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Well? Do you think it was good news?
I think this is the news we were waiting for. Very encouraging to hear that the acquisition is still in the works. The company must be very confident of getting the funding to close the deal if it has committed such a large amount of non-refundable money just to get the EXTENSION.
2008-06-23 15:24 ET - News Release
CALGARY, AB -- (MARKET WIRE) -- 06/23/08
Royal Quantum Group, Inc. (OTCBB: RYQG) -- The company is pleased to update its Shareholders on recent developments relating to its acquisition of the Ohio Oil and Gas property.
The land owner has granted the company an extension on the closing date of the Ohio Oil & Gas project to July 31, 2008 to allow for the completion of an updated lenders reserve report and final legal documents. The 6,000+ acre property located in eastern Ohio includes 171 producing wells and lies within the emerging Marcellus Shale play of the Appalachian region. The Marcellus shale runs from the southern tier of New York, through the western portion of Pennsylvania into the eastern half of Ohio and through West Virginia.
As per the terms of the extension, the company has paid a non refundable cash deposit to the land owner which includes a commitment to re-work up to 6 wells on the property. The funds to satisfy the requirements of the extension were generated from a loan to the company by a private lender in the amount of $500,000. The company has retained the services of an independent third party engineering firm to update the Geological Asset Appraisal Report dated June 2007 and is working closely with them to ensure timely completion. This will be the second review of the original report, which is a condition required by the lending institution prior to the release of funds for the closing of the acquisition. The report will focus on the change in economics due to the increase in oil and gas prices since the original report was first written in June of 2007.
Royal Quantum is a North American based exploration and development Company, focusing on the acquisition and development of cash flow or near term cash flow producing properties in the resource sector. Royal Quantum is a fully reporting public company trading on the OTCBB market under the symbol RYQG.
Statements released by Royal Quantum Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Visit the Royal Quantum Group, Inc. web site at www.royalquantum.com. Information included on the Company's website is not incorporated herein by reference or otherwise.
For additional information please contact:
Royal Quantum Group, Inc.
Suite # 145, 251 Midpark Blvd S.E.
Calgary, AB T2X 1S3
Tel: 403-288-4321
Fax: 403-201-5792
I here you. I am going to try calling the company today for an update. Will advise if anything earth shattering.
Have you heard anything in the last 10days? I have been out of town. TIA
You could be right, but how much can you do in 6 weeks, and who is going to pay for it. I'm no O&G expert but apparently the technical report on the property is supposed to be iron clad.
The company must be pretty sure it is going to close the deal if it is starting work on the wells before hand.
There is no reason to bicker about this. We all want the same thing. The fact that it is such a large acquisiton for a penny stock company definitely is the reason for a lengthy process. As for the timing of the news, consider the source. If its from a promoter, well we all know that they are promoting, so the time frame they use is usually too short. As far as I know, the company itself has never said a specific date for news. Given that the June 2 news said that the company was still working on the deal, tells me that the vendor is still interested. This is very encouraging after all the previous extensions. GLTA
Is your email still the same?
We don't need rumors, we need facts. Here are some.
The property they are trying to acquire has a proven value of over $500,000,000. And this was in June 2007, when oil was only $75 a barrel. Do the math. At todays prices that works out to over $833,000,000. The company has 50,000,000 shares O/S. Do some more math, and you get a pretty good share valuation.
I agree. Everyone is entitled to their opinion. It would be nice to hear any facts you may have that support it though.
Didn't you say something similar when the stock was 15 cents?
My first post here. RYQG 42 X 48. Soon to be a small oil producer, news on acquisition pending. Keep an eye on it.
Spoke to another large S/H and he heard the same thing I was told earlier today. Sounds like the real deal this time folks. Hey Creekjumper, its not too late to still get in. Once they start pulling the oil from the ground, you will have the revenues you were looking for.
I wouldn't be either. I just hope the vendor of the property doesn't get pissed off and go elsewhere. One way or the other I would hope to see a PR updating the shareholders.
Today is D-Day. I feel like I am in Vegas at the tables.
BTW Marich, I only have the free subscription.
You guys are a thrill to chat with.
Down to the wire as usual. I have heard on the weekend that all is in order. It is expected to close this week. Fingers crossed everyone, have heard this before.
We will know in 2 weeks for sure. I have heard that no announcement will be made one way or the other until early June. It is still speculation at this point. After coming this far I would assume that the company has a 'Plan B' in case the current funder bails out. Regardless, the deadline is end of May and I would think that a further extension from the vendor may be hard to get.
Lets get some discussion going on this board. Where did everyone go? May 31 coming rapidly, has anyone heard how things are going?
Has anyone heard any more than has been posted? Its already been almost a month since the last extension was received.
I hope we can maintain a price in the forties while we wait for news. I guess it depends on whether the deal calls for equity to be issued.
The buying has certainly dried up.
Not much chatter of late. Hopefully we'll get a sniff before the end of May.
there is really no point in being upset. If they don't get an extension from the vendor, then you can be pissed. Personally, I'll get pissed, if this happens.
I guess we'll have to suffer over the weekend. You called it. GLTA
Can you enlighten us? Mar 31 is coming quickly.
A little bit of "tree shaking" happening this morning? Does anyone have any update?
Looks like you could be right. Good upward movement today.
Well, this is it. Its either this week or not at all.
Have you heard anything on a time frame?
We are still in the game. Was worried that Feb 28 came and went, but we now know that negotiations are still happening. Fingers crossed.
What does "still pending" mean? I thought today was the deadline to close the deal.
Hey Creekjumper, are you still watching RYQG? Seeing as you have to wait up to 6 months on GCHC why not get back in here.
Until the money is in the bank I am one of those skeptical investors. Closing on time would mean tomorrow(Feb28). I hope you are right. Been waiting a long time.
Let's keep our fingers crossed for next week.
I'm glad you heard it from the horse's mouth. However, only one week left to close the funding. Projections won't mean anything if that doesn't happen.
I hope you are right about tomorrow. Been waiting a long time for this to get done.
Well Creek, I guess I procrastinated too long about buying. I see the stock was halted this morning.
How does one corroborate this? Or is this insdie info you're sharing with us? BTW, how many shares out?
Like I said, its pie in the sky. I agree with you, $240 million market cap is outrageous. But if they can prove up those reserves than maybe it will happen.