ARLINGTON, Texas, July 26, 2005 (PRIMEZONE) -- Quest Oil Corporation, (OTCBB:QOIL) the Company's operator, Transaction Oil and Gas Ventures, Inc. has confirmed Acadia North gas well "15-24" will spud on July 29, 2005. As previous indicated in the July 11, 2005 news release, a spud date was targeted for July 17th, 2005; however due to a dramatic increase in drilling activity in the area by several major oil and gas companies, drill rig availability is limited and requires significant lead times.
Quest Oil's "15-34" well is the second well to be drilled under the Company's overall development strategy at Acadia North. The Company expects to reach total depth of 900 meters (2,900 feet) and case the well in 7 days from spud date. The completion phase requires drilling to depth approximately 5 meters above the Viking sand and cement in production casing. Once casing is in place, an Endless Tubing Unit will be required to complete both "10-22" and "15-34" gas wells to the point of production tie-in. Upon completion of production casing, the wells will be put on a tight hole status for 30 days. Furthermore, on July 15, 2005 the Company's AFE of $408,800 for well "15-34" was paid in full.
The Acadia North project is a development property with a natural gas reserve at shallow depth, short payback period and long life reserves. The play is located in the "Viking Sand", the largest Viking hydrocarbon accumulation in Alberta, Canada. Gas prices continue to remain strong with September delivery priced at $7.89 U.S. per mmBtu.
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. and Wallstin Petroleum LLC.
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.
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