2010-03-10-2010-02-09

Transaction Type
Announce Date
Post Date
Estimated Price
$0.6MM
Description

To acquire 65% WI in 520-acre lease in Brown County, Texas.

Quest Oil Corp., Dallas, (Pink Sheets: QOIL) plans to acquire a 65% working interest in a property in Brown County, Texas, from privately held, Graham, Texas-based McDermett Operating Inc./Sundial Resources Inc. for $650,000. The 520-acre lease contains 16 wells, all of which Quest says will be brought online over the next year. Reserves are estimated between 1.5- and 3 million barrels of oil and more than 100 million cubic feet of gas. Daily production is between 50 to 65 barrels of oil and 50,000 cubic feet of gas per day.