Oil prices are flirting with all time highs, and oil company stocks, which generally move with oil prices, have outperformed the market this year.  Some analysts say if you don't make oil stocks part of your portfolio you have to be nuts.  $50 a barrel, $60, $70, $80 to $100 a barrel have been predicted.  NO one knows for sure how high it will go.  Most agree it will head higher.    Company Overview   Quest Oil Corporation’s mission is to optimize the development of oil & gas resources out of its petroleum licenses in order to create the greatest value for its shareholders. Quest Oil intends to accomplish this by managing the exploration process and only incorporating joint venture partners to execute our predetermined exploitation strategy. Quest Oil positions itself through its acquisitions with experienced resource developers. Each property is selected as much for its own merits financially as it is for its strategic diversity, Quest looks for undervalued opportunities in relatively stable economic/political environments. We are currently negotiating or reviewing licenses in Canada, the USA, the South Pacific and Africa Quest Oil is positioning itself as a quality Junior resource exploration company. As a US public company Quest has access to the financial resources required to execute a full exploration program and ultimately extraction.   Latest News   Mon, Jun 20, 2005 • Quest Oil to Acquire Wallstin Petroleum and Welcomes Dr. Jim Irwin to the Board PrimeZone Media Network (Mon 6:30am) Fri, Jun 17, 2005 • Quest Oil Provides Drilling Update on AudioStocks.com PrimeZone Media Network (Fri, Jun 17) Tue, Jun 14, 2005 • Quest Oil Announces Target Drill Date PrimeZone Media Network (Tue, Jun 14) Wed, May 25, 2005 • Quest Oil Initiates Phase One Drilling Program for Acadia North Gas Project PrimeZone Media Network (Wed, May 25) • QUEST OIL CORP Files SEC form 8-K, Entry into Material Agreement, Sale of Equity, Change in Directors or Principal Of EDGAR Online (Wed, May 25) Thu, May 19, 2005 • Quest Oil Closes Initial Funding For Acadia Gas Project PrimeZone Media Network (Thu, May 19) Mon, May 16, 2005 • Quest Oil Arranges $750,000 Funding for Acadia Gas Project PrimeZone Media Network (Mon, May 16) Fri, May 13, 2005 • Quest Oil Engages Midtown Partners to Provide Funding for Acadia Gas Project PrimeZone Media Network (Fri, May 13) Acadia North Gas Project   Quest Canada Inc., Quest Oil Corporation’s wholly owned subsidiary, is about to launch development of the Acadia North Gas Project. Acadia North is the initial launch project for Quest Oil. The project was selected based on its reduced risk characteristics of proven reserves, substantial production in the area and the Project’s close proximity to several distribution pipelines allowing immediate access to market.   The Acadia Project is located in southeast Alberta near the Saskatchewan border.  Acadia North consists of two sections totaling 1280 gross acres overlying the vast Viking gas target. The Arneson Viking Pool is a shoreface sand deposit and oriented in a NE-SW direction.  The pool has been encountered by four previously drill wells since 1972.  The porous sand ranges from 30 feet to 46 feet thick and contains gas under lain by water.  Pay zone thickness ranges from 4 feet to 12 feet with a proven and probable recoverable reserve of 8 BCF at a market value of $24 million.  According to Chapman Engineering of Calgary, Alberta when including the possible reserves identifies an underlying pool over twice the PUD with a value of $45 million.   On May 20, 2005 Quest Oil completed and closed project financing for $750,000 USD.  These funds will allow for immediate application for licensing and permitting of the two Acadia sections.  Quest Oil’s operator, Transaction Oil and Gas Ventures has been retained to provide turnkey development through to tie-in.  Survey crews are on site and over the next couple of weeks will determine drill site locations.  Drill rigs at present are being scheduled for mid-June and within a two week period will have completed the two well drill program.  Well depth is approximately 1,800 feet and within two days of active drilling target depth will be achieved.  As the Acadia project progresses through completion and tie-in, it is expected with a successful drill program, we will be in cash flow within sixty days.   Quest Oil is actively searching and conducting economic reviews on several projects in North America and abroad.  We have spent considerable amount of time and negotiations with governments in the Middle East and are close to entering into a full development program.  Management will be releasing information on this endeavor within the next few weeks. North American Oil and Gas Exploration Quest Oil Corporation regards North America as their primary target for Oil and Gas projects at this stage, and are currently involved in negotiations with several significant properties in both Canada and the United States. Quest Oil Corp. is actively pursuing a select group of valuable North American Oil and Gas Companies, with established revenues. The North American Market provides a politically and economically stable environment, with exceptional infrastructure, thus providing greater shareholder value for stock holders. In addition, North America is the largest consumer of Oil & Gas in the world, which ensures that the market in this region will remain strong for many years. Make sure you keep a keen eye on this company and add it to your radars now.  The oil and gas sectors are some of the hottest watches out there.  Our opinion is, after looking at the charts and recent volume and price activity,  it's worth watching closely.

Management   Head Office Rod Bartlett President & C.E.O rbartlett@questoil.com Rod is an experienced business developer who has been involved over the last 5 years in taking two companies public, one as CEO and the other as the Vice President of Business Development. From Mr. Bartlett’s early beginnings in Alberta’s oil patch, to one as a successful entrepreneur with the establishment of Money Mart Cheque Cashing Centers in Vancouver and Honolulu, he has brought significant energy and leadership. Rod later leveraged off of these experiences to establish his own real estate and business development company resulting in a multitude of successful ventures.   Head Office Cameron King, MBA C.F.O. & Director cking@questoil.com Mr. King, is a MBA from Michigan and finance graduate of McMaster University, with over 20 years of senior management experience developing expertise in capital markets, sales, marketing and public relations. Mr. King was a key member of the Corporate Banking team with the Bank of Nova Scotia in Toronto, Canada, specializing in Merger and Acquisition due diligence. Since 1995 Cameron has operated a successful Venture Capital Company by incubating, structuring and public listing several companies ranging from Internet based technology, mining, oil and gas exploration and telecommunications.     Richard Johnson, P. Eng Engineering President of Opus Petroleum Ltd, and a professional petroleum engineer with 28 years of experience in the North American petroleum industry. Mr. Johnson has been involved in all phases of the upstream petroleum industry undertaking all aspects of both geology and engineering. He has extensive experience in the management and formation of public and private companies, and has sat on the Board of Directors of five publicly listed companies. His extensive work includes acquisition and divestiture consulting, property evaluation, production operations, reservoir engineering and drilling operations. Mr. Johnson is a Member of the APEGGA (P.Eng.), CSPG.   Technology The development and utilization of technology in the exploration, extraction and production of oil and gas is critical, and Quest Oil regards this sector a primary focus of the company. Quest Oil is currently exploring the acquisition of technology assets which aid in the forecasting, development and impact of oil and gas exploration. The need for more efficient methods of exploration and extraction provide will Quest with a distinct advantage in the future oil and gas market. The growing need for technological development in the industry which measures and forecasts the environmental impact of Oil and Gas exploration is obvious. Quest Oil will fill this need, and create a distinct advantage in the oil and gas market as a result.   USA (Main Head Office) Suite 600 - 2000 East Lamar Blvd Arlington, Texas United States, 76006   Tel : 817-462-4091 Fax : 800-868-0402 Email : info@questoil.com Canada (Head Office) Suite 513 - 11215 Jasper Avenue Edmonton, Alberta Canada, T5K 0K5   Tel : 866-264-7668 Fax : 800-868-0402 Email : info@questoil.com   Download Section Shareholder Letter (111.3 KB) pdf North American Project (2.82MB) pdf

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