The newly acquired leases are located in the Acadia Valley and are an extension of the Arneson Viking gas pool that was encountered by test wells "15-34" and "10-22". The sections are approximated one mile northeast of section 34-25-2W4 and directly south of our lands Section No. 11 and No. 12. Quest's successful bid on sections 1-25-2W4 and 2-25-2W4 provide all rights from surface to basement for a five year period and bring the Acadia North land holdings to seven (7) sections totaling 4,480 sq. acres. Quest Oil's President and CEO, Mr. Bill Stinson further stated that, "The size of the Acadia field is growing nicely from only two sections this time last year to over seven square miles today."
Mr. Stinson is also please to announce that the interpretation and mapping of the Acadia North 3D seismic shoot was completed just in time to provide detailed information for the recent land sale and proving a valuable resource when projecting values on potential production locations. "Based on the positive results of the seismic shoot, we have put in motion a four well horizontal drilling program. Dr. Norman Neidell, the consultant that has processed and interpreted the data and has selected four locations based on structural elevation of the Viking sandstone that will maximize production yields. Transaction Oil and Gas Services Ltd., will be operator and will be responsible of permitting and survey."
Odom Ranch No.1H Well
Quest Oil is pleased to announce that it has agreed to participate in the completion of the Barnett Shale Odom Ranch No.1 H horizontal well in Parker County that commenced drilling on February 5th, 2006 and has reached TD of approximately 9,000 feet. Mr. Stinson stated, "Based on our examination of the data, Quest Oil Corporation has elected to participate in the completion of the well. The participation in this project, has granted us access to the operational aspects of drilling Barnett Shale horizontal wells which will prove beneficial in our upcoming deep well drill program for Hawkeye/Midkiff leases."
Due to the continued delays in drill rig availability in the Nettie Gardner, McCullough County area, Mr. Stinson advises, "That we have decided to put priority on the in-fill drilling program for the Hawkeye -- Midkiff fields; the continued delays in spudding Nettie Gardner has started to encroach on our schedule of events of the other areas. We have already engaged a local drilling company to launch a shallow in-fill drill program on the Hawkeye field and is scheduled to be on site within the week. The five well drill program for Nettie Gardner will be re-scheduled once drill rigs are more readily available and commitments can be met."
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