Royal Quantum Group, Inc. has been granted an extension to March 31, 2008 to finalize the financing requirements necessary for the acquisition of the Ohio oil and gas project previously announced on January 25, 2008.
The property consists of 171 producing wells and has a valuation of $516.6 million. The value of the property was determined by an independent Geological Asset Appraisal Report dated June 2007. The asset is categorized as follows: proven developed producing reserves of $6.5 million; proven undeveloped non-producing reserves valued at $394.7 million; potential undeveloped non-producing reserves valued at $115.4 million.
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