Quantum Energy, Inc. Shareholder Update - Funding Progress Report
TEMPE, AZ--(Marketwired - Nov 20, 2015) - Refinery and energy processing developer Quantum Energy, Inc. (OTC PINK: QEGY) issued the following shareholder update on recent corporate events including funding efforts for refinery development in the Bakken field:
"Quantum has been very active since the announcement of a Joint Venture with Native Son Refining, LLC (NSR) in July and our filing of an air quality permit application for a 40,000 barrel per day full refinery in Berthold, ND," said Quantum's CEO, Andrew Kacic. Our newest Advisory Board member and Chairman of NSR, Robert L. "Rob" Monday, has been in contact with a total of four private and public institutional funding sources that have expressed interest in funding the Berthold project. "Mr. Monday is in various stages of discussion with the four sources and has confirmed that the entire capital stack is available for large scale downstream energy sector projects," Kacic added. "Following the NSR announcement, Quantum was immediately contacted by a large international banking interest with US offices that expressed a preliminary interest in funding the Berthold facility. Those discussions are ongoing and progressing accordingly. A NYSE midstream asset company who is a previous funding contact of NSR has also expressed an interest in any related midstream assets associated with the refinery and is a candidate to joint venture the refinery facility combined with midstream assets. A Dallas-based energy capital fund that is also a previous funding contact of NSR, has expressed preliminary interest in funding the project as well. Additionally, a Houston based international oil & gas developer contacted Quantum to explore funding opportunities. "All of these parties are under ND/CA agreements and documentation exchanges are underway for due diligence purposes," Mr. Monday said.
"Because of NSR's joint venture with Quantum, NSR has been contacted by another Bakken refinery developer to explore joint funding efforts. As a result, NSR and Quantum are in preliminary discussions regarding a potential energy industry strategic business combination to pursue all of these opportunities in the Bakken," Monday added.
In a related real estate transaction, Quantum has been contacted about acquiring an existing Bakken transload facility to use in combination with the refinery site to provide synergies between the midstream and downstream assets; thereby, providing cost savings to the bottom line. Mr. Monday is moving all of these discussions toward "Term Sheet" execution in an effort to position for financial closings in 2016. Finally, Quantum's clean air construction permit application for the Berthold location is progressing toward potential approval with the state of North Dakota.
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 and has recently entered into a Strategic Alliance with Bilfinger Westcon (www.westconindustries.com) to develop multiple Energy Centers that include a 40,000 barrel per day full scale refinery within the Bakken. www.quantum-e.com
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
(November 20, 2015 - 5:00 AM EST)
News by QuoteMedia