Quad has entered into a letter of intent to acquire a 50% working interest in the company Luxur Resources Inc. The working interest is in a total of 11360 acres of long term gas production in the south east corner of Alberta Canada. In addition to the large land holdings that are in the company, it has 30.21 KM of 6 and 8 inch production line running through property and 7.53 KM of 4 inch tie in lines. The company has a total of 9 gas wells that were drilled with in the last 2-5 years. It has an unproven potential reserve of 2 BCF per section. Eight of these wells are on limited production and one needs to be completed and tied in. Luxur Resources land is surrounded by some substantial companies i.e.: Nexen Inc. Direct Energy Inc. Enerplus Corp. and the City of Medicine Hat Gas Dept. We feel confident in the potential of this company as it has the land base, infrastructure and recoverable reserves to move it to the next level. It needs a limited development plan and our competent team to accomplish this.
The company would pay up to $1.5 million for the 50% working interest.
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