Canadian Quantum Energy Corporation
TSX VENTURE : CQM

Canadian Quantum Energy Corporation

August 29, 2012 14:32 ET

Canadian Quantum Files Year End Financial Statements, Turin Farmout and Asset Divestiture

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2012) - Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Corporation") (TSX VENTURE:CQM) announced today that the Corporation has filed its Annual Financial Statements and associated Management's Discussion and Analysis for the year ending April 30, 2012. The Corporation has also filed its Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure, under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Such filings can be accessed electronically from the SEDAR website at www.sedar.com.

The Corporation further announces that in order to focus on advancing its 50% interest in its Alexander Project lands the Corporation secured partners to participate in the drilling of a test well on its Turin Property pursuant to which Canadian Quantum was able to retain an undivided 9% working interest. The Turin test well has been drilled, cased and is awaiting completion operations. In addition on August 27, 2012 the Corporation divested of one of its Ontario based producing oil wells for $120,000 with the proceeds going towards general working capital.

About Canadian Quantum

Canadian Quantum holds 800 gross acres at Turin, Alberta and 17,280 gross acres / 27 sections (8,640 net acres) on the Alexander First Nations Permit 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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