NEW YORK, NY -- (Marketwire) -- 12/05/12 -- Quest Oil Corp. (PINKSHEETS: QOIL), an independent oil production and technology company, is pleased to share with the public the estimated 2013 revenue projections for the company's business activities.
Based on the current company's presence on the Venezuela Oil production market, namely the current pending contracts and contract negotiations, the management estimates the projected revenues to reach between $1.5 to $2.4 million in 2013. In addition the company will also start a share buyback in the open market immediately.
Company VP of Operations Ken To stated, "We are very pleased to present our preliminary estimated numbers. We will continue working hard to increase shareholders value. Concurrently, we will set aside a portion of our earnings for a share buyback program of up to 4 billion shares. We believe in this company going forward, and want to give our shareholders an early Christmas present."
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.
This release contains statements or projections regarding future performance that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. The company's filings contain various RISK FACTORS (and are incorporated on the Company's website "Investors" section by reference) and should be read before any investment decision.
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