KERRVILLE, Texas, Dec. 10, 2010 /PRNewswire/ -- 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.
Mr. Joe Wallen, CEO and Director of Quest Oil commented, "Operations have been ongoing for some time, placing additional wells into production and going back to the first wells installing vacuum pumps. We anticipate production to increase with the installation. Our drilling program is being revamped to make certain of the most prolific drilling site in kicking off the program.
"In addition, we have initiated the negotiations of the acquisition of oil and gas leases on several hundred acres in west Texas. The acquisition cost of the leases will be amortized over the life of the program by conducting a workover operation of an oil well. This workover will be conducted along with the operations being conducted in Eastland County and by bringing this well into production we will tie up the remaining acreage. More news will be forthcoming as the negotiations move forward. We are tremendously excited about the potential of this project for what it will add to the assets of Quest."
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.questoil.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.