HOUSTON, March 14, 2006 (PRIMEZONE) -- Quest Oil Corporation (OTCBB:QOIL) is pleased to announce that subsidiary Quest Canada Corp. was successful in acquiring two sections of land and all PNG rights at the Alberta Crown Land sale held on March 08, 2006.
The newly acquired leases are located in the Acadia Valley and are an extension of the Arneson Viking gas pool that was encountered by test wells "15-34" and "10-22". The sections are approximated one mile northeast of section 34-25-2W4 and directly south of our lands Section No. 11 and No. 12. Quest's successful bid on sections 1-25-2W4 and 2-25-2W4 provide all rights from surface to basement for a five year period and bring the Acadia North land holdings to seven (7) sections totaling 4,480 sq. acres. Quest Oil's President and CEO, Mr. Bill Stinson further stated that, "The size of the Acadia field is growing nicely from only two sections this time last year to over seven square miles today."
Mr. Stinson is also please to announce that the interpretation and mapping of the Acadia North 3D seismic shoot was completed just in time to provide detailed information for the recent land sale and proving a valuable resource when projecting values on potential production locations. "Based on the positive results of the seismic shoot, we have put in motion a four well horizontal drilling program. Dr. Norman Neidell, the consultant that has processed and interpreted the data and has selected four locations based on structural elevation of the Viking sandstone that will maximize production yields. Transaction Oil and Gas Services Ltd., will be operator and will be responsible of permitting and survey."
Odom Ranch No.1H Well
Quest Oil is pleased to announce that it has agreed to participate in the completion of the Barnett Shale Odom Ranch No.1 H horizontal well in Parker County that commenced drilling on February 5th, 2006 and has reached TD of approximately 9,000 feet. Mr. Stinson stated, "Based on our examination of the data, Quest Oil Corporation has elected to participate in the completion of the well. The participation in this project, has granted us access to the operational aspects of drilling Barnett Shale horizontal wells which will prove beneficial in our upcoming deep well drill program for Hawkeye/Midkiff leases."
Nettie Gardner
Due to the continued delays in drill rig availability in the Nettie Gardner, McCullough County area, Mr. Stinson advises, "That we have decided to put priority on the in-fill drilling program for the Hawkeye -- Midkiff fields; the continued delays in spudding Nettie Gardner has started to encroach on our schedule of events of the other areas. We have already engaged a local drilling company to launch a shallow in-fill drill program on the Hawkeye field and is scheduled to be on site within the week. The five well drill program for Nettie Gardner will be re-scheduled once drill rigs are more readily available and commitments can be met."
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., Wallstin Petroleum LLC and PetroStar Oil Services Inc.
ON BEHALF OF THE BOARD
Quest Oil Corporation. "William Stinson" William Stinson President CEO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Quest Oil Corporation has little or no control.