SOURCE: Quest Oil Corp.

December 21, 2012 08:30 ET

Quest Oil Corp. Announces Substantial Oil Discovery at Its Orinoco Well

Company Looking at Production Facilities Where Oil Will Be Produced

NEW YORK, NY--(Marketwire - Dec 21, 2012) - Quest Oil Corp. (PINKSHEETS: QOIL), an independent oil production and technology company, announces a new oil discovery at its Orinoco well in Venezuela. The well was drilled to 2,254 feet and encountered approximately 9 feet of oil pay. The Company is now working on completing the well. In addition, it is currently looking at a production facility where the oil will be produced.

"The successful drilling will allow us to open a new area of operations approximately one mile north of our Orinoco operations. Since this initial prospect was successful, we now have a significant development project with up to nine additional wells to be drilled," states Ken To, VP of Operations.

Quest Oil Corp. 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.

Safe-Harbor Statement

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.

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