Canadian Quantum has acquired a 50% interest in an Indian Oil and Gas Canada Permit with Sundance Energy Corporation acquiring the other 50%. The acquisition covers all available P+NG rights underlying the Alexander First Nations Reserve, located in Central Alberta. The Alexander First Nation Permit is comprised of 6,946.17 gross hectares (17,365 gross acres) or approximately 27 sections of land. Sundance, as operator, is in the process of configuring an extensive 3D seismic program that will be shot as soon as possible. The Alexander First Nation lands have the potential for multi-zone light oil and natural gas production at relatively shallow depths with existing infrastructure in the area.
Canadian Quantum's President and CEO, Douglas Brett stated "We are excited to have acquired such a large land position in an area where another oil and gas company has recently announced a discovery well from a zone that we have mapped as being potential on the Alexander First Nation lands."
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