Canadian Quantum Energy Corporation

Canadian Quantum Energy Corporation

February 06, 2012 09:00 ET

Canadian Quantum Announces Alexander Operational Update

CALGARY, ALBERTA--(Marketwire - Feb. 6, 2012) - Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Corporation") (TSX VENTURE:CQM) announces the following update on the Corporation's jointly held (50% working interest) Alexander First Nations Permit in Central Alberta comprised of 17,280 gross acres / 27 sections (8,640 net acres).

The Operator, Sundance Energy Corporation, has advised the Corporation that subject to receiving the applicable regulatory approvals and the availability of equipment, drilling is anticipated to commence on the first location at 16-11-56-27 W4M "16-11 Test Well" within 4 to 6 weeks. The 16-11 Test Well is positioned less than one mile west of the Petro-Reef Resources Limited 9-12-56-27 W4M "09-11 Well" which has been producing from the Detrital formation. According to a recent press release made by Petro-Reef Resources Ltd. (PER - TSXV) on December 19, 2011, their 9-12 Well continues to flow at a net 190 barrels of oil equivalent per day. The producing Detrital formation in the 9-12 Well is one of several formations targeted for the Corporation's 16-11 Test Well.

The Corporation will also participate as to its 50% interest with the Operator in a planned 9 square mile, $1 million 3-D seismic program covering the north-east portion of the Alexander First Nations Permit. The Corporation expects to have the 3-D seismic program shot and in for processing before the end of March.

Douglas Brett, President and CEO of the Corporation, states "We are excited to be moving forward in our joint Alexander First Nations Project. Shooting both the 9 square miles of 3-D seismic and drilling the first location at 16-11 will allow us to evaluate and develop the oil and gas potential in a timely and efficient manner on this very large, prospective land position."

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.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are 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 Corporation's disclosure documents on the SEDAR website at The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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