Quest Oil Successfully Closes Acquisition of B&B Oil
August 06 2010 - 3:05PM
Business Wire
Quest Oil, Inc. (Pink Sheets: QOIL), an independent oil and gas
exploration company, is pleased to announce that it has
successfully completed the acquisition of B&B Oil, Inc., a
private, independent oil and gas exploration and development
company based in Fredericksburg, Texas. In a share exchange
transaction, B&B Oil exchanged all of its outstanding shares,
giving Quest Oil a 100% equity interest in and title to B&B
Oil’s assets.
Incorporated in the State of Texas in June 2004, B&B Oil
Inc. is primarily focused on the exploration and development of
proven oil and gas properties. 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 development. Productive wells on
the leases will require relatively modest capital expenditures to
generate cash flow from production. Looking forward, Quest Oil
plans to implement a development strategy that will combine proven
producing wells, new developmental wells, and highly predictable
reworks, thereby diversifying exploration and development
expenditures with the intent to maximize returns and minimize
risk.
Joe Wallen, CEO of Quest Oil, commented, “Quest Oil is committed
to maintaining a diversified portfolio of exploration projects by
balancing our holdings between safe, secure investments and higher
risk projects which offer greater potential rewards. To date, our
work on the Hawkeye and Midkiff Fields in Eastland County, Texas,
suggests there are opportunities to expand our hydrocarbon
production base. Accordingly, we plan to implement a development
strategy that will maximize oil production via the stimulation of
existing wells and through the introduction of state of the art
technologies in the exploration phase.”
About Quest Oil, Inc.
Quest Oil, Inc. 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 and regular updates, 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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