Quest Oil corp QOIL Stock Quote Alerts for qoil.pk Otc - Penny stocks Profits

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Quest Oil Corp. (PINK: QOIL.pk)

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 Quest Oil Corp. (PINK: QOIL
Hawkeye QOIL.pk
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.

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, QOIL.pk
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  Quest Oil Corp. (PINK: QOIL
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.
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