Release Source: Quest Oil, Corp. On Tuesday September 7, 2010, 4:35 pm EDT
KERRVILLE, Texas--(BUSINESS WIRE)--Quest Oil, Corp. (Pink Sheets:QOIL - News) is pleased to announce that it has begun a comprehensive work program at its Hawkeye and Midkiff properties in Eastland County, Texas. Situated at the western boundary of the Fort Worth Basin, Quest Oil’s 1,198 acres in the Hawkeye and Midkiff fields host a number of wells that are currently productive, in addition to multiple, new drill targets.
As part of the work program, Quest Oil plans to begin an infill drilling program on targets at the Hawkeye and Midkiff Fields that management have deemed low risk. Notably, a recent decision by the Texas Railroad Commission – the body that regulates oil and natural gas activities in the state – to lower the spacing for wells in the area to 20 acres, will enable Quest to drill approximately 20 additional wells at the Hawkeye and Midkiff fields.
Quest Oil is utilizing Hydrocarbon Imaging, a radiometric imaging technology, in its work program to identify and quantify oil and gas reservoirs and reserves. Initial imaging results have been captured and are currently being evaluated. Hydrocarbon Imaging technology which captures a surface survey of the “radiation footprint” of a given area of geography rivals conventional seismic and downhole logging in both arenas of cost and reserve identification. Utilizing sophisticated field equipment that is coupled with integrated software capabilities, this technology is a thorough, flexible, useful, and cost effective means of collecting exploratory hydrocarbon data.
“At this stage, our initial exploration work on the Hawkeye and Midkiff Fields suggests that there are opportunities to expand our hydrocarbon production base,” stated Joe Wallen, Quest Oil’s CEO. “Accordingly, we have deployed Hydrocarbon Imaging technology to give us reliable estimates of hydrocarbon reserves and to better define priority drill targets. We are confident that this technology will help us expeditiously and accurately manage our exploration objectives. The initial results from the imaging have determined the discovery of a large anomaly.“
Following the recent acquisition of B&B Oil, Inc., Quest Oil acquired approximately 1,198 acres in the Hawkeye and Midkiff Fields in Eastland County, Texas. Management believes that the Hawkeye - Midkiff fields have outstanding exploration and development potential. When viewing stratigraphic charts of the area it becomes abundantly clear that where oil and gas are encountered there is potential across the section for deepening existing wells, down through the Canyon Division on through to the Barnett Shale.