An oil refinery in Texas is to be acquired by Quest Oil once it has finished the paperwork surrounding the move.
The US firm will add the 540-acre oil, gas and mineral lease, which is located in Coleman County in the southern state, to its growing portfolio and could acquire more land once imaging is complete, YourOilandGasNews.com reports.
Mr. Joe Wallen, chief executive and director of Quest Oil, said that the
oil industry take over of the plot is nearly finalised, while Hydrocarbon Imaging will look for more potential oil-bearing land.
"The potential acquisition of this oil and gas lease, which is in its final stage, will add substantial reserves to the Company's assets of approximately 1.6 million barrels of recoverable oil," he added.
Quest Oil currently operates in the Fort Worth Basin, which it believes is still a prime location for oil drilling since the fuel was first discovered there in 1918 by Tom Dees.
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