Canadian Quantum Energy Corp. (TSX: V.CQM, Stock Forum) said that the drilling of the 16A-11-56-27W4 well is scheduled to commence this weekend on the Alexander property in Alberta.
The 16A-11 well, located just north-west of Edmonton, will be deviated approximately 185 meters to a seismically defined anomaly targeting the Detrital Sand.
According to the Canadian Quantum press release, the company has completed a farm-out agreement to an arms' length third party on a small portion of the company's 50% owned, 27 section Alexander property.
The third party will participate in the drilling of the 16A-11 test well by paying 50% of all costs to earn a 30% interest.
The third party also has the option to drill two additional wells from the same surface lease as the 16A-11 test well to earn a 25% interest by paying 25% of the related costs.
Canadian Quantum is focused on oil and gas exploration in Alberta and on its land holdings in the prolific Quebec St. Lawrence Lowlands Utica Shale gas play.
On Friday, Canadian Quantum was up 24% and was trading at $0.13 a share. The company has a market cap of $3.9 million, based on 30 million shares outstanding. The 52-week high and low was $0.30 and $0.10 respectively.