Quantum Energy, Inc., a diversified energy holding company, has announced that it has begun to diversify its refinery development plan through the acquisition of opportunistic projects that generate revenue for the company. The first such projects are oil and gas prospects and properties. QEGY has simultaneously acquired a company with approximately 3000 acres and 89 well bores in the Texas Panhandle along with an approximate 5% working interest in a heavy oil project in Missouri. "These acquisitions add US$3.5 million in assets along with US$1.9 million of net equity," said Stan Wilson, Quantum Chairman. Both acquisitions were completed by means of a share exchange and contribution agreement.
Quantum continues its Bakken refinery development projects with ongoing permitting efforts in North Dakota and an increased emphasis on a 40 000 bpd proposed project in the Stoughton area of Saskatchewan, Canada. Quantum is in the process of forming a Canadian subsidiary, Energy Processing Group, Inc., to develop the Stoughton processing centre and will be announcing its board and officers soon.
Chairman Wilson has assumed the role of CEO replacing Andrew Kacic upon his resignation as an officer and director effective 1 July 2016.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/04082016/quantum-energy-completes-acquisitions-3850/