ARLINGTON, Texas, May 25, 2005 (PRIMEZONE) -- The Board of Directors of Quest Oil Corporation (OTCBB:QOIL) (www.questoil.com) is pleased to announce that the Company has mobilized its project geologist and survey crew to its Acadia North project, located in Municipal District of Acadia No. 34, Alberta in advance of a 3,000 ft (950 m) drilling program. This drill program marks the Company's first drilling campaign on the Acadia North Project and, when completed, will satisfy the Company's commitment to drill a minimum of one well on or before June 30th, 2005.
The Acadia Project is located in southeast Alberta near the Saskatchewan border. Acadia North consists of two sections totaling 1,280 gross acres overlying the vast Viking gas target. The Arneson Viking Pool is a shoreface sand deposit and oriented in a NE-SW direction. The pool has been encountered by four previously drilled wells since 1972. The porous sand ranges from 30 feet to 46 feet thick and contains gas. Pay zone thickness ranges from 4 feet to 12 feet with a proven and probable recoverable reserve of 10 BCF at a market value of $30 million.
On May 20, 2005 Quest Oil completed and closed project financing for $750,000 USD. These funds have allowed for immediate application for licensing and permitting of the two Acadia North gas sections. Quest Oil's operator, Transaction Oil and Gas Ventures has been retained to provide turnkey development through to tie-in. Survey crews are on site and will be determining potential drill site locations over the next three weeks. Drill rigs at present are being scheduled for mid-June and once on-site a two well drill program is expected to span a ten-day period through to completion and tie-in.
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 through 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 Mr. Cameron King MBA, CFO
To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.
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.