SOURCE: Quest Oil Corp.

January 29, 2010 17:24 ET

Quest Oil Corporation Announces Completion of Initial Restructuring Milestones; Appoints New Board and Management

New Management and Board Bring Focused Knowledge and Experience to the Company's Restructuring Efforts

DALLAS, TX--(Marketwire - January 29, 2010) - Quest Oil Corporation (PINKSHEETS: QOIL), an independent oil and gas company with a primary focus on acquiring, developing and participating in both domestic and foreign crude oil and natural gas properties, announced today the conclusion of the initial phase in the company's restructuring efforts and appointment of the company's new management and board of directors.

In early January, 2010, Mr. Marvin M. Gibbons was appointed as the company's Chief Executive Officer and Chairman of the Board of Directors. Mr. Gibbons is a pioneer, entrepreneur and innovator in mineral, oil and construction technology and over the past 30 years, Mr. Gibbons' entrepreneurial management has powered multiple private and public companies in the development of new technologies for the extraction of oil and precious minerals, cold plasma separation, remediation projects and low cost construction materials.

"I am excited at the opportunities available for Quest in the next few weeks and months of restructuring. We are currently instituting an aggressive M&A growth strategy that focuses on joint-venture deals, farm-ins and straight acquisitions of small to mid tier target U.S. and foreign oil and gas opportunities with significant growth potential. Further; we are analyzing the multiple opportunities that have been presented to date, so that we may pick the most opportunistic and profitable projects to bring online. I am confident we will be able to finalize some of these potentially profitable deals in the next few weeks," stated Mr. Gibbons. "In addition to our focus on property acquisition, we are also exploring several opportunities in acquiring new technologies in the extraction and fracturing of hydrocarbons for oil wells as well as possibly entering into the oil shale and oil sands arena."

Concurrently with Mr. Gibbons' appointment, Mr. Leonard L. Manson was appointed as the company's Chief Financial Officer and a member of the Board of Directors. Mr. Manson has been active in the Oil and Gas industry for over 30 years and, in addition to his duties with the company, is President and Chief Executive Officer of United Penn Oil & Gas, Ltd., an oil and gas drilling company and mineral lease purchasing company based in Calgary, Alberta, Canada. "Although we have been presented with several exciting opportunities, we have a duty to our shareholders to analyze each and every deal presented to us closely in the hopes of producing future revenues necessary to fund our growth and expansion. We aim to maintain a diversified portfolio view of exploration projects, balancing our holdings between safe, secure investments and those higher risk projects that offer greater potential rewards," Mr. Manson added.

Consecutively with Mssrs. Gibbons and Manson's appointments, Mr. Jason Bleuler resigned from his position as Chief Executive Officer and Mr. Ford Sinclair resigned from his position as President and Chairman of the Board. Consistent with previous reports filed with Pink Sheets (www.pinksheets.com) and the United States Securities and Exchange Commission (www.sec.gov) all former officers, directors and consultants associated with our restructuring had resigned from their respective positions. Their respective resignations were not because of any disagreements with the Company on matters relating to its operations, policies and practices.

About Quest Oil Corporation

Quest Oil Corporation (www.questoil.com) is a growing independent oil and gas company with a primary focus on acquiring and participating in onshore domestic and foreign crude oil and natural gas properties. Our overall business philosophy is to operate as a central resources hub, utilizing our strengths in M&A, capital and resource management and minimizing our risks by teaming with experienced exploration and operation companies. We are committed to maintaining a diversified portfolio view of exploration projects, balancing our holdings between safe, secure investments and those higher risk projects which offer greater potential rewards.

Forward-Looking Statements

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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