QOIL Quest Oil Corporation (PK)

Quest Oil Corporation, (PINK: QOIL) ("Quest Oil" or the "Company") is pleased to announce that a spud date has been set for the newest development well at the producing oil & gas Hawkeye-Midkiff lease, located in Eastland County, Texas. The initial drilling well location has been picked with the survey and construction of the location to be completed prior to the commencement of drilling.

The well has been designated “Bonanza 1” and is scheduled to spud on October 29th. The sizeable anomaly was identified and confirmed by recent Hydrocarbon Imaging Services, Inc.(HIS) in July this year. The well target is slated for a total depth (T.D.) of 3,500 feet to test the Ellenburger pay zone, Marble Falls limestone and the Barnett Shale . Once drilling commences it is anticipated to take 7 days to reach the T.D. after which any prospective oil shows will be tested. The Company has identified a minimum of 10 target locations to drill in the Ellenburger, Marble Falls and Barnett Shale.

About the Hawkeye-Midkiff Project:

The Haweye-Midkiff project is located in southwestern Eastland County, Texas, 200 miles west south west of Dallas, Texas, and totals 1,040 acres adjacent to the western edge of historical oil and gas plays and faulting structures of the Ft. Worth Basin.

The initial discovery of the anomaly was by Hydrocarbon Imaging Services, Inc. (HIS) overseen by Company director Robert Clark. “… HIS found the Hawkeye-Midkiff Leases holding significant commercial hydrocarbons.“ The leases have historical production totaling 208,000 barrels of oil beginning in 1998 with production at initial rates of over 100 barrels per day. After a review of the data of the imaging the potential barrels of oil estimated by Hydrcarbon Imaging Services, Inc. are 11.8 MBO (M equals a million) reserves recoverable, proved undeveloped. HIS has provided the following comment on this calculation, “HIS is very conservative on its reserve estimates. We certainly recommend further evaluation of logs, cores and other analog production in the area.”

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. 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 and all current filings with Pinksheets.com along with consulting 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.

Quest Oil (PK) (USOTC:QOIL)
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Quest Oil (PK) (USOTC:QOIL)
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De Nov 2023 a Nov 2024