SOURCE: Qauntum Energy Inc

September 15, 2014 07:30 ET

Quantum Energy and Bilfinger Westcon Launch Strategic Alliance to Develop Multiple Refineries in the North Dakota-Montana Bakken Formation

TEMPE, AZ--(Marketwired - Sep 15, 2014) - Quantum Energy, Inc. (PINKSHEETS: QEGY) has entered into a Strategic Alliance with Bilfinger Westcon Inc. (Bismarck, ND), a wholly owned subsidiary of Bilfinger SE (Mannheim, Germany) for the development of a series of diesel refinery projects throughout the Bakken Formation.

"This Strategic Alliance was created by the signing of a Joint Development Agreement that will seek to develop up to five 21st Century Clean Energy centers that will each include a 20,000 barrel per day diesel refinery. Our design plan includes the latest clean technology to capture the CO2 released from our facilities for use in Enhanced Oil Recovery (EOR) throughout the Bakken. Additionally, each facility will also include a natural gas liquids (NGL) stripping capacity of at least 100,000 barrels per day which will build barrel value, provide the potential for local/regional propane production and provide for significantly reduced crude volatility to facilitate enhanced rail tank car safety. We welcome Bilfinger Westcon's decision to join us as Bilfinger Westcon has been a key part of the development of the first greenfield refinery in the U.S. since 1976," said Andrew J. Kacic, Quantum CEO. Bilfinger Westcon is currently constructing a diesel refinery project in Dickinson, North Dakota that is expected to be completed around the end of 2014.

"The signing of this Strategic Alliance is a key milestone for both companies to drive the development of a series of refinery projects that constitute an integrated project approach (or program) for the future of U.S. refining in the Bakken Formation," said Dennis Chismar, Bilfinger Westcon VP of Business Development. The initial phase of this development will involve studies to support site evaluations, site selections and environmental permitting plans as well as various refinery market studies," Chismar added.

"It is the intention of both companies to collaborate for the full development and ultimate completion of the program projected to finish in the next several years. Bilfinger Westcon is pleased to be a key part of this exciting opportunity with Quantum Energy and we are looking forward to further developing this program as part of our Strategic Alliance," Bilfinger Westcon President Mark Peterson said.

About Quantum Energy, Inc.

QUANTUM ENERGY, INC. is a development stage, publicly traded, diversified holding company with offices in Williston, North Dakota. Quantum places an emphasis in refinery development, land holdings, oil and gas exploration, drilling, well completion and fuel distribution www.quantum-e.com.

About Bilfinger Westcon Inc.

BILFINGER WESTCON INC. is a diversified industrial construction company headquartered in Bismarck, North Dakota that provides a comprehensive range of project development and industrial construction services to large industrial processing facilities throughout the United States. The company specializes in construction solutions for a diverse mix of clients including oil and gas, refining, petrochemical, power generation, agriculture and food processing, biofuels, and specialty chemicals, among others. In 2012, Westcon was acquired by Bilfinger SE, a leading international engineering and services group from Germany www.westconindustries.com.

About Bilfinger SE

BILFINGER SE (GBF), is a leading international engineering and services group from Germany with the comprehensive technological expertise and experience of more than 70,000 employees that offers customized services for industrial facilities, power plants and real estate. Bilfinger generates an annual output volume of approximately EUR 8 billion in its Industrial, Power and Building and Facility business segments http://www.bilfinger.com/en/.

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