Canadian Quantum Announces Dual Zone Alexander Oil Discovery
CALGARY, ALBERTA - Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Company") (TSX VENTURE:CQM) announces the following 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.
Canadian Quantum and its partner have commenced a 9 square mile 3-D seismic program covering the north-east portion of the Alexander Permit. The seismic work is near completion and is scheduled to be delivered to the processors within a week. The Company and its partner are now in the process of planning a multi-well step-out drilling program on the Alexander Permit to follow up on the success of the 16-11 well. The drilling locations for the program will be determined following the interpretation and analysis of the 3-D seismic results.
Douglas Brett, President and CEO of Canadian Quantum, states "We are extremely pleased with the results obtained on our first joint well on our Alexander Project lands. Encountering oil in both the Detrital and Alexander sands provides excellent dual targets for multiple low risk development drilling locations which will be chosen after we integrate our new 3D seismic data with the 16-11 well logs and geological data."
(Marketwire - April 2, 2012)