2008-12-03-2008-11-07-2008-11-07

Purchased 50% interest in 4,500 undeveloped acres in Wetzel Co., WV.

Quest Resource Corp., Oklahoma City, (Nasdaq: QRCP) has sold a 50% interest in its operations in Wetzel County, West Virginia, to an undisclosed private entity for $6.1 million. The assets include approximately 4,500 net undeveloped acres, three wells in various stages of completion (two horizontals and one vertical) and existing pipelines and facilities. Quest Resource will act as operator of the joint venture and all future development costs will be equally split between both companies. Quest Resource used the proceeds to pay debt and fund capex and overhead costs. Quest Resource president David Lawler says, "We believe this joint-venture agreement improves our liquidity while keeping us positioned to capture the potential associated with the Marcellus shale formation in Wetzel County, West Virginia. We recently completed drilling the horizontal section of one well in Wetzel County and commenced drilling on the horizontal section of the second well. We continue to pursue other transactions to further improve our liquidity and generate additional funding for our development plans in the Marcellus shale play." Tudor, Pickering, Holt & Co. Securities Inc. was financial advisor to Quest Resources.