Royal Quantum Group Announces Drilling Completed on Gleason Prospect
May 5, 2009 4:30:00 PM
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View Additional ProfilesCALGARY, AB -- (MARKET WIRE) -- 05/05/09 -- Royal Quantum Group, Inc. (OTCBB: RYQG) (the "Company") announces drilling has been completed on the Gleason #4-16 well, located on the Nemaha Ridge in north central Oklahoma approximately 8 miles southwest of Perry. The well was drilled to a total depth of 5,260 feet. Analysis of log data shows the potential for production from the Oswego, Lower Skinner and the Viola zones. A completion rig is scheduled to move onto the location within the coming weeks. The company has earned a 36% interest in this well through the sale of 64 units at a price of $2,500 per unit. As per the terms of the financing the company will distribute 67% of its net revenue received from the Gleason #4-16 to the unit holders.
Management is continuing its review of additional opportunities for participation in the drilling of oil and gas wells in the area to increase shareholder value.
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
