Spud Date Scheduled for Bonanza Well

Quest Oil announced that a spud date has been set for the newest development well at the producing oil & gas Hawkeye-Midkiff lease, located in Eastland County, Texas. The initial drilling well location has been picked with the survey and construction of the location to be completed prior to the commencement of drilling.

The well has been designated Bonanza 1 and is scheduled to spud on October 29th. The sizable anomaly was identified and confirmed by recent Hydrocarbon Imaging Services, Inc.(HIS) in July this year. The well target is slated for a total depth (T.D.) of 3,500 feet to test the Ellenburger pay zone, Marble Falls limestone and the Barnett Shale. Once drilling commences it is anticipated to take 7 days to reach the T.D. after which any prospective oil shows will be tested. The Company has identified a minimum of 10 target locations to drill in the Ellenburger, Marble Falls and Barnett Shale.

About the Hawkeye-Midkiff Project

The Haweye-Midkiff project is located in southwestern Eastland County, Texas, 200 miles west south west of Dallas, Texas, and totals 1,040 acres adjacent to the western edge of historical oil and gas plays and faulting structures of the Ft. Worth Basin.

The initial discovery of the anomaly was by Hydrocarbon Imaging Services, Inc. (HIS) overseen by Company director Robert Clark. "… HIS found the Hawkeye-Midkiff Leases holding significant commercial hydrocarbons." The leases have historical production totaling 208,000 barrels of oil beginning in 1998 with production at initial rates of over 100 barrels per day. After a review of the data of the imaging the potential barrels of oil estimated by Hydrcarbon Imaging Services are 11.8 MBO (M equals a million) reserves recoverable, proved undeveloped. HIS has provided the following comment on this calculation, "HIS is very conservative on its reserve estimates. We certainly recommend further evaluation of logs, cores and other analog production in the area."


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