ARLINGTON, Texas, Feb. 14, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com), an oil and gas development company, has completed an internal accounting of its stock availability and issue.
"With recent inquiries by investors and potential investors alike, management agreed an accounting of the stock availability and issue was essential to answer these inquiries precisely and in a timely fashion," said Cameron King, Chief Financial Officer of Quest Oil.
As of February 11, 2005 the total issue of common stock is 27.3 million shares of which 21.3 million shares are restricted and not available for sale under rule 144 restriction. This restricted stock remains in the company treasury and not considered part of the float.
As of this date, there are 5,500,000 shares in the actual float, of which 3,450,000 shares are held by the company and 2,050,000 are available for trading.
"Quest Oil is moving forward according to its long range plans in developing new leases and ventures to insure its growth and expansion in the years to come. The need for domestic oil exceeds production in North America, and our goal is to decrease our dependency on foreign imports," Mr. King added.
ABOUT QUEST OIL CORPORATION
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout North America. Company management is focused on an acquisition program targeting high quality, low risk prospects provided via key strategic alliance partnerships. Participating in the development of North American oil and gas resources is becoming more necessary in the upstream industry and is consistent with Quest's growth strategy going forward.
ON BEHALF OF THE BOARD; Quest Oil Corporation Roderick Bartlett, President and CEO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
Contact Darren Hayes, Corporate Development, 1-866-264-7668 Quest Oil Corporation.
This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward looking-statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as 'expects,' 'will,' 'anticipates,' 'estimates,' 'believes,' or statements indicating certain actions 'may,' 'could,' or 'might' occur.