CALGARY, ALBERTA–(Marketwired – Sept. 20, 2013) – Canadian Quantum Energy Corporation (“Canadian Quantum” or the “Company”) (TSX VENTURE:CQM) announces the following update on the Company’s ALEX 102/16-11-56-27W4 well (“102/16-11 Well”).
The 102/16-11 Well was initially drilled directionally to a depth of 1,287 meters in December, 2012 and has been standing after perforating the Detrital zone in February, 2013 with less than commercial results. Canadian Quantum and its partners conducted a completion of the upper zone within the Lower Mannville Group and placed the 102/16-11 Well on production on September 13, 2013. Initial indications are that the 102/16-11 Well will be an oil well producing approximately 25 – 30 bbl oil per day. Canadian Quantum holds a 30% working interest in this well and associated spacing unit. Although initial; productive tests may not be indicative of long term performance and ultimate reserve recovery, Canadian Quantum is pleased to have confirmed light oil production from this zone.
Douglas Brett, President and CEO of Canadian Quantum, states “We are pleased with the initial results obtained from this completion. This confirms oil production from a zone that our team has long maintained would be an excellent candidate for horizontal drilling development utilizing multistage fracturing technology. Our 3D seismic indicates multiple horizontal locations exist on our Alexander Permit.
About Canadian Quantum
Canadian Quantum is actively pursuing oil and gas opportunities in Western Canada and continues to hold various interests in approximately 174,000 gross acres covered by four permits in the St. Lawrence Lowlands, Quebec Utica Shale Play.
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This press release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Canadian Quantum’s business, such as anticipated oil production, which by their nature are forward-looking statements and which are subject to numerous risks and uncertainties, some of which are beyond Canadian Quantum’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Canadian Quantum believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Canadian Quantum does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.