WAREAGLE - QOIL?
- Thread starter MSM
- Start date
new out today. maybe this baby will move. i would think this is huge news as they haven't been sending out hardly any pr's in the last few months.
2/1/2006 9:00:04 AM ET News Release Index
Quest Oil Corporation Announces Nettie Gardner Spud Date; Hawkeye Coming on Stream and Quest Pays Back First Payment in Cash
HOUSTON, Feb 01, 2006 (BUSINESS WIRE) --
Quest Oil Corporation (OTCBB:QOIL) (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.
2/1/2006 9:00:04 AM ET News Release Index
Quest Oil Corporation Announces Nettie Gardner Spud Date; Hawkeye Coming on Stream and Quest Pays Back First Payment in Cash
HOUSTON, Feb 01, 2006 (BUSINESS WIRE) --
Quest Oil Corporation (OTCBB:QOIL) (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.
careful boys...
dumped mine at .40 after about 15% profit
hearing 3 BOD are stepping down...and some assets may be frozen
dumped mine at .40 after about 15% profit
hearing 3 BOD are stepping down...and some assets may be frozen
