Quantum Energy Inc. (referred to as "Quantum" or the "Company") was incorporated on February 5, 2004, in the State of Nevada as Boomers Cultural Development Inc. The Company's name was changed to Quantum Energy Inc. on May 30, 2006.
The Company's principal executive offices are located at 401 - 1529 West 6th Avenue, Vancouver, British Columbia, Canada V6J 1R1. The Company's telephone number is (604) 737-8180. Subsequent to incorporation, the Company has been in the development stage. In a fiscal period ending February 28, 2007, the Company has generated $73,702 in revenues from operations.
The Company's initial public offering was completed in the third quarter of 2005. Prior to the offering, the Company's principal activities consisted of initial organizational activities and the issuance of common shares to the Company's original affiliate shareholders. On November 5, 2004, Form SB-2 registration statement was declared effective, enabling a registered public offering of up to 650,000 pre-split shares at a price of $0.10 per share. During December, 2004, the Company accepted subscriptions for the maximum offering from 42 subscribers. Following the 1-to-10 forward split on August 31, 2005, those 650,000 shares were 6,500,000 shares, and are discussed herein and in the Company's financial statements after giving effect to the forward split.
Mr. Kozub resigned as director, President, CEO and CFO of the Company as of February 28, 2007. The Company agreed to indemnify Mr. Kozub against any future liability in regard to the Company's business subsequent to Mr. Kozub's resignation. The Company also entered into consulting agreement with Mr. Kozub as described hereunder.
Mr. Shane Lowry was appointed as President, CEO and CFO of the Company on February 28, 2007.
Overview
Starting in May of 2006 the Company changed its business from travel to oil and gas exploration and acquisitions. The Company intends to acquire interest in the properties and working interests in the production owned by established oil and gas production companies, whether public or private, in the United States oil producing areas.
The Company does not intend to operate any of the production acquired. Thus, the Company will ensure that the production in which it invests is operated to internationally accepted standards.
The Company believes this opportunity may have considerable future potential.
On May 19, 2006, the Company entered into a definitive agreement with KOKO Petroleum, Inc., which provided for:
o the purchase of KOKO's oil and gas assets, which included three producing wells in McKinney lease (Corsicana) and 10% working interests in two additional wells, Boyd 1 and Inglish 2 (Barnett Shale), in exchange for 1.5 million of the Company's shares; o the assumption by the Company of all notes, approximately $1,600,000 (USD), payable to lenders of KOKO; o the Company to appoint a member of the KOKO board to the Company's board of directors; o payment by the Company of $150,000 (USD) to JMT Resources in Fort Worth, Texas, as final payment of KOKO's contract to complete its obligation for the Corsicana Polymer Flood Pilot Program; and o payment of $20,000 (USD) and up to an additional $80,000 (USD) for legal and audit expenses to enable KOKO to seek full National Association of Securities Dealer's OTC Bulletin Board ("OTCBB") listing.
Corsicana Project
Quantum entered into the Corsicana Pilot Flood Project agreement on March 1, 2006. The agreement was made between Texas M.O.R., Inc. and JMT Resources Ltd. ("Operating Parties") and Nitro Petroleum, Inc. and KOKO Petroleum, Ltd. ("Investing Parties"). Under the agreement the Investing Parties were to invest $4,500,000. Subsequently KOKO Petroleum Ltd. sold its interest to Quantum Energy Inc.
By the end of the year Quantum and other companies that invested into the project came to a irreconcilable disagreement with JMT Resources Ltd. ("JMT"). Accordingly, after careful consideration by the management and shareholders of the Company, extensive negotiations between all the parties and consultations with corporate attorneys Quantum agreed to settle and withdraw from Corsicana.
On January 31, 2007 the Company entered into a settlement agreement selling its interest in Corsicana oil and gas properties back to JMT. Under the terms of this agreement, the Company is giving up any and all interests it has in the properties (three producing wells in McKinney lease and Corsicana Pilot Project) in return for a payment from JMT in the amount of $308,200 USD. Quantum is released and indemnified by JMT from any and all liabilities in regard to these properties, environmental or otherwise.
The funds in the amount of $308,200 USD from JMT to Quantum were due under the settlement agreement on March 01, 2007. The payment was received on May 27, 2007.
Barnett Shale
On September 1, 2006, the Company entered into an Asset Purchase Agreement with Nitro Petroleum Incorporated ("Nitro"), purchasing oil and gas assets in Barnett Shale, Texas, USA. In consideration, the Company issued Nitro an unsecured promissory note for $400,000, which did not accrue interest and was due and payable on November 1, 2006. The assets acquired consist of 50% of the working interests in the wells identified below:
News 
Market Data 
Discover 
AI
