In a share exchange transaction, B&B Oil exchanged all of its outstanding shares, giving Quest Oil a 100% equity interest in and title to its assets.
Joe Wallen, CEO of Quest Oil, said: “Quest Oil is committed to maintaining a diversified portfolio of exploration projects by balancing our holdings between safe, secure investments and higher risk projects which offer greater potential rewards.
“To date, our work on the Hawkeye and Midkiff Fields in Eastland County, Texas, suggests there are opportunities to expand our hydrocarbon production base. Accordingly, we plan to implement a development strategy that will maximize oil production via the stimulation of existing wells and through the introduction of state of the art technologies in the exploration phase.”
B&B Oil is primarily focused on the exploration and development of proven oil and gas properties. From 2007 to the present, B&B Oil acquired oil and gas leases that consist of approximately 560 acres in Hawkeye Field and approximately 398 acres in the Midkiff Field in Eastland County, Texas.
