Quest Oil Corporation Announces Update on the Concho County, Texas Project
16 9월 2010 - 5:15AM
Business Wire
Quest Oil Corporation (Pink Sheets: QOIL) is pleased to announce
an update on the oil lease in Concho County of West Texas.
On September 9, 2010, the Company announced it was in
negotiations for the potential acquisition of an oil and gas lease
in Concho County, Texas. The Company is in active talks with
Hydrocarbon Imaging Services, Inc. in scheduling the imaging of the
property. Robert Clark, CEO of Hydrocarbon Imaging Services, Inc.
commented, “HIS will conduct the imaging of the property as soon as
approval from the landowner is obtained, which we anticipate within
the next 36 hours. My crews are currently on standby to perform the
imaging and should be able to complete the imaging portion of the
evaluation within 24 hours of commencement.”
HIS conducted the imaging plat on the Eastland County, Texas,
project that resulted in a tremendous anomaly under the property.
This imaging will be posted on the website in the next few
days.
There have been 10 oil wells plugged and abandoned by the
Railroad Commission due to noncompliance of the previous operator
and owner of the Concho County lease years ago. These 10 wells
flowed after the completion phase with initial production of 150 to
200 barrels per day. All of the monthly lease operating expenses
were covered from the gas produced and sold.
Company CEO, Mr. Joe Wallen, comments, “We look forward to the
imaging results of the Concho County, Texas, project. This
information will be very helpful in the Company’s success in its
plan for the development of the acreage by drilling.”
About Quest Oil Corporation
Quest Oil Corporation is an independent oil and gas exploration
company that seeks to acquire and develop economically attractive
and geologically sound properties that have, in management’s view,
significant upside potential. Quest Oil Corporation is focused on
the acquisition of properties that are currently in production, and
on the development of new drilling opportunities. Quest Oil
Corporation’s development strategy includes the implementation of
state of the art technologies that are deployed to enhance and
rework existing, highly predictable wells, within proven oil and
gas plays. For more information, please visit www.questoil.com.
Statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Securities Act
of 1933, as amended. Those statements include statements regarding
the intent, belief or current expectations of the company and its
management. Such statements reflect management's current views, are
based on certain assumptions and involve risks and uncertainties.
Actual results, events, or performance may differ materially from
the above forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors,
including, but not limited to, the company's ability to obtain
additional financing and the demand for the company's products. Any
investment in the company would be extremely speculative and
involve a high degree of risk and should not be pursued unless the
investor could afford to lose their entire investment. Before
investing, please review this filing, all past public filings with
the SEC, all current Pinksheets.com filings and consult a
registered broker dealer or contact the financial industry
regulatory authority (“FINRA”) for more information regarding
locating a qualified party to assist in making an investment
decision. The company undertakes no obligation to publicly update
these forward-looking statements to reflect events or circumstances
that occur after the date hereof or to reflect any change in the
company's expectations with regard to these forward-looking
statements or the occurrence of unanticipated events. Factors that
may impact the company's success are more fully disclosed in the
company's most recent public filings with the U.S. Securities and
Exchange Commission.
Quest Oil (PK) (USOTC:QOIL)
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Quest Oil (PK) (USOTC:QOIL)
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