Canadian Quantum Energy Corporation
TSX VENTURE : CQM

Canadian Quantum Energy Corporation

June 16, 2011 09:47 ET

Canadian Quantum Announces Sale of Bigoray Gas Property

CALGARY, ALBERTA--(Marketwire - June 16, 2011) - Douglas Brett, President and CEO of Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Company") (TSX VENTURE:CQM) announced today that Canadian Quantum has accepted an offer from an arms length private oil and gas company to sell the Company's interest in its Bigoray Gas Project, located in Alberta for cash consideration of $1 million. Closing of the transaction is subject to receipt of approval from the TSX Venture Exchange.

Douglas Brett, President and CEO of the Company stated, "The initial horizontal well drilled in February of this year on our Bigoray Gas Project did not meet our expectations and economic criteria. We are currently evaluating several other opportunities in which to deploy capital and with the sale of our interest at Bigoray, we will be able to move forward with a stronger project."

About Canadian Quantum

Canadian Quantum is actively pursuing oil and gas opportunities in Western Canada and holds 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.

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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