November 19, 2009 (FinancialWire) — Conquest Petroleum Inc. (OTCBB: CQPT), an independent oil & gas company headquartered in a suburb of Houston, TX, announced consummation of a $1,000,000 loan facility obtained from a private fund.

The capital from this facility will be utilized to complete the restoration program of bringing existing wells in the Delhi Field back on to production, the final restoration payments associated with the settlement of the Delhi environmental litigation, and for working capital. Upon completion of the restoration program, the company will have 7 producing wells, five water injection wells, and a closed loop water injection system to put water into the injection wells to effect a pressure maintenance and waterflood program. The injection of water will include water produced from the 7 wells augmented by a water source well which will be able to produce large volumes for injection due to a down hole electrical pump.

Robert D. Johnson, CEO of the company, commented, “These funds will get us farther on the way of completing Phase 2 of our Business Plan of getting existing economical wells back on production. Also the completion of our obligation regarding the environmental litigation is huge. We can now go forward in trying to find the funds to drill our inventory of development and probable wells. Additionally, Management of the company will be continually searching for viable acquisitions and the funds to purchase those properties.”

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