RENO, NV — (Marketwire) — 03/26/12 — Quest Oil Corp (PINKSHEETS: QOIL) announced today its Board of Directors has declared a stock dividend to all stockholders and set the record date for 5pm EDT, April 30th, 2012.
The Company anticipates the completion and subsequent announcement of several new oil and gas production and property acquisition transactions — all of which are expected to significantly expand the Company–s oil and gas production base and revenue projections.
As preparation for the Company–s expected growth and to reward shareholder loyalty, all shareholders of record will receive a 3% stock dividend. This dividend would issue each shareholder 3 new Quest Oil shares for every 100 held.
Standard Ex-Dividend rules will apply and the Ex-Dividend Date has been set at April 28, 2012. All shares purchased one day prior to the Ex-Dividend Date will qualify for the Stock Dividend. However, shares purchased on the Ex-Dividend Date of April 28, 2012 or after, will not be eligible for the Stock Dividend. In order to receive this dividend, shares held must be sold on or after the April 28 Ex-Dividend Date.
The date of payment for the dividends will be no later than one month after the Record Date. New share certificates will be mailed by the Company–s Transfer Agent within 30 days of the Record Date. The Company recommends all stockholders contact their brokers to ensure their mailing information is current.
Announcements regarding the Company–s new operations and revenue projections will be released shortly.
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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. 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. 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 addition business strategies and opportunities to augment and strengthen its core holdings.
This release contains statements or projections regarding future performance that is 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.
Quest Oil Corporation