ABN 22 009 171 046
SALE OF KREYENHAGEN FOR US$700,000
Quest Petroleum is pleased to advise it has entered into a sale agreement on its Kreyenhagen and Jacalitos Nose North projects from its onshore California portfolio for US$700,000.
The key terms of the transaction are set out below:
This sale brings the total value of transactions this financial year to in excess of US$2,000,000.
The Company continues to maintain an interest in the San Joaquin Basin within the following defined projects:
WI
Potential Resource Oil (mmbl)
Depth
Oil Sands
Guijarral Hills
20%
1.4 ? 5
11,500 ft
Leda, Gatchell
North Kettleman
2 ? 10
13,000 ft
Jacalitos Nose South
50%
1.6 ? 7.2
4,000 ft
Temblor
South flank of North Kettleman Dome *
10%*
7 ? 16
15,000 ft
Ossobucco
12.75%
5 ? 27
11,500ft
Lower Stevens
Merlot
23 ? 46
5 ? 13,000ft
JV, Vedder Sands
North East flank of North Kettleman Dome **
1.13%
TBA
10 ? 15,000ft
* QPN has the right to backin for 10% WI paying 10% of well costs 3 months following the completion of the first well
** QPN has a 1.13% free carry through 2 wells and all lease costs.
Quest is working closely with it partners to develop a drilling campaign on the key exploration targets on these projects. In addition, the Company is actively assessing new projects to compliment and expand on its asset base.
On behalf of the Board of Directors
For further information on the Company please visit our website:
www.qpnl.com.au
For information contact:
Mark Freeman
Executive Director
Brett MitchellDirector / Company Secretary
Quest Petroleum est une société développant des projet miniers et de pétrole basée en Australie.
Quest Petroleum détient divers projets d'exploration en USA.
Ses principaux projets en exploration sont SOUTH EAST LOST HILLS et BULLSEYE en USA.