Canadian Quantum Energy Corporation
TSX VENTURE : CQM

Canadian Quantum Energy Corporation

November 02, 2011 08:37 ET

Canadian Quantum Energy Announces Alexander Project Update

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2011) - Canadian Quantum Energy Corporation ("the "Company") (TSX VENTURE:CQM) announces that Sundance Energy Corporation (TSXV –SNY / OTCQX SNYXF), the Company's 50% partner and Operator of the Company's jointly held Alexander First Nations Permit in Central Alberta comprised of 17,280 gross acres / 27 sections (8,640 net acres) (the "Alexander Lands") is on track to commence the drilling of the first test well on the Alexander Lands. The Operator has completed the required survey, is presently conducting the required environmental assessment and is in the process of obtaining a surface lease and a drilling license for the +/- 1,250 metre Test Well located at 16-11-56-27W4M (the "16-11 Well"). The 16-11 Well will be drilled less than one mile west of the 09-12-56-27W4M well (the "09-12 Well"), which was recently completed in the Detrital formation. Petro-Reef Resources Ltd., the operator of the 09-12 Well recently announced that it performed a 48 hour test of the 09-12 Well and it flowed light oil at an average rate of 296 barrels per day (47 cubic metres per day) with an average gas flow rate of 495,000 cubic feet per day (14 e3m3 per day). The 16-11 Well is targeting the same Detrital formation present in the Petro-Reef 09-12 Well and will also be evaluating the Alexander Sands formation, which is also productive for light oil in the immediate area.

Drilling operations on the 16-11 Well are scheduled to commence between late November and mid-December 2011. In addition, an environmental assessment for a proposed 27 square mile / 69 square kilometre 3D seismic program on the Alexander Lands is currently underway. It is anticipated that all or a large portion of the 3D seismic program will be commenced in the first quarter of 2012.

Douglas Brett, President & C.E.O. of Canadian Quantum states: "We are pleased with the progress that we are making with respect to commencing the drilling of our first well on our jointly held Alexander First Nations lands. The recently documented success on lands adjacent to our Alexander First Nations Lands is indicative of how prospective our lands are for multi-zone light oil and natural gas production at relatively shallow depths."

About Canadian Quantum

Canadian Quantum is actively pursuing light oil opportunities in Western Canada. The Company holds 800 gross acres (360 net acres) at Turin Alberta and 17,280 gross acres / 27 sections (8,640 net acres) on the Alexander First Nation 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.

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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