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[napf111]

Auf euren Wunsch eröffne ich hier einen Faktenthread für den aussichtsreichen Öl- und Gasproduzenten:

QUEST OIL Corp.

US74836C1080
OTCBB: QOIL
FSE: QB4

Homepage: http://www.questoil.com/
Projektübersicht: http://www.questoil.com/activities_overview.php
SEC-Filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&fi…


Diskussion und gepflegte Dausendprognosen: Thread: QUEST OIL (QOIL ) - Ölförderung läuft endlich an


hier mal meine übersicht über die qoil projekte stand anfang/mitte feb. 2006 aus den einzelnen meldungen entnommen - ich hoffe, dass ich soweit alles berücksichtigt habe:

ACADIA NORTH PROJECT - ALBERTA.
3D Seismic vor Abschluss. Daten enthalten Anomalien, die auf weitere ertragreiche Felder hinweisen.
Well 10-22: Dez. wurde 47.6 mmcf Ngas an Altagas geliefert (Nov. 61.3 mmcf) wegen Tests und Wartung.
Umsatz Dez. 0,536 mio $ (Nov. 0,7 mio $)

EMPRESS PROJECT - ALBERTA.
Viking Gas Pool wird kartographisch aufgezeichnet. Anhand der Daten wird eine Kapazität von 3 to 6 mmcfpd Gas für jedes Bohrloch erwartet.

HAWKEYE PROJECT - EASTLAND COUNTY.
Mehr Arbeiten, als erwartet. Versch. Well-Typen müssen laut TRRC best. technischen Anforderungen erfüllen (konform H5-forms). Seit Start der Ãœberarbeitung wurden 1000 barrels produziert.
Momentan sind 2 Rigs im Einsatz (ein dritter wird erwartet, für 2 weitere steht QOIL auf der Warteliste).

MIDKIFF FIELD - EASTLAND COUNTY.
Johnson Lease überrascht in einigen Wells mit höheren Gasvorkommen als urspr. erwartet. Gasbestände, die in der Vergangenheit abgefackelt wurden sollen in die Förderung eingespeist werden. Erste Ãœberprüfungen ergaben kommerzielle Nutzbarkeit.

NETTIE GARDNER - McCULLOCH COUNTY.
Erster Well-Standort QNG-3 bewilligt. Bohrprogramm für 5 Bohrlöcher (QNG-3 bis QNG-7) durchgeführt durch King Drilling (Zephyr, Texas) innerhalb 14 Tage (8. Feb. wird mobiler Drillrig eintreffend erwartet), Bohrdauer 14 Tage.
Langzeit-Resourceneinschätzung durch erwartete Daten.
5 Infill-Wells bohren, perforieren (Jennings Gas Gebiet), reinigen der Perforation (Gardner No1 Bohrloch), perforieren des Jennings Sands (Gardner No2 Well) und anbinden aller 7 Bohrlöcher an die Pipeline ca. 1 mile entfernt vom Hauptgebiet.

MARTIN HYPONEX - Parker County.
QOILs Eintritt in den Barnett Shale Play, ermöglicht die Sicherung von 3D Seismic Daten von hoher Qualität. Sprungbrett für weitere Akquisitionen im Bernett Shale Play.

LONGWOOD OILFIELD - Harryson County.
durch übernahme der L-TEXX Petroleum
noch keine offiziellen angaben über bevorstehende arbeiten.

.............................

wenn man sich nicht mindestens wöchentlich damit beschäftigt und die berichte auseinandernimmt verliert man leicht die übersicht

es gibt also noch genug zu tun - was positiv zu werten ist.
die company hat bisher gut agiert und so wird es auch weitergehen.
die pr wird sicherlich konform mit dem wachstum der firma an professionalität zulegen.


allen hier investierten weiterhin viel spass und erfolg mit der qoil.

n111

stellt also hier alles wissenswerte und interessante über qoil rein - damit die situation qoils halbwegs übersichtlich bleibt

[bioperformer]

[posting]20.392.331 von napf111 am 26.02.06 16:05:20[/posting]Hier mal noch die drei letzten Quartalsberichte: Dabei bitte beachten daß das Geschäftsjahr bei QOIL erst zum 31.03. des jeweiligen Jahres endet!!

zum Q3/ http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fred…

Zum Q2/ http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fred…

Zum Q1/ http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fred…

[Frakt@l]

Anbei der Kurzbericht zum Ergebnis des 3. Quartals (31.12.2005) mit Management Kommentar:

Quest Oil Announces Third Quarter Results

HOUSTON--(BUSINESS WIRE)--Feb. 22, 2006--Quest Oil Corporation (OTCBB:QOIL - News) today announced its financial results for the third quarter ended December 31, 2005. Following are selected financial highlights from the Company`s 10-QSB -- Third Quarter Results.

For the nine months ended December 31, 2005, Quest reported a net loss of $3.284 million, or $0.07 per share, on revenues of $1.13 million. The net loss included interest and financing fees of $1.451 million and non-cash related stock charges of $1.189 million. For the three months ended December 31, 2005, Quest recorded a net loss of $1.381 million or $0.02 per share, on revenues of $1.13 million.

Operating revenue for the three-month period ended December 31, 2005, was $1.13 million, up 100% compared to the previous quarter`s production. The increase was primarily related to a successful drilling program in the Acadia North project with gas well "10-22" production volumes commencing October 15, 2005. Quest`s gross sales before royalty charges were 142 MMcf of natural gas, or 25.1 MBOE. During this period, the average prices the Company received for its natural gas was $7.94 per Mcf or $47.64.

Increase in Reserves

During the period, proved and probable reserves increased over 215%, from 362,977 BOE to 782,584 BOE. This increase was primarily due to the acquisition of the Midkiff, Eastland County leases. Acadia North reserves were depleted from production by 7.4% to 1.636 BCF.

Balance Sheet Review

At December 31, 2005, current assets were $4.750 million, which included $3.874 million in cash. Current liabilities were $0.985 million. Long-term debt was $6.0 million and the accounting treatment for the fair value of the warrants issued to the note holders reduced the amount of the long term debt to $0.750 million on the balance sheet. As of December 31, 2005, the Company`s net capitalized costs associated with its oil and gas properties and other equipment were $2.4 million.

Management Comments

Cameron King, Quest Oil`s President and CEO, stated, "With the production milestone now behind, we are very pleased with the Company`s progress. Based on receiving the benefit of almost a full three months of production from Acadia well "10-22" we have realized our first revenues after months of planning and strategizing. I am very proud of the Quest team for striving toward this goal. The Company is expecting significant improvement in its fiscal fourth quarter performance. The increase in our G&A expenses we view as a positive as we have been ramping up by adding the key personnel and building the infrastructure needed to execute our business strategy."

King added, "We continue to search out strong acquisition partners that will immediately impact our bottom line and add significant reserve values."

Fraktal

[Frakt@l]

Hier der letzte wichtige update vor allem zu aktuell geplanten kurzfristigen Bohrungen:

Quest Oil Corporation Announces Nettie Gardner Spud Date

Hawkeye Coming on Stream and Quest Pays Back First Payment in Cash

HOUSTON--(BUSINESS WIRE)--Feb. 1, 2006--Quest Oil Corporation (OTCBB:QOIL - News; www.questoil.com) is pleased to announce the approval of their first well location, the QNG-3 on the Nettie Gardner lease (API # 42-307-31138) by the Texas Railroad Commission (TRRC). Quest Oil has retained King Drilling out of Zephyr, Texas, to drill the wells. The total contract is for a five-well back to back program to drill the QNG-3, QNG-4, QNG-5, QNG-6 and QNG-7 locations. The rig will be mobilized out of Blackwell, Texas and is scheduled to spud QNG-3 well February 8th, 2006, and is expected to conclude drilling all five wells within 14 days.

Nettie Gardner Lease

Joe Wallen, Quest Oil Corporation`s VP of Operations, said, "This drill program is going to provide definitive information on the capabilities of the target zones and will prove the long-term value of the area. The primary objectives of the program are to develop the field and determine the resource limits to the Pennsylvanian-age Jennings gas sand and Gardner oil sand. The main target is the Jennings gas sand which was productive in the Gardner No.1 well and was encountered in the Gardner No.2 well. The Nettie Gardner development plan is to drill the five infill wells, perforate the Jennings gas zones, clean up the perforations in the existing Gardner No. 1 well, perforate the Jennings sand in the Gardner No.2 well and tie all seven wells into the pipeline approximately one mile from the lease."

Hawkeye -- Midkiff Lease

According to Mr. Joseph Wallen, "We`re finally starting to realize increasing production from the fruits of our labor. There was more work on rejuvenating the Hawkeye field then we originally anticipated. The Texas Railroad Commission (TRRC) mandated that all injection and disposal wells must demonstrate mechanical integrity and file H-5 forms. Since the workover program was initiated the fields have produced approximately 1,000 barrels of oil. We`ve just sold one load (180 barrels) of oil on the Johnson lease, we`ve got two loads waiting to go on the Tarver `B` lease and one load waiting to go on the McCall/Midkiff leases. In addition, two rigs are now performing workovers and we are waiting on a third work-over rig to arrive and we are currently on the waiting list for two additional workover rigs. Our goal is to have all five workover rigs running to bring all remaining wells on-line as quickly as possible."

Bill Stinson, Quest Oil`s COO, advised that, "we`re also on the waiting list for a drilling rig to drill two 4500` test wells to prove up the lower Barnett zone. The two drill locations has been surveyed and approved. Rigs that can drill to that depth are in big demand in this area, particularly considering EOG`s Barnett Shale activity in the adjacent Erath County. At this point we can`t really give a timeline for drilling the well, everything depends on when the rig becomes available."

In other matters, Quest Oil is pleased to announce that, under the $8 million financing agreements entered into by the company on October 6, 2005, the Company has made the first required principal and interest payments in cash.

Note: King Drilling of Zephyr, TX, has no relation or association to Quest Oil Corporation`s President and CEO, Cameron King.

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 Corp. and Wallstin Petroleum LLC and PetroStar Oil Services, Inc.

On Behalf of the Board

Quest Oil Corporation. "Cameron King" Cameron King MBA -- President and CEO Director

To find out more about Quest Oil Corporation (OTCBB:QOIL - News), visit our website at www.questoil.com.


Bezüglich des geplanten Bohrbeginns (8-Feb-2006) gab es im Quartalsbericht einen update, der besagt, dass der Bohrbeginn sich auf Ende Februar verschiebt:

... On February 1, 2006 we were notified by the Texas Railroad Commission that the five (5) well drilling program for Nettie Gardner lease was approved and an estimated spud date of February 8, 2006 was acknowledged by the drilling company. The drilling operator has since re-scheduled our rig for late February due to timing of previous drilling projects taking longer than expected. The Hawkeye field also received TRRC approval for two (2) deep wells into the Barnett Shale to test deep gas reserves. Our spud of these wells will commence immediately after the Nettie Gardner drilling program ...

Fraktal

[Rokky100]

nochmal vielen Dank an Frakt@l für die Erläuterung zu den Optionen:

QOIL hat im Oktober eine Finanzierung über 8 Mil.$ abgeschlossen, die sie in bar oder in Aktien zurückzahlen kann. Das gilt ebenfalls für die Zinsen. Falls man in Aktien zurückzahlt, gilt ein Kurs von 0,40$/Aktie, man bräuchte also 20 Millionen Aktien (plus Aktien für die Zinsen (vielleicht 3 Millionen oder so).
QOIL hat hierfür aber gut 72 Millionen Aktien registrieren lassen, sagt aber dazu, dass das 200% mehr sind als erforderlich. 200% von 23 Millionen sind knapp 70 Millionen, kommt also ganz gut hin.
Die ersten Zinszahlungen sind bar bezahlt worden

Zusätzlich hat QOIL an die Investoren, die die 8 Mil.$ auf den Tisch gelegt hat, Optionen ausgegeben, und zwar 3 verschiedene Typen von Optionen:
- Series A: 27,5 Millionen Optionen zu 0,80$
- Series B: 13,75 Millionen Optionen zu 0,46$
- Series C: 13,75 Millionen Optionen zu 0,56$

Optionen bedeutet, dass die Investoren das Recht haben, bis zu einem definierten Zeitpunkt (innerhalb von 3 Jahren für Series A, 2 Jahre für Series B, 7 Jahre für Series C) QOIL Aktien von Quest zu den angegebenen Kursen zu kaufen. Sollten alle Optionen ausgeübt werden, fliessen Quest damit 27,5*0,8 + 13,75 * 0,46 + 13,75 * 0,56 = 36 Mil.$ zu. Die Anzahl ausstehender Aktien würde sich dann entsprechend um 55 Millionen erhöhen.

Die Investoren werden die Optionen natürlich erst einlösen, wenn der Aktienkurs über dem Ausübungspreis liegt, sonst würden sie ja über Marktpreis kaufen. Insofern können wir uns nur wünschen, dass alle Optionen ausgeübt werden, weil das unmittelbar bedeutet, dass dann der Kurs deutlich über 0,80$ liegt.

[bioperformer]

@all


NEWS......NEWS.......NEWS......NEWS.......NEWS........NEWS.......NEWS......NEWS.........NEWS


Originalstatement:http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3…


Quest Oil Enters Into \$6.5 Million Acquisition Memorandum for Longleaf Production, LLC


Mr. William Stinson Assumes Role of President and CEO

HOUSTON, Feb 27, 2006 (PRIMEZONE via COMTEX) -- Quest Oil Corporation (OTCBB:QOIL) is pleased to announce that the Company has entered an acquisition memorandum with Longleaf Petroleum LLC, L-Texx Production LP and L-Texx Management LLC of Arlington, Texas (" Longleaf" ) for \$6,500,000.
The " deemed" purchase price is US\$6.5 million including a US\$100,000 deposit, 2 million shares of Quest restricted common stock subject to certain liquidation restrictions and US\$1,200,000 payable at the time of closing. In addition, if at a date which is two years from the date of the closing, the 10 day average trailing closing price of our common stock is: (i) between US\$1.50 and US\$2.50, Quest shall issue to the sellers such additional shares of our restricted common stock to bring the total value of the stock paid as consideration in the transaction equal to US\$5 million; or (ii) less than US\$1.50, the sellers will be entitled to a cash payment of US\$5 million and the sellers shall return to the corporation all common stock issued in the transaction.

Upon completion of the acquisition, the company`s daily production will increase from approximately 225 BOEPD to around 450 BOEPD. Longleaf`s assets comprise approximately 3,500 acres in Harrison County located 10 miles from Waskom, Texas. There are 52 producing wells, 8 water disposal wells and 47 idle wells of which 38 are considered production candidates. The field currently produces about 200 net BOEPD to Longleaf, from several zones including the Fredericksburg, Rodessa and Blossom formations. The acquisition includes approximately 600 acres of deep rights in the Petit and Travis Peak formations. The acquisition also includes 2 workover rigs, 15 company vehicles, compressors and associated equipment with a book value of \$1,800,000 along with the 7.5 mile long Dula Pipeline, a gas collection line with a replacement value of over \$7 million.

Bill Stinson, Quest`s President and CEO, stated: " This landmark acquisition demonstrates our management`s commitment and ability to execute Quest`s business strategy of acquiring mature onshore U.S. assets that hold significant upside potential through secondary recovery (waterflooding) and enhanced oil recovery (EOR). We will continue to execute this strategy aggressively and will do so as long as opportunities such as Longleaf present themselves."

OTHER COMPANY NEWS

Quest announced today that Mr. Cameron King has tendered his resignation as President and Chief Executive Officer of the Company, effective February 24, 2006. Quest is proud to announce that Chief Operating Officer, Mr. William Stinson will assume the role of President and CEO. Mr. Stinson brings over 28 years experience in the oil and gas industry, with both technical and management experience. Mr. Stinson advises, " On behalf of the board, I would like to thank and commend Mr. King for all his hard work and efforts in establishing the company in its early stages. I look forward to moving ahead as President and CEO and will continue the company`s vision of being a major force in the oil and gas sector."

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 Corp. and Wallstin Petroleum LLC.

ON BEHALF OF THE BOARD

Quest Oil Corporation " William Stinson" William Stinson, President/CEO

To find out more about Quest Oil Corporation (OTCBB:QOIL), visit our website at www.questoil.com.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of natural resource prices, product demand, market competition, and risks inherent in our operations. These and other risks are described in our Annual Report on Form 10-KSB and other filings with the Securities and Exchange Commission.

This news release was distributed by PrimeZone, www.primezone.com

SOURCE: Quest Oil


By Staff

CONTACT: Quest Oil Corporation
Darren Hayes, VP Corporate Development
[e-mail]


(C) 2006 PRIMEZONE, All rights reserved.

-0-

INDUSTRY KEYWORD: Oil Exploration & Production
SUBJECT CODE: OIL
ENERGY
ACQUISITIONS
MANAGEMENT CHANGES
Mergers and Acquisitions
Directors and Officers

[Frakt@l]

Ich denke, diese mail von Darren, die Patriot11 erhalten hat, sollte auch hier stehen:

28.2.2006:
Hier noch eine Antwort von Darren Hayes, mit einem activity report!

Dear ...., I am not sure to what part of the presentation you so object to, however here is an activity report of what we are currently undergoing. Quest Oil recently entered into joint venture with Carrizo Oil and Gas for a horizontal drill in the Barnett Shale. The well was spud on February 5th and we are on the 19th day of drilling as of today. The drill is to a total depth of 9500 ft. In addition we have received approval from the Texas Railroad Commission for a 5 well drill program on our Nettie Gardner property. Our crews are working aggressively on our Hawkeye property and are bringing on more wells each week. I have requested a full update on progress there. In addition to this we announced today the MOU of Longleaf Petroleum. This acquisition is paramount as upon its closing it will effectively double Quests production revenue stream. We currently are waiting a current Geo survey on the property, so as to determine an accurate reserve valuation. In regards to the “public work” I am confused with this statement. In regards to the Acadia project, I have received numerous emails indicating that people wanted more. Let me explain something, Quest invested a substantial amount of money in the 3D shoot on Acadia and of course will endeavor to exploit our findings by drilling strategically on our property. One other note is that when the geoscientists complete their review, we will receive a new reserve estimate on these lands. Due to the nature of the sophistication of these methods the results are allowable by the SEC as a way to value proven reserves above and beyond the standard geological surveys. One thing to keep in mind is that there are a great number of our competitors that would love very much to get their hands on our data so as to capitalize on our investment, so Quest must be very protective of its data, as I am sure you can understand. It is my hope sir that as we continue to develop Quest Oil the shareholders will see the strides the company is making and feel more comfortable.

Thank you for your interest.

Sincerely,
Darren Hayes

derPatriot

[derPatriot1]

Hier wie von Frakt@l vorgeschlagen das Mail:

...., thank you for the effort and yes your English is quite good. Much better than my German. lol. Just for the record, Bill Stinson is an operations fellow and not a finance guy. We will not be selling any property to finance ventures. We are already drilling in Texas as we speak in the Barnett Shale, as well as drilling 5 more wells on our Nettie Gardner property in Texas. As soon as the well program is mapped on the Acadia property we will commence booking rigs there as well. With the acquisition on Longleaf we are going to more than double our production and the infill drill potential on all our properties will give us fantastic potential. In mapping our Hawkeye property we have the ability to drill another 500 oil wells just on the acreage we have in out portfolio. In addition I am beginning a campaign in your country soon so as to better serve you and you investors in Europe. Information will be much more readily available. Thank you for your support. Please visit www.questoil.com often, as I change and update it regularly. In regards to money, the estimated revenue post acquisition of longleaf is estimated now at approximately 10,000,000 per annum but we have no intentions of stopping at that. We have approximately 3.5 to 4,000,000 currently in the bank and upon an effective registration statement, we will receive an additional 2,000,000 as part of the funding arrangements for last year.

I hope this helps you

derPatriot

[derPatriot1]

Ist die Analyse von Dutton Associates über Questoil! Finde ich als wichtigen Meilenstein:

Dutton Associates Announces Investment Opinion: Quest Oil Rating Strong Speculative Buy In Initiating Coverage By Dutton Associates
Friday March 17, 9:15 am ET

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--March 17, 2006--Dutton Associates initiates coverage of Quest Oil Corporation (OTCBB:QOIL - News) with a Strong Speculative Buy and a price target of $0.90. The 23-page report by Dutton senior analyst Richard R. Wolfe, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias and other leading financial portals.

Quest Oil Corporation has assembled an attractive portfolio of oil and natural gas assets in Alberta, Canada, and Texas, well balanced between high-potential, higher-risk drilling and low-risk, production-ready properties coming on-line at very little capital cost. Management has extensive industry experience that has been instrumental in the Company`s rapidly accelerating pace of development, and we expect continued asset and production growth. We estimate that cash flow turned positive in the first months of 2006, and we expect the Company`s fourth-quarter results (for the period ended March 31, 2006) to be near break-even, with solid profitability in subsequent quarters. Our cash-flow projections indicate fast-paced growth through 2006 and 2007. By 2008, the Company should be generating discretionary cash flow well in excess of currently estimated capital expenditures. In particular, we estimate that in 2008 and subsequent years, Quest should have approximately $20 million per year available for reinvestment or for share buybacks. Our valuation of Quest common shares, employing the discounted cash-flow method, indicates a $0.90 share price, 200% higher than recent levels for the shares.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 29 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 130 enrolled companies, and its research, estimates and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. The Firm does not accept any equity compensation. We received $35,000 from the Company for 4 quarterly Research Reports with coverage commencing on 3/17/2006. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst`s personal views about the subject securities or issuer. Neither the analyst`s compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.

[bioperformer]

@all

Neueinstufung durch Dutton Associates vom 24.04.2006


Quest Oil Corporation
Richard R. Wolfe, CFA
QOIL
Oil, Gas & Energy
Recent Price: $0.26
52-week Price Range: $0.09 - $0.85
Target Price (12 Months): 0.00
Avg. Daily Vol. (3 mo.): 977,341
Fiscal Year Ending: March
Year EPS P/E REVS PSR
2004 A $-0.05 - - - $0.0 - - -
2005 E $-0.06 - - - $2.47 6.8
2006 E $0.17 1.5 $20.96 0.8
2007 E $0.25 1.0 $33.24 0.5
2008 E $0.21 1.2 $29.92 0.6
12/31/2005
Cash Equivalent: $3.9
Working Capital: $3.8
Long-Term Liability: $0.8
Shareholder's Equity: $5.9
Ownership and Valuation (mil)
Shares Outstanding: 65.00
Inside Ownership: 10.00%
Institutional Ownership: 0.00%
Equity Market Value: $16.9
Current Rating History
Date Assigned: 4/24/2006
Price at Rating: $0.29
Original Price Target: $0.00
Time Frame: 12 Months
Rating: Avoid
04/24/2006
Quest Oil Key Producing Property Shut-In, Key Field Seismic Review Delayed; Officer and Director Departures; Dutton
Rating Lowered to AVOID; New Price Target $0.15 Per Share

KEY PRODUCING PROPERTY SHUT-IN; KEY FIELD SEISMIC REVIEW DELAYED

On April 21, 2006, in an SEC current report on Form 8-K that described several new developments, Quest Oil Corp. ("Quest")
disclosed that its most productive well, the Acadia North 10-22 producing natural gas from the shallow Viking Sand in the Arneson area of southeastern Alberta, has been shut-in. The 10-22 well had been the source of better than half the Company's operating
cash flow. The situation at Acadia North is further complicated by the concurrent disclosure that previously interpreted threedimensional seismic data shot in the field late last year is now to be reviewed and analyzed by a third party to be designated in the near future.

ADDITIONAL DIRECTORS AND OFFICERS DEPART

In its April 21st report, Quest announced a court settlement resolving competing claims for control of the company in favor of the Company's four remaining directors, James Panther, Chris Phillips, Joseph Wallen and Doug Brown, in which William Stinson,
who had been acting as the Company's President and Chief Executive Officer, agreed to give up his claim to being a board member and/or officer of the Company. Also in its April 21st report, Quest disclosed the resignation of Dr. James Irwin from its board of directors.
These announcements are significant for two reasons. First, it is a favorable development that the management dispute (below, recap of prior Dutton actions) is substantially behind the company.
Second, on the unfavorable side, the Company is now presented with the challenge of rebuilding its management team, which, with the departure most recently of Dr. Irwin, has now lost nearly all of its industry-specific, oil and gas expertise. The board is
temporarily relying on outside consultants, including, in Alberta, Transaction Oil & Gas Services, Ltd. for assistance in making
operational decisions.

DUTTON RATING LOWERED TO "AVOID"

Quest's unfortunate sequence of events forces us to consider that the future of the Company may be in serious doubt. In March,
at the time of our initial report, the Company boasted several opportunities, including, in addition to the producing property in
Alberta, attractive prospects in five Texas operating areas and an additional opportunity in West Africa. Based on the April 21st
disclosures, only one of Quest's prospects, a 5% participation in a Texas Barnett Shale natural gas well operated by a third party,
still appears to have a reasonable certainty of success. All the others have been cast into doubt.
To be sure, Quest may yet restore and even expand its Canadian production, may also succeed in expanding Texas production at its Hawkeye/Midkiff Field (15 wells now producing crude oil, mostly at less than 10 barrels per day), and may be able to rescue its
previously announced agreement to acquire East Texas producer Longleaf Production LLC (now being renegotiated).
However, Quest's April 21st report stated that all offices except for a Calgary satellite office have been closed, leaving the Company with no base of operations in Texas. Also, in reference to the Longleaf acquisition, the April 21st report warned that
despite ongoing efforts "there is a substantial likelihood that the... transaction may not close." The report then goes on to warn that the "...failure of the Longleaf transaction... may severely alter the Company's plans to develop other Company assets in Texas."
We conclude that there is a distinct possibility that Quest may be about to return to its status of one year ago at this time, when it
was a company with just one, non-producing asset, located in Alberta.
The difference this time as opposed to one year ago is that Quest has raised considerable capital, the majority of which remains
with the Company in the form of cash. An October, 2005 private placement raised $6.0 million with another $2.0 million to be
released to the Company upon the effectiveness of its common stock reoffering statement. Quest showed nearly $4.0 million in cash on its books as of December 31, 2005. The conditions precedent to the release of the additional $2.0 million appeared to
have been met with the filing of an SEC Form SB-2/A in March 2006; however, the reoffering statement has since been withdrawn and no interim financial information is available to confirm the release of the additional private placement monies. Although it is
reasonable to assume that the March, 2006 Longleaf agreement included a breakup fee, our conclusion is that Quest's cash
position should remain strong. The office closures and reduction in staff should also lower periodic administrative costs.
Our concern remains that, in the worst-case scenario, in which Quest's operations are pared down to its interest in a single
Alberta field, and that field proves to be not producible, then the Company's cash position would become essentially its only
asset, implying a value of only $4.0 - 6.0 million (assuming no further spend down in the aftermath of the end of cash flow from
the Acadia North property) for 65 million outstanding QOIL common shares. The stock has already depreciated substantially in
response to the recent disclosures; however, in the worst case, there is still considerable downside. Therefore, we are
downgrading our rating to AVOID.

PRICE TARGET / VALUATION

Our new target price of $0.15 share is based on a cash-plus-reserves appraisal of Quest (adjusting for the Company's 12/31/05
debt of $750,000). We give credit for $5 million of cash and use proved reserve amounts from Quest's financial statements of December 31, 2005, plus a small allowance for the likely addition of the Barnett Shale participation. Proved reserves totaled nearly 7.0 billion cubic feet equivalent, and we have applied a price multiple of $1.75 per thousand cubic feet based on a conservative interpretation of the terms of recent acquisitions in the oil and gas sector.

RECAP OF PRIOR DUTTON RATING ACTIONS

We have previously reported, in a research note dated April 5, 2006, that with the exception of William Stinson, at the time
purporting to act as Quest's President and Chief Executive Officer, all members of the Company's board of directors had departed the company or been suspended by the company. At the time, we also relayed Quest's disclosure that it had become involved in a legal dispute, the effect of which was to freeze the Company's assets at its lead bank (a situation that has since been
remedied).
As a result, in our April 5th note, we lowered our rating on Quest shares to NEUTRAL. We also suspended our target price pending receipt of satisfactory information from the company.
Our initial report on Quest, dated March 17, 2006, established a strong speculative buy rating on the Company.
All of our reports are accessible at the Dutton website, www.jmdutton.com.

RECAP OF TRADING IN QUEST OIL SHARES

QOIL shares closed at $0.255 on Friday, April 21st, selling off approximately 15% in heavy trading that followed the filing of the
8-K at 1:47 p.m. Volume for the day approached 3.3 million shares compared to a 3-month average of 1.0 million shares per day.
This parallels the experience in the immediate aftermath of Quest's April 5th disclosure, when the stock sold off 17.5% to close at $0.33 per share on volume of nearly 6.0 million shares.
Current Dutton Associates disclaimer and 17b disclosure information regarding Quest Oil Corporation Information, opinions or recommendations contained in Dutton Associates' research reports or research notes are submitted solely for advisory and information purposes. The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Such
information and the opinions expressed are subject to change without notice. A Dutton Associates research report or note is not intended as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. Neither the Firm, its principals, nor the assigned analysts own or trade shares of any company covered. The Firm does not accept any equity compensation. Anyone may enroll a company for research coverage, which currently costs US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 03/17/2006. Reports are performed on behalf of the public, and are not a service to any company. The analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests and insure independence. Please read full disclosure and other reports and notes on the Company at www.jmdutton.com.
The views expressed in this research report or note accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by Dutton Associates is in any way related to the specific recommendations or views contained in this research report or note.
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Periodic Research Reports and Research Notes on this Company are available at our web site: www.jmdutton.com.
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