Quest Oil Announces Target Drill Date
ARLINGTON, Texas, Jun 14, 2005 (PRIMEZONE via COMTEX) -- Quest Oil Corporation
(OTCBB: QOIL) (www.questoil.com) announces that the first well of the Company's
two well drilling program at the Acadia North natural gas project has been
surveyed and a surface lease has been negotiated. A drilling license for well
10-34-25-26 W4M is expected to be issued this week and negotiations are underway
with a drilling contractor to contract a rig that is active nearby. If this rig
can be contracted the well could be spudded as early as June 20th. The second
well 15-22-25-26 W4M is being survey and should be ready for drilling
immediately after well 10-34-25-26 W4M is complete.
According Quest Oils' Consulting Petroleum Engineer, Richard Johnson P.Eng, "The
two wells are being drilled to tap into a Viking natural gas reservoir that has
previously produced from wells within half a mile of the two new locations. The
earlier wells did not drain the reservoir and independent engineering
evaluations of the zone indicate Proved Reserves exist under the lands being
earned by the Company through the drilling of these two wells."
Quest Oil has a 100% working interest in the 1,280 acre Acadia North prospect
with a net retained interest of 79%. The Acadia Project is located in southeast
Alberta near the Saskatchewan border. The Arneson Viking Pool is a shoreface
sand deposit and oriented in a NE-SW direction. 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 Plus Probable Plus Possible recoverable reserve of 13 BCF
with an estimate life of 13 years. July '05 contracts for Natural Gas are
trading at $7.260/mmBTU with evidence of continued appreciation and stability
over the next few years.
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