B: Quest Acquires Nettie Gardner Lease McCullouch County, Texas ( PRIMEZONE )
ARLINGTON, Texas, Jun 30, 2005 (PRIMEZONE via COMTEX) -- Quest Oil Corporation
(OTCBB:QOIL) (
www.questoil.com) announces the Nettie Gardner lease was purchased
June 29, 2005. Lease documents were registered in the McCullouch County, TX
county clerk's office.
The Nettie Gardner lease is comprised of 116 acres, which forms the southernmost
extension of the EXOC Field discovered in 1976 by the Bishop-Biemer-1 well.
Production occurs from the Jennings gas sand and the Gardner sandstone for the
oil at a depth of approximately 1,000 ft to 3,000 ft.
Estimated capex for the initial designed work program is estimated at $323,500,
which entails drilling 5 new wells, 3 oil and 2 gas, and work over of the
existing gas well. The estimated cost to drill and complete one well is $60,000,
for a total of $300,000. The estimated cost for work over is $23,000. Production
Production
rate is estimated at 15 bopd/well and 35mcfpd/well, 3 oil wells and 3 gas wells
producing an estimated 1350 bopm and 3150mcfpm. Average projected annual net
return, after lease operating expense and taxes, at $50/barrel and $7.5/mcf is
approximately $10,300,000 over the life of the production. This is based on a
75% net revenue interest to Quest Oil.
Quest Oil Corporation is also offering its shareholders to listen to an
AudioNews(tm) interview with Cameron King MBA, CFO, Director that can be
accessed through the
http://www.audiostocks.com website.
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.
ON BEHALF OF THE BOARD
Quest Oil Corporation Mr. Cameron King MBA, CFO