Quest Oil Corp. (OTC Markets: QOIL) will start an up to 4 billion shares buyback in open market immediately.
Quest Oil also estimates the 2013 revenue projections for the company's business activities to reach between $1.5 to $2.4 million in 2013. The company bases the estimate on its current presence on the Venezuela Oil production market, namely the current pending contracts and contract negotiations.
"We are very pleased to present our preliminary estimated numbers. We will continue working hard to increase shareholders value. Concurrently, we will set aside a portion of our earnings for a share buyback program of up to 4 billion shares. We believe in this company going forward, and want to give our shareholders an early Christmas present," said Ken To, company vice president of operations.