Canadian Quantum Energy Corporation is scheduled to commence the drilling of the 16A-11-56-27W4 well (16A-11) this weekend. The 16A-11 well will be deviated approximately 185 meters to a seismically defined anomaly targeting the Detrital Sand. Drilling operations are anticipated to take approximately one week.

Through a previously announced farmout arrangement, the Company has completed a farmout to an arms' length third party on a small portion of the Company's 50% owned, 27 section Alexander Property, located just north-west of Edmonton. The third party will participate in the drilling of the 16A-11 Test Well by paying 50% of all costs to earn a 30% interest. The third party also has the option to drill two additional wells from the same surface lease as the 16A-11 Test Well to earn a 25% interest by paying 25% of the related costs. The earned lands for the farmout only relate to the specific spacing units assigned to each well drilled. Canadian Quantum will maintain a 20% working interest in the 16A-11 Test Well, a 25% working interest in the two option wells and a 50% working interest in the balance of the 27 section Alexander Property.

Tags: Canadian Quantum Energy Corp.