Future Quest Acquires Property Lease and Producing Well
Future Quest Nevada
|Wednesday, November 09, 2005
Future Quest Nevada has acquired a 100% working interest in a property lease and producing oil well. The property, commonly known as the Hill Lease, consists of 15.5 acres and is located in Navarro County, Texas. There is currently one producing oil well on the property and the lease allows for a possibility of an additional five wells. The lease and well were acquired from a partnership lead by American Stellar Energy, Inc. The transaction closed November 4, 2005. "We are reviewing our options to further develop the property to enhance value," states Future Quest President Tim DeHerrera. "These options include drilling a new well or lateral drilling on the existing well to try and increase oil flow."