Quest Oil Corporation (PINKSHEETS: QOIL), reported that the company has entered into a Letter of Intent with SunDial/McDermett Operating Inc.
The press release is quoted as saying:
Based in Graham, Texas, Sundial/McDermett and its subsidiaries are engaged in oil and gas development, field remediation and operation production management in the United States, primarily in the State of Texas. The Brown County property presently contains 16 wells all of which are expected to be brought online over the next 12 months. The reserves are set at 1.5 to 3 million barrels of oil and in excess of 100 million cubic feet of natural gas. Projected daily production is between 50 to 65 barrels of oil and 50 thousand cubic feet of gas per day.
