Canadian Quantum Energy Corporation

Canadian Quantum Energy Corporation

January 19, 2011 06:36 ET

Canadian Quantum Commences Drilling Operations

CALGARY, ALBERTA--(Marketwire - Jan. 19, 2011) - Canadian Quantum Energy Corporation ("Canadian Quantum" / "the Company") (TSX VENTURE:CQM) announces the commencement of operations of the first earning well in the previously announced Central Alberta, liquids-rich, Bigoray Play.

The well, Drumlin CD Quantum Cyn-Pem 14-2-52-11Hz has been spudded and is expected to be drilled, completed and tested over the next several weeks. The drilling operation has a planned 900 meter lateral with a true vertical depth of approximately 2,000 meters. The regionally developed Mannville sand has good vertical well definition and is anticipated to be both gas charged and liquids-rich. On completion, this well will earn two sections in an 8 section rolling farm-in option. The Company also holds a direct interest in 2,880 acres with its 50% partner Drumlin Energy Corp.

Doug Brett, President of Canadian Quantum stated: "We are excited to be drilling this first location so soon after completing our deal with Drumlin Energy Corp. In the event our first test well is successful we have identified over twenty additional locations on our Bigoray Project that can quickly be drilled, completed and tied in. With infrastructure being close, the project will quickly start cash flowing."

Canadian Quantum is also active in the St. Lawrence Lowlands, Quebec Utica Shale Play holding various interests in approximately 174,000 gross acres covered by four permits. 

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 description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Canadian Quantum's disclosure documents on the SEDAR website at Canadian Quantum does not undertake to update any forward-looking information except in accordance with the applicable securities legislation.

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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