Quest Oil, Inc. (Pinksheets: QOIL)

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Quest Oil Management Provides Update

Quest Oil Closes B&B Oil Acquisition, Assembles Team of Local Oil and Gas Veterans
Gears-up to Execute 2010 Exploration Program




Companies:
QUEST OIL CORP

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SymbolPriceChangeQOIL.PK0.0040+0.0009



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Press Release Source: Quest Oil Corp. On Friday September 3, 2010, 6:14 pm EDT
KERRVILLE, Texas--(BUSINESS WIRE)--Quest Oil, Inc. (Pinksheets: QOIL - News), 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: Qoil Corp ?)
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:

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