Quadra Relinquishes Iraca Block

Quadra Resources' subsidiary, QRC Colombia Ltd., has relinquished the Iraca Association Contract located in Colombia, South America. QRC drilled two wells which both encountered the presence of natural gas but due to low permeability were unable to produce at commercial volumes.

Quadra has determined to focus its efforts in both Egypt, where it holds a 30% working interest in the 7.5 million acre Nuqra concession, and in Uzbekistan where it is continuing discussions regarding a significant joint venture.