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<P style="line-height:18pt; margin:0pt; font-size:16pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt" align=center>&nbsp;</P>
<P style="margin:0pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt" align=center>&nbsp;</P>
<P style="line-height:18pt; margin:0pt; font-size:16pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>CURRENT REPORT</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-18pt">Date of Report (Date of earliest event reported)</P>
<P style="margin:0pt; padding-right:-18pt; text-indent:216pt"><B>February 23, 2006</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:26pt; margin:0pt; font-size:24pt" align=center><B>QUEST OIL CORPORATION</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt" align=center>&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=140.7></TD><TD width=7.8></TD><TD width=169.75></TD><TD width=7.8></TD><TD width=132.8></TD></TR>
<TR><TD valign=top width=187.6><P style="margin:0pt" align=center><B>Nevada </B></P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center><B>000-26619</B></P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067><P style="margin:0pt" align=center><B>98-0207745</B></P>
</TD></TR>
<TR><TD valign=top width=187.6><P style="margin:0pt" align=center>(State or other jurisdiction </P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center>(Commission File Number)</P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067><P style="margin:0pt" align=center>(IRS Employer </P>
</TD></TR>
<TR><TD valign=top width=187.6><P style="margin:0pt" align=center>of Incorporation) </P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067><P style="margin:0pt" align=center>Identification Number) </P>
</TD></TR>
<TR><TD valign=top width=187.6>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center><B>11200 Westheimer, Suite 900</B></P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067>&nbsp;</TD></TR>
<TR><TD valign=top width=187.6>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center><B>Houston, TX 77040</B></P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067>&nbsp;</TD></TR>
<TR><TD valign=top width=187.6>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center>(Address of principal executive offices) </P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067>&nbsp;</TD></TR>
<TR><TD valign=top width=187.6>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067>&nbsp;</TD></TR>
<TR><TD valign=top width=187.6>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center><B>(713) 243-8778</B></P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067>&nbsp;</TD></TR>
<TR><TD valign=top width=187.6>&nbsp;</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=226.333><P style="margin:0pt" align=center>(Registrant&#146;s Telephone Number)</P>
</TD><TD valign=bottom width=10.4>&nbsp;</TD><TD valign=top width=177.067>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>_____________________________________________________________________________________</P>
<P style="line-height:normal; margin:0pt; padding-left:-27pt; padding-right:-18pt; font-size:11pt" align=center>&nbsp;(Former name or former address, if changed since last report)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">[ &nbsp;&nbsp;]&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">[ &nbsp;&nbsp;]&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">[ &nbsp;&nbsp;]&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">[ &nbsp;&nbsp;]&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">&nbsp;&nbsp;</P>
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<BR></P>
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<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:-35.1pt; padding-right:-35.1pt; text-indent:35.1pt"><B>Section 1 &#150; Registrant&#146;s Business and Operations</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; padding-right:-35.1pt"><B>Item 1.01 </B></P>
<P style="margin:0pt; padding-left:36pt; padding-right:-35.1pt; text-indent:72pt"><B>Entry into a Material Definitive Agreement.</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-right:-35.1pt; text-indent:36pt">On February 23, 2006 we entered into an Acquisition Memorandum with L-TEXX Petroleum, LP, L-TEXX Management, LLC and Longleaf Production, LLC. &nbsp;The Memorandum will be incorporated into a formal Acquisition Agreement to be agreed to by the parties following a due diligence period ending 45 days from the date of the Memorandum.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-right:-35.1pt; text-indent:36pt">Pursuant to the terms of the Memorandum, we have agreed to purchase 100% of each company including all: &nbsp;proven reserve assets, equipment and other assets, intellectual property, bank debt instruments, staff and management and existing oil in tanks as of the date of the closing. &nbsp;The &#147;deemed&#148; purchase price is US$6.5 million including a US$100,000 deposit, 2 million shares of our restricted common stock subject to certain liquidation restrictions and, US$1,200,000 payable at the time of closing. &nbsp;In addition, if at a date which is two years from the date of the closing, the 10 day average trailing closing price of our common stock is: &nbsp;(i) between US$1.50 and US$2.50, we shall issue to the sellers such additional shares of our restricted common stock to bring the total value of the stock paid as consideration in the transaction equal to US$5 million; or (ii) less than US$1.50 the sellers will be entitled to a cash payment of US$5 million and the sellers shall return to the corporation, all common stock issued in the transaction.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-right:-35.1pt"><B>Section 9 &#150; Financial Statements and Exhibits</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:-35.1pt; padding-right:-35.1pt; text-indent:71.1pt"><B>Item 9.01 </B></P>
<P style="margin:0pt; padding-left:-35.1pt; padding-right:-35.1pt; text-indent:143.1pt"><B>Financial Statements and Exhibits.</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:35.1pt; padding-right:-35.1pt">(a)</P>
<P style="margin:0pt; padding-left:35.1pt; padding-right:-35.1pt; text-indent:36.9pt"><U>Financial Statements of Businesses Acquired.</U></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; padding-right:-35.1pt">Not applicable.</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:35.1pt; padding-right:-35.1pt">(b)</P>
<P style="margin:0pt; padding-left:35.1pt; padding-right:-35.1pt; text-indent:36.9pt"><U>Pro Forma Financial Information.</U></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:35.1pt; padding-right:-35.1pt">Not applicable.</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:71.85pt; padding-right:-35.1pt; text-indent:-36.75pt">(c)</P>
<P style="margin:0pt; padding-left:71.85pt; padding-right:-35.1pt"><U>Exhibits.</U></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=47.1></TD><TD width=12.9></TD><TD width=438.45></TD></TR>
<TR><TD valign=top width=62.8><P style="margin:0pt; padding-right:-35.1pt"><B>Number </B></P>
</TD><TD valign=top width=17.2>&nbsp;</TD><TD valign=top width=584.6><P style="margin:0pt; padding-right:-35.1pt"><B>Description</B></P>
</TD></TR>
<TR><TD valign=top width=62.8>&nbsp;</TD><TD valign=top width=17.2>&nbsp;</TD><TD valign=top width=584.6>&nbsp;</TD></TR>
<TR><TD valign=top width=62.8><P style="margin:0pt; padding-right:-35.1pt">10.1</P>
</TD><TD valign=top width=17.2>&nbsp;</TD><TD valign=top width=584.6><P style="margin:0pt; padding-right:-35.1pt">Acquisition Memorandum dated February 15, 2006 by and between Quest Oil Corporation, L-TEXX </P>
<P style="margin:0pt; padding-right:-35.1pt">Petroleum, LP, L-TEXX Management, LLC and Longleaf Production, LLC.</P>
</TD></TR>
<TR><TD valign=top width=62.8>&nbsp;</TD><TD valign=top width=17.2>&nbsp;</TD><TD valign=top width=584.6>&nbsp;</TD></TR>
</TABLE>
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<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt; padding-left:-35.1pt; padding-right:-35.1pt" align=center><B>SIGNATURE</B></P>
<P style="margin:0pt; padding-left:-35.1pt; padding-right:-35.1pt">&nbsp;</P>
<P style="margin:0pt; padding-left:-35.1pt; padding-right:-35.1pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>
<P style="margin:0pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=218.8></TD><TD width=21.85></TD><TD width=222.7></TD></TR>
<TR><TD valign=top width=291.733><P style="margin:0pt"><B>&nbsp;</B></P>
</TD><TD valign=top width=29.133>&nbsp;</TD><TD valign=top width=296.933><P style="margin:0pt"><B>QUEST OIL CORPORATION</B></P>
<P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=291.733><P style="margin:0pt"><B>&nbsp;</B></P>
</TD><TD valign=top width=29.133><P style="margin:0pt">&nbsp;/s/</P>
</TD><TD valign=top width=296.933><P style="margin:0pt"><U>Cameron King</U><B>_________________________</B></P>
</TD></TR>
<TR><TD valign=top width=291.733><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=top width=29.133><P style="margin:0pt">By: </P>
</TD><TD valign=top width=296.933><P style="margin:0pt">Cameron King</P>
</TD></TR>
<TR><TD valign=top width=291.733><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=top width=29.133><P style="margin:0pt">Its:</P>
</TD><TD valign=top width=296.933><P style="margin:0pt">CEO and President</P>
</TD></TR>
</TABLE>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt"><BR>
<BR></P>
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{"company-data": {"conformed-name": "QUEST OIL CORP", "cik": "0001089104", "assigned-sic": "1311", "irs-number": "980207745", "state-of-incorporation": "NV", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26619", "film-number": "06640676"}, "business-address": {"street1": "1650-1188 WEST GEORGIA STREET", "city": "VANCOUVER", "state": "A1", "zip": "V6A 4E3", "phone": "817-462-4091"}, "mail-address": {"street1": "2000 EAST LAMAR BOULEVARD", "street2": "SUITE 600", "city": "ARLINGTON", "state": "TX", "zip": "46006"}, "former-company": [{"former-conformed-name": "GAMESTATE ENTERTAINMENT INC", "date-changed": "20031007"}, {"former-conformed-name": "LUNA MEDICAL TECHNOLOGIES INC", "date-changed": "19990618"}]}
Converted by EDGARwiz
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 23, 2006
QUEST OIL CORPORATION
(Exact name of registrant as specified in its charter)
Nevada
000-26619
98-0207745
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
Identification Number)
11200 Westheimer, Suite 900
Houston, TX 77040
(Address of principal executive offices)
(713) 243-8778
(Registrant's Telephone Number)
_____________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1 – Registrant's Business and Operations
Item 1.01
Entry into a Material Definitive Agreement.
On February 23, 2006 we entered into an Acquisition Memorandum with L-TEXX Petroleum, LP, L-TEXX Management, LLC and Longleaf Production, LLC.  The Memorandum will be incorporated into a formal Acquisition Agreement to be agreed to by the parties following a due diligence period ending 45 days from the date of the Memorandum.
Pursuant to the terms of the Memorandum, we have agreed to purchase 100% of each company including all:  proven reserve assets, equipment and other assets, intellectual property, bank debt instruments, staff and management and existing oil in tanks as of the date of the closing.  The "deemed" purchase price is US$6.5 million including a US$100,000 deposit, 2 million shares of our restricted common stock subject to certain liquidation restrictions and, US$1,200,000 payable at the time of closing.  In addition, if at a date which is two years from the date of the closing, the 10 day average trailing closing price of our common stock is:  (i) between US$1.50 and US$2.50, we shall issue to the sellers such additional shares of our restricted common stock to bring the total value of the stock paid as consideration in the transaction equal to US$5 million; or (ii) less than US$1.50 the sellers will be entitled to a cash payment of US$5 million and the sellers shall return to the corporation, all common stock issued in the transaction.
Section 9 – Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits.
(a)
Financial Statements of Businesses Acquired.
Not applicable.
(b)
Pro Forma Financial Information.
Not applicable.
(c)
Exhibits.
Number
Description
10.1
Acquisition Memorandum dated February 15, 2006 by and between Quest Oil Corporation, L-TEXX
Petroleum, LP, L-TEXX Management, LLC and Longleaf Production, LLC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
QUEST OIL CORPORATION
/s/
Cameron King
_________________________
By:
Cameron King
Its:
CEO and President