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Qoil - NewsQuest Oil Enters Participation Agreement for Barnett Shale Horizontal Well; Quest Management Provides Additional Updates
Business Wire - February 09, 2006 13:20

HOUSTON, Feb 09, 2006 (BUSINESS WIRE) -- Quest Oil Corporation (OTCBB:QOIL), is pleased to announce the Company has entered into a joint venture participation agreement for an interest in the Odom (Martin) Ranch No. 1H horizontal well on the Martin-Hyponex prospect from Gaither Petroleum. The well spudded on February 5th 2006 in Parker County. Participants in the well are Sauder Management Company (Operator), Carrizo Oil and Gas Inc. (NASDAQ:CRZO), Triad Oil and Gas, L.L.C. and Ryder Scott, LP. The well is in the Newark East Field (Barnett Shale) in Southeast Parker County close to the Hood County border.

The participation marks our official entry into the Barnett Shale play and enables Quest to secure significant amount of good quality 3D seismic data that comes with this acquisition. The "Odom (Martin) No.1" will take approximately 25 days drill to TVD of 6,200 ft. and MD of 9,500 ft. Quest is using this as a springboard to look at several other opportunities in the Barnett Shale area.

Bill Stinson, Quest Oil Corporation's COO said, "Having the opportunity to participate in ventures with solid industry partners like Gaither Petroleum, Sauder Management, Carrizo and Ryder Scott is one of the main components in expanding our business strategy. Carrizo has extensive experience in the Barnett Shale and some of the best operations people I've worked with. Carrizo drilled several successful Barnett Shale wells in the area and we expect this well to be no different. Last weeks NAPE conference was very informative in terms of what acreage is available even in the hot Barnett leasing areas like Bosque, Hill and Erath counties."

Acadia North 3D Seismic

Stinson commented, "Acadia 3D processing is nearing completion and the preliminary unmigrated stacks are excellent. Based on what I've seen so far, there are some unusual things in the data that may form the basis for another distinct play. It's subtle and without 3D seismic to define the geometry, one would likely completely miss the opportunity with blind infill drilling."

Hawkeye - Midkiff

According to Stinson, "The Hawkeye/Midkiff area has produced a few surprises. We're getting a lot more oil production from some wells on the Johnson lease than we expected. A review of the production history has revealed that a significant amount of gas has been produced. In the past, this gas has been flared mainly because of the low gas prices at the time. We are looking into the possibility of tying this gas production into the main line. Preliminary indications are that this gas is commercial and can contribute a significant amount of revenue."

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 Corp. and Wallstin Petroleum LLC and PetroStar Oil Services, Inc.

ON BEHALF OF THE BOARD

Quest Oil Corporation. "Cameron King" Cameron King MBA - President and CEO Director

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: Quest Oil Corporation

Quest Oil Corporation
Mr. Darren Hayes, Corporate & Business Development
Toll Free: 1-866-264-7668
Fax: [phone]
[e-mail]

Copyright Business Wire 2006 ********************************************************************** As of Sunday, 02-05-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 01-20-2006 for CRZO @ $26.71. (C) 2006 Comtex News Network, Inc. All rights reserved.





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