Quest Oil, Inc. (Pinksheets: QOIL), an independent oil and gas
exploration company, is pleased to provide shareholders with an
update on the latest business developments within the Company. (For
more information see: http://www.qoilcorp.com)
On Friday, August 06, 2010, Quest Oil announced that it
successfully completed the acquisition of B&B Oil, Inc. In an
all share exchange transaction, Quest Oil acquired all of the
outstanding shares of B&B Oil, a private, independent oil and
gas exploration and development company based in Fredericksberg,
Texas. Quest Oil now holds a 100% equity interest in and title to
B&B Oil’s assets.
In management’s view, B&B Oil’s assets in the Midkiff and
Hawkeye Fields in Texas are economically attractive and
geologically sound properties that have significant upside
development and revenue potential. From 2007 to the present,
B&B Oil acquired oil and gas leases that consist of
approximately 560 acres in Hawkeye Field and approximately 398
acres in the Midkiff Field in Eastland County, Texas. These
properties include wells that are currently productive, and
numerous prospects that management believe warrant further
exploration and development. Productive wells on the leases will
require relatively modest capital expenditures to generate cash
flow from production.
Commenting on the completion of the acquisition of B&B Oil,
Joe Wallen, CEO of Quest Oil, stated, “The assets we acquired from
B&B Oil are a tremendous first step for Quest Oil. The Midkiff
and Hawkeye Fields in Texas represent highly prospective, low risk
drilling prospects in a play that is renowned for hydrocarbon
production. We now plan to roll out a targeted work program and a
development strategy that will maximize oil production via the
stimulation of existing wells and through the introduction of state
of the art technologies, such as hydrocarbon imaging, in the
exploration phase.”
Quest Oil’s goal is to proactively minimize risk by teaming with
experienced exploration companies and project operators, and
leverage their local experience and knowledge. Quest Oil seeks to
strategically build wealth from mature prospects with proven
reserves. Accordingly, we plan to maintain an aggressive M&A
growth strategy, which will include the acquisition of small to
mid-tier oil and gas exploration companies with significant growth
potential.
Quest Oil believes that there is significant opportunity in the
acquisition of mature prospects in mature oil fields that generate
smaller output. The major oil companies and the large independents
have divested of these assets in favour of larger potential oil and
gas plays, even though these prospects possess significant proven
reserves. With the strength in oil prices, and with gas prices
steadily improving, there will continue to be ample opportunities
for smaller independent companies such as Quest Oil to acquire and
develop these mature petroleum leases and to build significant
production volumes and revenues.
Now preparing to commence its 2010 work program, Quest Oil has
assembled an experienced team of local managers and engineers who
have in-depth, historical knowledge of regional oil and gas
exploration plays in Texas. Quest Oil’s current management team is
led by Joseph Wallen, Frank Grabs and Robert J. Clark. As required,
consultants and advisors are engaged on a contract basis to
minimize capital expenditures. Quest Oil’s management team is
comprised of the following key individuals:
Joseph F. Wallen, CEO and
Director – An oil and gas consultant, Mr. Wallen
graduated from the University of Texas and has spent the last 30
years working with numerous mid-tier oil and gas companies. Mr.
Wallen understands the complexities of oil and gas accounting and
field operations, including internal accounting, management of
leases and government filings, and daily communications with field
personnel. Mr. Wallen has worked in the prolific Altamont-Bluebell
Field in the Uintah Basin of Utah, with Roadrunner Oil Inc, an
independent operator, consulted for Tauren Exploration in Texas,
and Wallstin Petroleum, a company he founded and merged with Quest
Oil Corporation. In January 2007 Mr. Wallen acquired B&B Oil,
Inc., serving as President and CEO, and established Mason Oil &
Gas, LLC acquiring his own oil and gas properties.
Frank Grabs, Vice President of
Operations and Director – Mr. Grabs is the owner of Ranger
Vader Construction in Cisco, Texas, where he manages all facets of
site construction, the trucking of heavy equipment, excavation
demolition and oil field service. During his extensive career he
has managed crews, supplies control, payroll and has submitted
project bids. Since 2008, Mr. Grabs has been a partner of B&B
Oil, Inc., managing workover operations in the oil and gas
industry.
Robert J. Clark, Director
– Robert J. Clark is a thirty-two year veteran in the oil and gas
industry, and has numerous years of experience marketing crude oil
and natural gas liquids for major energy firms that include
PetroSource Partners, Farstad Oil & Gas, and Unichem. As a
business owner and management consultant, Mr. Clark has experience
in oil and gas lease acquisition, ownership, and operations, having
successfully built and managed operational service companies for
gas processing, well stimulation, and chemical applications in the
energy complex. These firms included: Clark Chemicals, Founder and
Owner; Champion Chemicals, District Manager; Clark Consulting,
Owner; Gardner Clark, Inc., President, Owner; Permian-Texas NGL,
L.P., Managing Partner; Excel Filters, L.P., Managing Partner;
Permian Energy, L.L.C., Managing Partner. Mr. Clark currently
serves as President of Hydrocarbon Imaging Services, LLC, a company
that promotes a revolutionary radiometric technology that
identifies and quantifies oil and gas fields. Mr. Clark has been a
member of Society of Petroleum Engineers since 1981, has been an
active member of the Board of Directors of the Permian Basin CO2
Symposium since 1998, and has been a member of the Permian Basin
Gas Society since 1993-1999. Mr. Clark resides in Andrews, Texas,
in the heart of the Permian Basin.
About Quest Oil, Corp.
Quest Oil, Corp. 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 is focused on the
acquisition of properties that are currently in production, and on
the development of new drilling opportunities. Quest Oil’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. 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.
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