CALGARY, ALBERTA--(Marketwire - Dec 7, 2012) - Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Company") (TSX VENTURE:CQM) announced today that the drilling of the 16A-11-56-27W4 well (16A-11) is scheduled to commence this weekend. The 16A-11 well will be deviated approximately 185 meters to a seismically defined anomaly targeting the Detrital Sand. Drilling operations are anticipated to take approximately one week.
Through a previously announced farmout arrangement, the Company has completed a farmout to an arms'' length third party on a small portion of the Company''s 50% owned, 27 section Alexander Property, located just north-west of Edmonton. The third party will participate in the drilling of the 16A-11 Test Well by paying 50% of all costs to earn a 30% interest. The third party also has the option to drill two additional wells from the same surface lease as the 16A-11 Test Well to earn a 25% interest by paying 25% of the related costs. The earned lands for the farmout only relate to the specific spacing units assigned to each well drilled. Canadian Quantum will maintain a 20% working interest in the 16A-11 Test Well, a 25% working interest in the two option wells and a 50% working interest in the balance of the 27 section Alexander Property.
Canadian Quantum Energy Corporation holds 1,600 gross acres at Turin, Alberta and 17,280 gross acres / 27 sections on the Alexander First Nations lands in Central Alberta along with various interests in approximately 174,000 gross acres covered by four permits in the St. Lawrence Lowlands, Quebec Utica Shale Play.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company''s disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.