Quantum Energy, Inc.
OTC Bulletin Board : QEGY

Quantum Energy, Inc.

October 30, 2006 16:00 ET

Quantum Energy, Inc. Announces Binding Agreement on Oklahoma Leases

LAS VEGAS, NEVADA--(CCNMatthews - Oct. 30, 2006) - Quantum Energy, Inc. (OTCBB:QEGY)(FWB:B6A) is pleased to announce that the company has signed a binding letter of intent to acquire the Cannon leases in Wagner County, Oklahoma.

The leases consist of 280 acres with 10 acre spacing units. We intend to spud locations for the first two wells during November.

The area is serviced with oilfield infrastructures and there are numerous producing wells in adjacent leases to the Cannon location.

The drilling and future development of the Cannon lease will be operated by Wise Oil & Gas LLC of Tecumseh, Oklahoma.

Quantum is presently negotiating on three additional Oklahoma producing leases with potential for redevelopment of existing wells and additional infield drilling opportunities.

Inglish #5 Production:

Inglish #5 Barnett Shale, Cooke County, Texas update.

Quantum is also pleased to report that Inglish #5 continues to perform above expectation. To date, this well has produced 3780 Bbls of oil averaging 252 Bbls per day and 12,435 MCF of gas averaging 829 MCF per day. We note a correction to our Inglish #5 report on October 18/06, in which gas production was reported as 5,245,000 MCF, whereas the production was 5,245,000 CF. Quantum has a 5 percent working interest in Inglish #5.

About Quantum Energy, Inc.

Quantum Energy's objective is to seek out and develop opportunities in the Oil and Natural Gas sectors that represent a low risk opportunity. As well, Quantum aims to define larger projects that can be developed with Joint Venture partners. Quantum is confident that these viable opportunities exist in a sector that holds long-term fundamental strength.

Quantum intends to exploit energy exploration opportunities through various partnerships available throughout the Southern United States and in doing so build significant Oil and Natural Gas reserves and capital appreciation to its shareholders.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.

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