Quest Oil Corp. (QOIL)

[niz]

Natural Gas exploding. Does QOIL own any properties or is it a shell?

Quest Oil Corporation, incorporated on January 19, 1999, is an independent oil and gas company with a primary focus on acquiring, developing and participating in the United States and Canadian crude oil and natural gas properties.
The Company has a 40% working interest in 16.5 sections and 100% one section in the Warner area, and this area offers production from the Barons, Medicine Hat, Bow Island and Belly River formations. In the South Taber area the Company has a 50% working interest in 640 acres of land (one section). As of March 31, 2010, there was one gas well on the property, which contributed 10 barrels of oil equivalent per day. In the Diamond area the Company has a 50%-operated working interest in 1920 acres of land (three sections). The Company has a joint venture participation agreement for a 4.5% interest in the Odum-Martin Ranch No. 1 horizontal well. The well is in the Newark East Field (Barnett Shale) in Southeast Parker County close to the Hood County border. Independence Energy Corporation’s natural gas production comes from three producing wells on the Warner property, consisting of 20 sections of land net 40% ownership interest and one producing well on the Taber property consisting of one section of land net 50% ownership position. Independence Energy Corporation has made a total of 5,504 net acres land available for development and exploration.