KERRVILLE, Texas, March 18, 2011 /PRNewswire/ -- Quest Oil Corp. (Pink Sheets :QOIL ) announced that it is close to finalizing the acquisition of a 540 acre oil, gas and mineral lease located in Coleman County, Texas. Quest has initiated imaging on additional acreage adjacent to this lease.
Mr. Joe Wallen, CEO and Director of Quest Oil commented, "The potential acquisition of this oil and gas lease, which is in its final stage, will add substantial reserves to the Company's assets of approximately 1.6 million barrels of recoverable oil. We have initiated imaging by Hydrocarbon Imaging, Inc. to be conducted on acreage adjacent to the current acreage we are finalizing."
About Quest Oil Corporation
Quest Oil Corporation is an independent oil and gas exploration company that seeks to acquire and develop economically attractive and geologically sound properties that have, in management's view, significant upside potential. Quest Oil Corporation is focused on the acquisition of properties that are currently in production, and on the development of new drilling opportunities. Quest Oil Corporation's development strategy includes the implementation of state of the art technologies that are deployed to enhance and rework existing, highly predictable wells, within proven oil and gas plays. For more information, please visit www.qoilcorp.com.
Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission.
SOURCE Quest Oil Corp.