Canadian Quantum Energy Corporation provide update on the Company's jointly held (50% working interest) Alexander First Nations Permit in Central Alberta which is comprised of 17,280 gross acres encompassing 27 sections.
The Sundance ALEX 16-11-56-27 W4M well ("16-11 well") was drilled vertically to a depth of 1,306 meters and encountered sweet, light oil in both the Alexander and Detrital sands within the Lower Mannville Group. Both zones were individually stimulated and swabbed to recover most of the load fluid prior to testing. Final swab rates for the Alexander sand was 7.6 bbl / hr of oil while the Detrital sand swabbed at 2.7 bbl / hour of oil. The final swab rates for the combined zones totaled 10.3 bbl / hr oil (247 barrels oil per day). Plans are underway to equip and place the 16-11 well on production as soon as possible, which is anticipated to occur within the next 30 days. Although initial productive test rates may not be indicative of long-term performance and ultimate reserve recovery, Canadian Quantum is very excited about confirming light oil production from both formations that produce oil commercially in the area.