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Und hier die erwarteten news: Quest Oil Corporation Reports Continuing Success from Operations Monday November 7, 6:00 am ET HOUSTON, Nov. 7, 2005 (PRIMEZONE) -- Quest Oil Corporation (OTC BB:QOIL.OB - News), Quest Oil is pleased to reported a number of significant developments in its Texas and Canadian operations. Bill Stinson, Chief Operating Officer for Quest Oil Corporation, currently in Houston attending the annual Society of Exploration Geophysicist (SEG) at the George R. Brown Convention Center where he is giving a presentation on the exploration potential in Eritrea, Africa, said that Quest Oil Corporation is moving ahead on a number of significant projects and is pleased to provide the following corporate update: Hawkeye -- Midkiff Project Mr. Stinson advised, ``The Quest-operated Hawkeye Field in Eastland County has returned to production and has been under production since Monday, October 28, 2005. Production has been realized from 2 wells on the Hawkeye Tarver `B` lease and is averaging 12 barrels of oil per day.`` Quest has purchased tubing and rods to implement the workover plan for the other wells this week. Stinson added, ``By the end of this week, we anticipate production to be 2 to 3 times the current production rates. The initial two wells have responded well to several test programs, particularly, water injection. We`re implementing the first part of a three-stage development program. The first stage involves bringing online an estimated 7 wells per week for 10 weeks, for a total of 70 wells, all of which will be producing from the shallow Adams Branch limestone. Second, five infill-drilling locations have been picked to evaluate the deeper Marble Falls limestone, Barnett Shale and Ellenberger limestone objectives. We know from geochemical studies that the source for the oil in the field is from the Barnett Shale. We also know that the Marble Falls and Caddo limestones are productive in the area. The five infill-drilling locations will test the prospectivity of the zones and additionally, test the potential of the Barnett Shale for gas production. The third stage of the program will evaluate the potential for production from a horizontal well in the Barnett Shale.`` Mr. Stinson also advised, ``Quest Oil`s drilling and completion subsidiary, PetroStar Oil Services, Inc., is currently moving its service rig to the Tarver `B` lease to expedite the workovers. PetroStar is also contracting with additional personnel to supplement the current rig crew. These additional personnel will be used to maintain the Hawkeye leases. We are sufficiently impressed with the performance of the Hawkeye oil wells, enough to announce the signing of a Memorandum of Understanding with the leaseholder of the Midkiff leases to the south which shares the southern border of the Hawkeye Field. We have placed a substantial cash deposit on the field and expect to close the transaction within the next 30 days. Details of the purchase will be released upon closing. Quest has been evaluating the Midkiff leases for some time now are fortunate to have the additional production and lease to expand our development programs.`` ``The Midkiff leases consist of 6 leases with approximately 84 wells. These leases are a continuation of the Hawkeye Field. The Company will be replacing most of the current water injection lines from poly pipe to fiberglass. This will allow the Compay to increase the pressure from 120 psi to over 300 psi, which will significantly increase daily production. On one of the Midkiff leases the previous operator had 360 psi of pressure with sustained daily production of 98 barrels of oil. PetroStar has purchased 2,340 feet of fiberglass pipe for this work. The leases are currently producing on average 12-15 barrels of oil per day from three operating oil wells. After completing the remedial work on the Hawkeye, PetroStar will move the service rig to the Midkiff leases. This will happen shortly after closing.`` Nettie Gardner Project Mr. Stinson also said, ``Quest is in the process of lining up a surveyor to survey the five in-field drilling locations on the Nettie Gardner lease in McCullouch County, Texas, and contracting a drilling contractor to move ahead with the five well drilling program. The primary objective is the Jennings gas sand, which has produced in the Gardner No. 1 well.`` Acadia North Project Mr. Stinson also announced the results from the Quest 10-22-25-2W4M well at Acadia North in Eastern Alberta. ``The well was put online last month and is currently flowing over two million cubic feet of gas day. Revenues from this well are anticipated to gross some $800,000 USD a month. The well is producing from the Viking sandstone.`` ``Quest Oil subsidiary, Quest Canada, signed a contract last week with BOYD PETROSEARCH to conduct a 3D seismic acquisition program over our Acadia North properties. The program will cover just over six square miles and use a Vibroseis source. BOYD is currently permitting the area and anticipates project completion in thirty days. Although BOYD will process the data, we will interpret it in-house to perform a number of analyses on the data using a suite of proprietary programs. The objective of the survey is to better image and determine the precise orientation of the Viking sandstone to complement future drilling programs.`` Mr. Stinson said, ``This field will be a very significant earner for us, we`re very bullish on our Canadian properties.`` Empress Project Quest is currently evaluating the results of our Empress area 12-15-24-2 well. This well has proved interesting, as we have encountered oil in several zones that we did not anticipate. Although the results are encouraging, the Company needs to take advantage of this new information and review the data to better understand the future development of this area. With the completion of the ``12-15`` well, Quest Canada has successfully earned the right to three additional sections on the Empress PNG lands and has five years to complete its drilling program. Mr. Stinson went on to say, ``Quest is also evaluating a number of other projects; several involve joint-venture opportunities with quality partners. We expect to announce several significant developments in the very near future.`` 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 Corporation, Wallstin Petroleum LLC and PetroStar Oil Services, Inc. ON BEHALF OF THE BOARD Quest Oil Corporation. "Cameron King" Cameron King MBA - President and CEO To find out more about Quest Oil Corporation (OTC BB:QOIL.OB - News), visit our website at http://www.questoil.com. Contact: Quest Oil Corporation Mr. Darren Hayes, Corporate Development Phone: 604-844-2860 -------------------------------------------------------------------------------- Source: Quest Oil |
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| aus der Diskussion: | QOIL steigt, ---> aber warum?? |
| Autor (Datum des Eintrages): | LaraSoft (07.11.05 12:12:40) |
| Beitrag: | 122 von 467 (ID:18632210) |
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