Quad Energy Corp. Signs LOI to Acquire 50% Working Interest in 11360 Acres in Gas Production
September 30 2010 - 7:00AM
Marketwired
Quad Energy Corp. (PINK SHEETS: CDID) has entered into a letter of
intent to acquire a 50% working interest in the company Luxur
Resources Inc. The working interest is in a total of 11360 acres of
long term gas production in the south east corner of Alberta
Canada. In addition to the large land holdings that are in the
company, it has 30.21 KM of 6 and 8 inch production line running
through property and 7.53 KM of 4 inch tie in lines. The company
has a total of 9 gas wells that were drilled with in the last 2-5
years. It has an unproven potential reserve of 2 BCF per section.
Eight of these wells are on limited production and one needs to be
completed and tied in. Luxur Resources land is surrounded by some
substantial companies i.e.: Nexen Inc. Direct Energy Inc. Enerplus
Corp. and the City of Medicine Hat Gas Dept. We feel confident in
the potential of this company as it has the land base,
infrastructure and recoverable reserves to move it to the next
level. It needs a limited development plan and our competent team
to accomplish this.
The company would pay up to $1.5million for the 50% working
interest.
The company is undertaking due diligence and will announce the
signing of a definitive agreement in the event that one is
signed.
Safe Harbor Act Notice:
Statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Securities Act
of 1933, as amended. Those statements include statements regarding
the intent, belief or current expectations of the company and its
management. Such statements reflect management's current views, are
based on certain assumptions and involve risks and uncertainties.
Actual results, events, or performance may differ materially from
the above forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors,
including, but not limited to, the company's ability to obtain
additional financing and the demand for the company's products. Any
investment in the company would be extremely speculative and
involve a high degree of risk and should not be pursued unless the
investor could afford to lose their entire investment. Before
investing, please review this filing, all past public filings with
the SEC, all current Pinksheets.com filings and consult a
registered broker dealer or contact the financial industry
regulatory authority ("FINRA") for more information regarding
locating a qualified party to assist in making an investment
decision. The company undertakes no obligation to publicly update
these forward-looking statements to reflect events or circumstances
that occur after the date hereof or to reflect any change in the
company's expectations with regard to these forward-looking
statements or the occurrence of unanticipated events. Factors that
may impact the company's success are more fully disclosed in the
company's most recent public filings with the U.S. Securities and
Exchange Commission. Forward-looking statements are typically
identified by the use of terms such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "might," "plan,"
"predict," "project," "should," "will," and similar words, although
some forward-looking statements are expressed differently. Although
we believe that the expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
expectations will prove to be correct.
About Quad Energy Corp. ...
An independent junior oil and gas exploration, development and
production company headquartered in Orlando, FL.The Company is duly
incorporated in the State of Nevada. The Company's common shares
are listed for trading on the electronic over-the-counter
pinksheet's (OTC-PINK) market in the United States and trades under
the symbol "CDID".
Behalf of the Board of Quad Energy Corp.
Contacts: Quad Energy Corp. 3208 C East Colonial Dr Orlando, FL
403-995-9876 info@quadenergycorp.com www.quadenergycorp.com
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