Questex Overview
Questex Oil Company LLC (“Questex” or “the company”) is a Nevada Limited Liability Company that is established to enter the oil industry at a low point of worldwide oil prices. The company’s management team has the expertise and experience and we have successfully operated for the last 28 years in the Mississippi and Alabama oil basins. We focus mainly on purchasing existing oil leases with better than average workover potential and get those well producing again for our investors. This may include shallow reworks or in some cases vertical fracking.
We are now exploring some acquisition and rework opportunities in the Uinta Basin in eastern Utah, near Emory.
If you are interesting in becoming part of our investor team, please get in touch with us.
Utah
In 2023, Utah’s daily crude oil production averaged 155,000 barrels per day. This figure represents a significant portion of the state’s total energy production and positions Utah as a key player in the Rocky Mountain region’s oil output.
-
2023 Average:
The Statista source reports an average of 155,000 barrels per day for Utah in 2023.
-
Share of U.S. Production:
While Utah is a substantial producer, it’s important to note that its 155,000 barrels per day represent a relatively small fraction of the overall U.S. crude oil production.
-
Regional Importance:
Utah is a significant contributor to the crude oil output of the Rocky Mountain region, accounting for about 18 out of every 100 barrels produced.
-
Record Production:
Some reports suggest that Utah’s production reached record highs in 2023, with the potential to carry over into 2024 Utah News Dispatch.
-
Refinery Capacity:Utah’s five refineries, located in the Salt Lake City area, have a combined capacity to process nearly 209,000 barrels of crude oil per day.
The management team of Questex has proven that Mississippi provides the ability for investors interested in investing in oil and gas in the United States to do so more cost effectively than other areas.
jay Wettig
Chief Executive Officer
Mr. Wettig brings thirty years of experience in management, operations, capital markets, corporate development, and back office operations to Questex Oil. Mr. Wettig is currently an owner of a company with producing wells in Mississippi, that built its production on the cost-effective workover model of exploiting missed pay in existing wellbores. Mr. Wettig excels at building teams with the necessary skills for producing results for investors, creating financing for new projects, as well as evaluating acquisition, work-over, or drilling opportunities. Mr. Wettig has been a successful investor and operator of several companies specializing in manufacturing and oil and gas production, and oil and gas services. He possesses a far-reaching network of relationships across North America and Europe. Mr. Wettig has been an investor and managing member of Mize Energy Producers LLC, a private oil and gas production company since October 2011, and an officer of Hangtown Energy Inc., and an officer of Northcote Energy Ltd. Mr. Wettig holds a bachelor’s degree in Accounting from Wichita State University and is a Certified Public Accountant and is currently licensed in the state of Nevada.
Ken Wittman
Chief Financial Officer
Mr. Wittman has over 20 years of accounting experience in the energy industry from publicly and privately held oil and gas companies to subsidiaries of large integrated foreign national companies in the renewable energy space. Mr. Wittman is currently the controller of the solar division of a subsidiary of one of the top three refining companies in Japan. In 2007, Mr. Wittman was an integral team member in an IPO with a company to the NYSE. Mr. Wittman has solid experience in deal structuring for acquisitions and divestitures both domestically and internationally, including bank and/or equity financing. Mr. Wittman also has a comprehensive background that includes GAAP and IFRS reporting experience, budgeting, economic modeling, SOX compliance, and treasury management. Mr. Wittman is a graduate of The Ohio State University with a bachelor’s Degree in business administration (Accounting).