ARLINGTON, Texas, June 28, 2005 (PRIMEZONE) -- Quest Oil Corporation ("Quest" or the "Company")(OTCBB:QOIL) announced today that it has acquired Wallstin Petroleum LLC ("Wallstin"), a Texas Limited Liability Company, in consideration for the issuance of 1,500,000 new common shares of Quest. Pursuant to the transaction, Quest is pleased to announce two appointments to Quest senior management from the existing senior management of Wallstin. Mr. Bill Stinson will serve as Chief Operating Officer (COO) of Quest and Mr. Joe Wallen, as Vice President Operations and Development.
Wallstin Petroleum holds several producing, development and exploitation reserves principally in Texas. Leases and reserve estimates are $4.6 million PV10 value. In addition, Wallstin is in active discussions on a number of potential property acquisitions which could be completed in the following weeks.
With the acquisition of Wallstin, Quest will be positioned to not only continue to focus on exploration and development activities in the U.S., but will also have an advanced capacity to continue to seek exploration opportunities worldwide. Mr. Bill Stinson, newly appointed COO of Quest, said, "The acquisition of Wallstin delivers an extraordinarily broad operating capability worldwide without the normally associated capital and infrastructure costs. Additionally, our management team is well known in the industry and has an excellent and visible track record of creating the kind of significant value enhancement which we are confident we will also deliver to Quest. I am personally delighted to be joining this young, aggressive public company which has already demonstrated its ability to be competitive in its chosen market area given the properties already in its portfolio."
Prior to becoming COO of Quest, Mr. Stinson has 28 years in the oil and gas business at the technical and management level. He has been a chief geophysicist and an exploration manager for major oil companies as well as spending five years with the Reserves and Unitization section of the U.S. Geological Survey. Mr. Stinson worked several years for ARCO International in a variety of positions and served in overseas posts in London, Indonesia, and West Africa. Mr. Stinson's geological expertise ranges from the continental U.S. to every major continent. He spent several months in Washington D.C. as a technical specialist to the House and Senate on the first major rewrite of the Outer Continental Shelf regulations. Mr. Stinson has published several technical papers in journals such as Geophysics, the technical publication of the Society of Exploration Geophysicists (SEG). His paper on the Main Formation at the 1988 Indonesian Petroleum Association annual meeting is still considered the definitive work on that formation.
Also joining the Quest management team is Mr. Joe Wallen who will serve in the capacity of Vice President Operations and Development. Mr. Wallen, Graduate of University of Texas at San Antonio Business School has spent the last 26 years performing operations and administrative functions for numerous mid-tier oil and gas companies. Although his main focus has been in the Texas oil and gas industry, Mr. Wallen has worked in the prolific Altamont-Bluebell Field in the Uinta Basin. He handled the administrative and field operations for Roadrunner Oil Inc., an independent operator. His duties included the monthly government filings, maintaining daily communications with field personnel, internal accounting and lease operation. Mr. Wallen's duties for Quest's Texas leases included auditing for the non-operators, preparation of AFE's for drilling and completion costs and estimation of expense in joint venture oil/gas wells. Mr. Wallen is well placed to understand the intricacies of oil and gas field accounting and operation.
Cameron King, MBA, Director of Quest, said, "We are very excited to be bringing on board a management team of such high caliber and proven capabilities. Quest believes the acquisition of Wallstin Petroleum provides an outstanding opportunity to deliver rapid growth to our business, consistent with Quest's business model. The strategic alliance will be of potentially great benefit as the company continues to examine present and future opportunities for value added acquisitions."
ON BEHALF OF THE BOARD Quest Oil Corporation. "Cameron King" Cameron King MBA -- Director
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.