Quest Oil Comments on December Production From North Acadia Gas Well ''10-22''
Posted on: Thursday, 2 February 2006, 12:00 CST
Quest Oil Corporation (OTCBB:QOIL), through its wholly owned subsidiary Quest Canada Corporation, is pleased to announce December production of 47.6 mmcf of natural gas delivered to AltaGas. The December production is 22% lower than November production rate of 61.3 mmcf. The reduced production rate is attributed to the well being shut in for the first week in December due to facility upgrades and well testing. Based on an average price of net of handling and transportation costs, Quest was paid $11.59 per mcf allowing Quest Canada to realize $536,000 in gross revenue. Quest Oil President and CEO Cameron King advised, "Since the well was put into production, October 15th, 2005 through to December 31, 2005 the Company has generated over $1.375 million in top line revenues; this is significant considering production is from only one well and proves the Viking zone has tremendous sustainable deliverability."
Quest continues to interpret the data received from the 27.5 sq. km (10 sq mi.) 3D seismic shoot, early indications prove the shoot was successful with no to very little interference from signature depth of four seconds. Bill Stinson, Quest Oil, COO states, "Our priority is to interpret down to 2 seconds and map the Viking gas pool and design a horizontal drill program to come in on the highs of the sand. Based on what we are interpreting, we are expecting production to come in at 3 to 6 mmcfpd for each well."
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 Corporation, Wallstin Petroleum LLC and PetroStar Oil Services, Inc.
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.
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. All persons considering an investment in Quest Oil Corporation are encouraged to consult with an investment professional and to review Quest's public filings which are available at www.sec.gov.
Source: Business Wire
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