest Nevada Inc. ("FQNI") reasonably expects to occur in the future. Expectations for the future performance of the business of FQNI are dependent upon a number of factors, and there can be no assurance that FQNI will achieve the results as contemplated herein and there can be no assurance that FQNI will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. FQNI disclaims any obligation to update any forward-looking statement made herein.