Canadian Quantum Energy Corporation

Canadian Quantum Energy Corporation

March 09, 2011 06:30 ET

Canadian Quantum Updates Completion Operations at Bigoray

CALGARY, ALBERTA--(Marketwire - March 9, 2011) - Canadian Quantum Energy Corporation ("Canadian Quantum" / "the Company") (TSX VENTURE:CQM) announces that the Company and its partner have successfully completed the stimulation and testing of the Drumlin CD Quantum Cyn-Pem 14-2-52-11Hz, the first earning well in the liquids-rich, Bigoray Play.

The 975 meter lateral was stimulated in mid-February and flow tested over a two week period. Gas production increased throughout the test as the well cleaned-up, stabilizing at a rate of one million cubic feet per day. At the end of the flow period, the well had recovered 55% of the fluid used during the stimulation and was still flowing 1.5 barrels per hour of frac fluid. Currently the well is shut in for pressure build up and analysis. Tie-in operations are underway and the well is expected to commence production on or about April 15, 2011. Gas analysis suggests the total recoverable hydrocarbon liquids will range from 35 to 60 barrels per million depending on nearby processing plant options.

This well has earned two sections and is the first well of a rolling option farm-in. At Bigoray, the Company has access to approximately 8000 acres of land through either direct ownership or through farm-in.

Doug Brett, President of Canadian Quantum stated: "We are very pleased with the results from this initial test well. In our conservative approach to this project, the objective was to ensure that we completed and tested this zone properly and with-in budget. The project was successful in establishing the productivity of this interval utilizing horizontal drilling and completion technology. We can now focus on reducing costs and optimizing rates through a combination of frac size and lateral length."

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.

Contact Information