RENO, NV--(Marketwire - Jul 17, 2012) - Quest Oil Corp (PINKSHEETS: QOIL) announced today the official start of the company's revitalization and the commencement of its new Enhanced Oil Recovery (EOR) Initiative. The Company is actively negotiating for the acquisition of a number of oil production properties and related technologies that will both increase production of properties and provide licensing revenue through the use of its technology by third-party producers.
The global market for ERO, estimated by SBI Reports, a leading industrial market research reporting group, to be at more than $126.02 billion in 2011, has shown exciting growth since 2007, when the market totalled $54.96 billion. Technological challenges, hazy regulations, and high implementation costs have often been inhibitory to EOR projects, but this is quickly changing. Government interest and generous investments are helping to spur new developments in technology.
EOR refers to a variety of oil producing methods, by which 70% - 90% more oil is produced from oil wells than is typically extracted by conventional oil production methods. Some of the more common EOR methods include steam, gas or chemical injection, which improve the viscosity of the oil, enabling the oil to flow more freely out of the well.
The Company is currently assessing the acquisition of a number of properties and will provide timely announcements as to the progress of these initiatives as negotiations progress.
The Company anticipates the completion and subsequent announcement of planned EOR acquisitions and several new oil and gas production and property acquisition transactions -- all of which are expected to significantly expand the Company's oil and gas production base and revenue projections.
About Quest Oil Inc.
Quest Oil Inc. is an aggressive, well-managed independent oil production and technology company. The Company is an aggressively managed energy exploration, development and production company in the process of building oil & gas reserves and production. The Company specializes in the profitable business of employing Enhanced Oil Recovery technologies in the reworking & re-completing "marginal" oil & gas wells located in the thousands of mature oil & gas producing fields, across much of the United States. The Company intends to foster rapid corporate growth through its ability to identify, acquire interests in, and rework oilfields that offer exceptionally attractive risk/reward parameters.
The Company seeks to acquire and develop economically attractive and geologically sound properties that have, in management's view, significant upside development and revenue potential, as well as related technologies that will both increase production of its properties and provide licensing revenue through the use of its technology by third-party producers. The Company operates its business as a central hub, utilizing our strengths in M&A, capital and resource management. We proactively minimize risk by teaming with experienced exploration companies and project operators, leveraging their experience and knowledge. 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. By focusing on domestic, mature oil fields and proven gas reserves, Quest Oil can reduce exploration risks and better manage logistics. In turn, we provide access to public company management and funding, creating greater value for our business partners and stakeholders alike. The Company is currently assessing additional business strategies and opportunities to augment and strengthen its core holdings.
This release contains statements or projections regarding future performance that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. The company's filings contain various RISK FACTORS (and are incorporated on the Company's website "Investors" section by reference) and should be read before any investment decision.