ABOUT > Corporate Overview
Quest Oil Inc. is an independent oil and gas exploration company that seeks to acquire and develop economically attractive and geologically sound properties that have, in management’s view, significant upside development and revenue potential. We operate our 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. In turn, we provide access to public company management and funding, creating greater value for our business partners and stakeholders alike.
Strategically building wealth from mature prospects with proven reserves – We maintain an aggressive M&A growth strategy, which includes the acquisition of small to mid-tier oil and gas exploration companies with significant growth potential. The major oil companies and the large independents have focused their attention and resources on the exploration and production of large fields, while divesting of their mature prospects that generate smaller output. Importantly, these divested prospects are generally situated in mature oil fields that possess significant proven reserves. With the strength in oil prices, and with gas prices steadily improving, there will continue to be ample opportunities for smaller independent companies such as Quest Oil to acquire and develop these mature petroleum leases and build significant production volumes and revenues.
Effectively managing risk – Quest Oil is focused on the acquisition of properties that are currently in production, and on the development of new drilling opportunities. 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 logistical uncertainties.
Diversification of exploration projects – Quest Oil is committed to maintaining a diversified portfolio view of exploration projects, balancing our holdings between safe, secure investments and those higher risk projects which offer greater potential rewards.
US properties – Quest Oil’s Hawkeye and Midkiff properties in Eastland County, Texas, include wells that are currently productive, in addition to numerous prospects that management believe warrant further development. The B&B assets at the Hawkeye and Midkiff fields feature 139 wells that are capable of producing. In total, management believes there are a total of 192 wells that represent viable rework prospects. At this early stage, estimated net recoverable oil volume is 543,376 for a value of $7,922,511 (Gleason Engineering, 2006 – non-compliant 43-101 resource estimate), with an average net revenue interest of 80%.
Canadian properties – The Company’s immediate and most promising prospect lands in Canada are located in five prolific gas regions in Southern Alberta consisting of proven shallow and deep gas pools. We currently control drilling rights to twenty sections of land in Alberta, Canada representing over 3,200 acres of drilling potential.
Achieving greater returns for our stakeholders – Our partners actively utilize secondary and enhanced oil recovery, or “EOR” methods and advanced exploration technologies, like hydrocarbon imaging and 3D seismic, to increase production and proven reserves at our existing properties and to accurately analyse potential future acquisitions. Our focus on mature oil fields and proven gas reserves betters our chances for exploration and development success, giving Quest Oil an opportunity to achieve greater returns for our stakeholders.