SOURCE: Royal Quantum Group, Inc.

June 09, 2008 12:27 ET

Royal Quantum Announces Update on Oil and Gas Property Acquisition

CALGARY, AB--(Marketwire - June 9, 2008) - Royal Quantum Group, Inc. (OTCBB: RYQG) announces the signing of an extension for the closing of the Ohio Oil and Gas project previously announced in its April 2, 2008 press release. The extension allows for closing to be completed on or before July 31, 2008, and was necessary due to additional time needed for completion of the funding arrangements.

The property consists of 171 producing wells and was valued at $516.6 million. The value of the property was determined by an independent Geological Asset Appraisal Report dated June 2007, and does not account for the dramatic increase in oil and gas prices since the report date. The value of the asset was discounted at 8%.

The company has now started work on the first phase of development of the project. This initial phase will consist of the remediation of 6 wells. Further information will be released as it comes available.

Royal Quantum is a North American based exploration and development Company, focusing on the acquisition and development of cash flow or near term cash flow producing properties in the resource sector. Royal Quantum is a fully reporting public company trading on the OTCBB market under the symbol RYQG.

Statements released by Royal Quantum Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.

Visit the Royal Quantum Group, Inc. web site at www.royalquantum.com. Information included on the Company's website is not incorporated herein by reference or otherwise.

Contact Information

  • For additional information please contact:

    Royal Quantum Group, Inc.
    Suite # 145, 251 Midpark Blvd S.E.
    Calgary, AB T2X 1S3
    Tel: 403-288-4321
    Fax: 403-201-5792