NEW YORK, NY -- (Marketwire) -- 11/29/12 -- Quest Oil Corp. (PINKSHEETS: QOIL) an independent oil production and technology company announced today that it signed a contract to purchase land usage rights for 10 years for the exploration of oil production. This land is located in the Orinoco River in Eastern Venezuela.
It is estimated that the Orinoco region could produce up 1 million bbl. oil daily by the year 2020, a figure equal to half of Venezuela's current oil production.
According to the United States Geological Survey (a bureau of the United States Department of the Interior that employs approximately 8,670 people), the Orinoco Belt alone is estimated to contain 900-1,400 billion barrels (2.2×1011 m3) of heavy crude in proven and unproven deposits. Of this, the United States Geological Survey estimated that 380-652 billion barrels (1.037×1011 m3) could be technically recoverable, which would make Venezuela's total recoverable reserves (proven and unproven) among the largest in the world. The technology needed to recover ultra-heavy crude oil, such as in most of the Orinoco Belt, may be much more complex and expensive than that of Saudi Arabia's light oil industry.
Managing Partner at Miverva Oil Inc., Richard Fasanella says, "We are very pleased to be working with Quest Oil Corp in the Orinoco region. There is a tremendous potential to make an exponential sum of return in this grand scale project. We have all the due diligence and equipment to make this a lucrative venture for both parties."
"We're extremely delighted to be a part of history-in-the-making quest for oil in the Orinoco Belt region," states Ken To, Quest's VP of Operations. "With that in mind, Quest Oil has been equipped and will be funded immediately to pursue this once-in-a-lifetime opportunity," continues Mr. To.
About Quest Oil Inc.
Quest Oil Inc. is an aggressive, well-managed independent oil production and technology company. The Company is an aggressively managed energy exploration, development and production company in the process of building oil & gas reserves and production. The Company specializes in the profitable business of employing Enhanced Oil Recovery technologies in the reworking & re-completing "marginal" oil & gas wells located in the thousands of mature oil & gas producing fields, across much of the United States. The Company intends to foster rapid corporate growth through its ability to identify, acquire interests in, and rework oilfields that offer exceptionally attractive risk/reward parameters.
The Company seeks to acquire and develop economically attractive and geologically sound properties that have, in management's view, significant upside development and revenue potential, as well as related technologies that will both increase production of its properties and provide licensing revenue through the use of its technology by third-party producers. The Company operates its business as a central hub, utilizing our strengths in M&A, capital and resource management. We proactively minimize risk by teaming with experienced exploration companies and project operators, leveraging their experience and knowledge. Quest Oil's development strategy includes the implementation of state of the art technologies that are deployed to enhance and rework existing, highly predictable wells, within proven oil and gas plays. By focusing on domestic, mature oil fields and proven gas reserves, Quest Oil can reduce exploration risks and better manage logistics. In turn, we provide access to public company management and funding, creating greater value for our business partners and stakeholders alike. The Company is currently assessing additional business strategies and opportunities to augment and strengthen its core holdings.
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