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QUANTUM ENERGY INC (QEGY)
CURRENT_PRICE: $2.34 GET IT N0W!
About the company Quantum Energy is a publicly traded growth orientated oil and
gas exploration company. The objective is to seek out and define opportunities
that represent a low risk 0pp0rtunity to develop positive cash flow. As well,
the company aims to define larger projects that can be developed with Joint
Venture partners or be entered into by a Joint Venture.
Red Hot News
QUANTUM ENERGY INC. PURCHASES NEW FACILITY CORSICANA TEXAS.
July 20, 2006 Quantum Energy, Inc. (QEGY) announced that its joint venture
partner, JMT Resources, Ltd. has entered into a contract to purchase a ten acre
facility yard in Corsicana, Texas. The acquisition was formerly the facilities
yard for Mobile Oil, and is adjacent to the Corsicana Field, which it operates.
The site contains an assortment of oil field equipment that the joint venture
partnership will utilize in its field operations. The acquisition also gives
the JV partnership surface ownership of its water injection disposal well,
which is in the permitting process with the Texas Railroad Commission.
Ownership of this parcel will reduce operating costs; it will also give the JV
partnership the option to add more injection disposal wells on this site, while
housing its own redevelopment operations.
Due to the substantially increased Barnett Shale drilling activities in Johnson
and surrounding counties, there is an enormous need for disposal options of
high chloride (salt) water, which is used in the stimulation of Barnett Shale
wells. Operators in the area are required to dispose of this treated water in
sanctioned disposal zones. In this area, the zone most prevalently used is the
Woodbine, which is the depth of the well the partnership is currently
permitting. Demand for disposal facilities is substantial. Operators have
resorted to trucking their treated water several hours from location for
disposal. Current disposal rates are $2 per barrel and trucks will carry 150 to
200 barrel capacities. It is estimated that the JV partnership will be able to
dispose of approximately 5,000 barrels of treated water per day. This operation
will allow the JV partnership to attain substantial cash flow from this
ancillary oil field operation reducing its reliance on outside capital. It is
expected that the water disposal well will be operational during the fourth
quarter of 2006. This facility would also be available for disposal of waste
water recovered from the Nacatoch wells in the JV Polymer project as well.
Ultimately, the disposal fluid from the polymer will be quite significant once
the project passes from the pilot phase into full development. Correspondingly,
the availability of the water disposal well that is owned by the JV partnership
will lead to reduced costs and higher efficiencies.
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