ARLINGTON, Texas. Nov. 10, 2004 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) is pleased to announce the appointment of Mr. Robert N. Martin to its Board of Directors. Mr. Martin has just completed a successful term as the President of Longbow Energy Corp. (TSX Venture Exchange:LBV), an Alberta based oil and gas exploration company. Mr. Martin's long professional standing as a petroleum engineer will add significantly to the corporation's ability to select high quality acquisition and prospect properties worldwide. Visit: www.questoil.com.
The appointment of Mr. Martin to the Board follows on the heels of Quests Oil Corporation's decision to abandon its opportunities in Papua New Guinea in favor of more immediate prospects in Alberta and Illinois. Quest Oil Corporation has engaged an Acquisition Consultant of significance to identify and negotiate several viable oil and gas prospects in Alberta (announcements to follow). Properties currently under negotiation in the Alberta foothills are drill ready with credible geophysics and seismic recently completed. Projected returns on these plays should be in the $100 million range on relatively minimal investment dollars. QOIL has been drawn to Alberta, Canada because it has the second largest crude oil and gas reserves in the world, second only to Saudi Arabia.
In keeping with Quest Oil Corporation's new direction, QOIL has opened a Canadian Subsidiary, "Quest Canada Corporation". This wholly owned subsidiary will hold the upcoming Alberta properties and is centered in Edmonton, Alberta.
Quest Oil is negotiating directly the acquisition of a potential subsidiary based in the Illinois Basin. With annual energy and mineral revenues of $3.5 billion dollars, the Illinois Basin has a long and reliable history of producing oil reserves with low dry hole risk. QOIL prospects are considered to be of the utmost quality of any prospect in the area. QOIL's acquisition will enable the Company to generate timely returns.
With strategic investments of capital, time and resources, Quest will realize multi-million dollar payouts. The management of QOIL has merged their expertise and diverse backgrounds to fully develop an interlocking series of strategic oil and gas plays into a long-term contiguous exploration and development campaign. With over fifty years of combined leadership and operational experience, QOIL's management is focused and committed to effective development of the resource exploration, corporate development and financial governance required to build a truly growth-oriented business entity.
Quest Oil Corporation will continue to seek out both domestic and international prospects that are advanced in their development and producing opportunities. With rising consumption and little global surplus production capacity, prices will probably remain above $40.00 for the foreseeable future.
QUEST OIL CORPORATION. is quoted on the OTC Bulletin Board as "QOIL" Copyright (c) 2004 Quest Oil Corporation. All Rights Reserved. For Investor Information Contact:
Quest Oil Corporation Quest Canada Corporation Suite #600 - 2000 East Lamar Blvd 11215 Jasper Avenue # 513, Arlington, Texas Edmonton, Alberta United States T5K 0L5 76006 Tel: 817-462-4091 Fax: 800-868-0402 info@questoil.com www.questoil.com
Forward-Looking Statement: The statements in this press release regarding any implied or perceived benefits from the acquisition of oil producing properties, maintaining mineral lease rights, continued oil production, plans to drill additional oil or gas wells, and any other effects resulting from any of the above are forward- looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of oil at historical rates, costs of operations, delays, and any other difficulties related to producing these minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.