Quest Oil announces corporate revitalization and enters $126 billion enhanced oil recovery market Wednesday, July 18, 2012 The Company is currently assessing the acquisition of a number of properties and will provide timely announcements as to the progress of these initiatives as negotiations progress.
Quest Oil Corp (PINKSHEETS: QOIL) announced the official start of the company's revitalization and the commencement of its new Enhanced Oil Recovery (EOR) Initiative. The Company is actively negotiating for the acquisition of a number of oil production properties and related technologies that will both increase production of properties and provide licensing revenue through the use of its technology by third-party producers.
The global market for ERO, estimated by SBI Reports, a leading industrial market research reporting group, to be at more than $126.02 billion in 2011, has shown exciting growth since 2007, when the market totalled $54.96 billion. Technological challenges, hazy regulations, and high implementation costs have often been inhibitory to EOR projects, but this is quickly changing. Government interest and generous investments are helping to spur new developments in technology.
EOR refers to a variety of oil producing methods, by which 70% - 90% more oil is produced from oil wells than is typically extracted by conventional oil production methods. Some of the more common EOR methods include steam, gas or chemical injection, which improve the viscosity of the oil, enabling the oil to flow more freely out of the well.
The Company is currently assessing the acquisition of a number of properties and will provide timely announcements as to the progress of these initiatives as negotiations progress.
The Company anticipates the completion and subsequent announcement of planned EOR acquisitions and 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