Thursday, August 25, 2011 4:22:11 PM
Now you claim; “I just met with Joe Wallen, President and CEO of Quest Oil. He rolled his properties, the properties in Eastland County that we are going to develop, into Quest Oil last year when they promised him that they could raise money for him, but they couldn't follow through.
These fields are not sexy, but when they were shut in they were producing 3 - 5 barrels of oil per day. As they needed maintenance they were shut in. We think this is a great play and like the economics of it. The cost to re-work a well and bring it online is around $7,000 and the return on investment is less than 8 weeks at 3 barrels per day.”
My question to you, QOIL has just put out several PR’S claiming they have already done work over’s, maintenance, and improvements but now you say QOIL’S CEO claims they didn’t raise the money to do the workovers, maitenance, and improvements.
Now just where do you expect to get the money? So who’s lying here?
It looks to me like QOIL lied to their investors in those PR’s and GSRE is going to do the same if you do a “Reverse Merger with Questus Energy, LLC.”
Is Joe Wallen going to be GSRE’S new management?
Is GSRE going to inherit QOIL’S debt’s and ??????
Please enlighten your shareholders as to what is REALLY going on here.
QOIL PR'S;
http://ih.advfn.com/p.php?pid=nmona&article=44310204
09/09/2010 Quest Oil Announces the Initial Stage of the Drilling Program on the Hawkeye-Midkiff Fields
Quest Oil, Corp. (Pink Sheets: QOIL) is pleased to announce that its engineering team has begun its drilling program evaluation for the Hawkeye-Midkiff fields. The drilling program will be determined from the use of the hydrocarbon imaging plat that has been completed as well as geological studies. The initial drilling well location has been picked with the survey and construction of the location to be completed prior to drilling. We are in discussions with drilling contractors to determine the availability and time frame for a drilling rig.
Joe Wallen, CEO of Quest Oil, commented, “We are excited about the potential of our drilling program. With the use of the hydrocarbon imaging plat in helping to determine our drilling strategy we feel confident this will allow us to be successful in drilling. We are also confident that we can increase production from the drilling as well as from the workover program.”
http://ih.advfn.com/p.php?pid=nmona&article=44318981
09/10/2010 Quest Oil Initiates Workover Program on Hawkeye-Midkiff Fields
Quest Oil Corp. (Pink Sheets: QOIL) is pleased to provide an update on the recently announced 50 well workover program released on September 8, 2010. Over the past few days, work crews have completed a mechanical workover on three pump jacks by upgrading equipment, removing and installing new flow lines, performing electrical systems checks and rewiring outdated copper lines.
The rig and work crews are proactively performing Mechanical Root Cause Workovers. This term applies to Surface or down-hole hardware failure being the most obvious reason for a workover. If the problem is down-hole, all equipment must be pulled from the wellbore. In some cases, the purpose of intervention may be to upgrade pumping equipment, reperforate the well, or access a new zone.
Mr. Frank Grabs, VP of Operations and Director of Quest Oil commented, “I am very pleased at the performance of the team and the ability to diagnose and repair the pump jacks. The Company has scheduled 45 days to complete the ‘Phase One’ plan. At this rate, I expect we will be well ahead of schedule. Having a proactive approach to workover programs will allow our team to notice and address any problems before serious production shut down can occur.”
http://ih.advfn.com/p.php?pid=nmona&article=44339761
09/13/2010 Quest Oil Announces “Bonanza 1” Spud Date
Quest Oil Corporation, (PINK: QOIL) ("Quest Oil" or the "Company") is pleased to announce that a spud date has been set for the newest development well at the producing oil & gas Hawkeye-Midkiff lease, located in Eastland County, Texas. The initial drilling well location has been picked with the survey and construction of the location to be completed prior to the commencement of drilling.
The well has been designated “Bonanza 1” and is scheduled to spud on October 29th. The sizeable anomaly was identified and confirmed by recent Hydrocarbon Imaging Services, Inc.(HIS) in July this year. The well target is slated for a total depth (T.D.) of 3,500 feet to test the Ellenburger pay zone, Marble Falls limestone and the Barnett Shale . Once drilling commences it is anticipated to take 7 days to reach the T.D. after which any prospective oil shows will be tested. The Company has identified a minimum of 10 target locations to drill in the Ellenburger, Marble Falls and Barnett Shale.
About the Hawkeye-Midkiff Project:
The Haweye-Midkiff project is located in southwestern Eastland County, Texas, 200 miles west south west of Dallas, Texas, and totals 1,040 acres adjacent to the western edge of historical oil and gas plays and faulting structures of the Ft. Worth Basin.
The initial discovery of the anomaly was by Hydrocarbon Imaging Services, Inc. (HIS) overseen by Company director Robert Clark. “… HIS found the Hawkeye-Midkiff Leases holding significant commercial hydrocarbons.“ The leases have historical production totaling 208,000 barrels of oil beginning in 1998 with production at initial rates of over 100 barrels per day. After a review of the data of the imaging the potential barrels of oil estimated by Hydrcarbon Imaging Services, Inc. are 11.8 MBO (M equals a million) reserves recoverable, proved undeveloped. HIS has provided the following comment on this calculation, “HIS is very conservative on its reserve estimates. We certainly recommend further evaluation of logs, cores and other analog production in the area.”
http://ih.advfn.com/p.php?pid=nmona&article=44423142
09/17/2010
Quest Oil Corporation Announces an Update on the Workover Program on the Hawkeye-Midkiff Fields
Quest Oil, Corp. (Pink Sheets: QOIL) is pleased to announce an update on the workover program conducted on the Hawkeye-Midkiff fields in Eastland County, Texas. Well hook-up was initiated with the installation of flow lines connected to 4 wells ready to and capable of producing as well as laying electric cable to the wells for electric motor hook-up. The electricity was recently supplied to these wells to initiate production. The wells have produced on a limited time due to the weather delays in commencing the workover program at a rate of oil production that was expected plus more.
Mr. Frank Grabs, VP of Operations and Director of Quest Oil commented, "Once we got past the weather delays we were able to complete our operations on the initial wells this week placing the wells into production. The crews will continue the ongoing workover program this coming week. Daily production rates will increase with the added wells we plan to place on line and produce."
More updates on the progress of the workover program will be issued next week.
http://ih.advfn.com/p.php?pid=nmona&article=44445288
09/20/2010 Quest Oil Corporation: Workover Program Continues This Week on the Hawkeye-Midkiff Fields
Quest Oil, Corp. (Pinksheets: QOIL) announced the workover program initiated last week on the Hawkeye-Midkiff fields in Eastland County, Texas has continued this week. Additional well hook-ups will continue. Production has continued to improve from last week’s operations.
Mr. Joe Wallen, CEO and Director of Quest Oil, commented, “Operations will continue into this week, placing additional wells into production with the setting of pump jacks and additional flowline. Daily oil production will steadily increase as the days move forward with the adjustments of the producing wells from last week and the new wells this week.”
http://ih.advfn.com/p.php?pid=nmona&article=45709435
12/17/2010 Quest Oil Corporation Production and Workover Update
Quest Oil Corp. (Pink Sheets: QOIL) announced the ongoing workover program on the Hawkeye-Midkiff fields in Eastland County, Texas has resulted in the anticipated increase in daily production. Additional well hook-ups will continue to increase and improve production operations. Current production is at 22 barrels of oil per day with added increase daily production.
Mr. Joe Wallen, CEO and Director of Quest Oil, commented, "A lot of the existing wells have been shut in from previous operators and take more work than just the basic rig and pulling of the wells. However, once the wells are on a consistent producing program the wells will settle in a consistent daily production."
The negotiations for the west Texas projects are in the final stage. Quest anticipates the negotiations should be finalized at the first of next month.
http://ih.advfn.com/p.php?pid=nmona&article=46315159
02/04/2011 Quest Oil Corporation: Operations Update
Quest Oil Corp. (Pink Sheets: QOIL) announced the workover program on the Hawkeye-Midkiff fields in Eastland County, Texas continues resulting in the anticipated increase in daily production. Quest has acquired its own workover rig to be used on the Eastland County leases for its wells. In addition, Quest is currently pursuing the acquisition of other oil and gas leases.
Mr. Joe Wallen, CEO and Director of Quest Oil commented, "We have had downtime due to weather conditions in the last 30 to 60 days delaying the program. Acquiring the workover rig will help to alleviate any delays and dramatically reduce our costs. We continue our pursuit of additional oil and gas leases, not just in Texas, but throughout the United State, through the use of creative deals that we are very excited about. We will continue our pursuit, to further establish Quest as a legitimate independent oil and gas company. More news on the acquisitions will be out soon."
All that is necessary for the triumph of evil is that good men do nothing. (Edmund Burke)
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