Cdn Quantum tallies 4.33 trillion cubic feet at Nicolet

2010-02-08 18:02 ET - News Release

Mr. Douglas Brett reports

CANADIAN QUANTUM ANNOUNCES THE NETHERLAND, SEWELL & ASSOCIATES INC. PROSPECTIVE ORIGINAL GAS IN PLACE RESOURCES ON THE NICOLET PERMIT OF 8.67 TCF

Canadian Quantum Energy Corp. has learned that Netherland, Sewell & Associates, Inc., an independent reservoir engineering firm based in Texas, has provided its best estimate of the prospective original gas-in-place resources (OGIP) volumes for the Utica shale on the company's Nicolet permit in the St. Lawrence Lowlands at 8.67 trillion cubic feet. Canadian Quantum's 50-per-cent interest of this prospective resources OGIP volume is 4.33 trillion cubic feet.

Netherland Sewell, a world-renowned independent reservoir engineering firm, was commissioned by Canadian Quantum and partner Junex Inc. to complete a resources assessment of the Utica shale on the Nicolet permit following the drilling of the Junex St-Gregoire No. 2 and the Junex St-Gregoire No. 3 wells in 2009. Using their expertise in evaluating other shale gas plays, Netherland Sewell's evaluation includes detailed petrophysical and geologic analysis including a review of the available core and lab analysis data. All results have been prepared in accordance with the regulations pursuant to National Instrument 51-101, Standards for Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. The evaluation does not include any evaluation of the jointly held shallower Lorraine formation or the deeper Trenton Black River formation underlying the Nicolet permit.