|By Marketwired .||
|August 28, 2014 02:12 PM EDT||
TEMPE, AZ -- (Marketwired) -- 08/28/14 -- Quantum Energy, Inc. (PINKSHEETS: QEGY) announced today that it has secured a second Bakken refinery site to be located in Baker, Montana. "Our previously announced Baker LOI has culminated in the signing of a two year option on 160 acres in Fallon County and a companion three year option on an adjoining 240 acres for a total of 400 acres under contract," said Stan Wilson, Quantum President. "Like our Fairview site announced yesterday, this Baker land has been vetted by our EPC contractor for its suitability and has also received a very favorable response from the Fallon County economic development authorities," Wilson said. "Our Baker property enjoys the added advantage of having a pipeline of a major producer projected to cross through the site," added Wilson.
Quantum expects the Baker property to serve as one of Quantum's proposed five micro-refinery plan sites to bring a new generation of refineries to North Dakota & Montana. Baker has become an energy hub where oil companies are headquartering and pipelines are intersecting.
"Each of our proposed Energy Centers will produce 7,000 barrels per day of diesel fuel to be sold into a local market that has a demand for 75,000 bpd in the western North Dakota and eastern Montana markets," Wilson added. "The 14,000 bpd that these two Energy Centers will produce are easily absorbed in the ever expanding Bakken region," said Wilson
The key elements that set Quantum's micro-refinery concept apart from the traditional refinery:
- Lower diesel fuel costs for the area agriculture producers and other businesses. The company believes it makes no sense to pay transportation cost twice (there and back) to distant refineries in Texas and beyond -- the goal is for 100% of the diesel to be used within a 100-mile radius of the facility.
- Process crude to remove some of the natural gases prior to transportation which will lower the cost of propane locally.
- Capture and use the C02 (Greenhouse Gases) for Enhanced Oil Recovery (EOR) to produce oil and gas in the region.
"With the securing of this site, we plan to begin the permitting process and finalizing funding with our sources who have been awaiting this critical step," Wilson concluded.
About Quantum Energy, Inc.
QUANTUM ENERGY, INC. is a development stage, publicly traded, diversified holding company with offices in Williston, North Dakota. Quantum places an emphasis in refinery development, land holdings, oil and gas exploration, drilling, well completion and fuel distribution - www.quantum-e.com.
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