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Quantum Energy Signs LOI for 2nd Refinery Site
Quantum Energy Signs LOI for 2nd Refinery Site.
About this update from Quantum Energy, Inc.
[{"type":"text","content":"\n \n \n Quantum Energy Signs LOI for 2nd Refinery Site\n \n \nQuantum Energy Signs LOI for 2nd Refinery Site\n\nBaker Montana Newspaper Article\n\n \n TEMPE, AZ--(Marketwired - Jun 19, 2014) - Quantum Energy, Inc. (PINKSHEETS: QEGY), announced today that Quantum has entered into a fully executed Letter of Intent for the acquisition of 400 acres near the city of Baker in Fallon County, Montana for the development of a 21st Century Energy Center to include a 20,000 barrel per day diesel refinery. The LOI calls for a Contribution Agreement to be executed no later than July 3, 2014 by which title to the 400 acres is to be exchanged for shares of Quantum common stock. Quantum also has an existing  purchase agreement for a refinery site with Northstar Transloading LLC in East Fairview, ND.\n The prospect of the Baker refinery was reported on by the Baker Montana Dickinson Press newspaper under the headline \"Oil refinery project proposed for Baker: More facilities possible for Minot, East Fairview\" in its June 17, 2014 edition which is linked below. \n Excerpts from the article include: \"BAKER, Mont. -- An oil and gas exploration company is in the early stages of planning a diesel refinery in Baker that would create about 100 jobs. \n The facility, which would be run by Quantum Energy, Inc., would refine 20,000 barrels of oil to produce 7,000 barrels of diesel a day. It would supply fuel to other energy companies and agricultural producers within a 100-mile radius, cutting back on diesel transported from out of state to meet oilfield-related demand.\n Quantum Energy representative George Bailey said that the company is also considering opening new refineries in Minot and East Fairview.\n Mona Madler, director of the Southwest Montana Area Revitalization Team, said the refinery would essentially mimic the Dakota Prairie Refinery being constructed in Dickinson in its aims to decrease diesel costs in the Bakken region.\n Representatives from Quantum Energy Inc., visited Baker earlier this month, meeting with city and county officials, and looking at potential refinery sites.\n The company also gauged public opinions at an open meeting, which attracted about 30 people, Madler said.\n Quantum Energy CEO Andrew Kacic, who visited Baker, said he plans to build five such oil refineries, called \"21st century energy centers\" by t...