Quad Energy Sells 100% W.I. of 2,800 Acres in Eddy County, New Mexico to Multi-Corp International Inc.
ORLANDO, Fla., Dec. 17, 2012 /PRNewswire/ — Quad Energy Corp. (OTCPK: CDID) is pleased to announce today that the Company has sold to MULTI-CORP INTERNATIONAL, INC. its 100% Working Interest in the 2,800 acre Cave Pool Property in Eddy County, New Mexico. There are currently 32 wells which are capable of producing approximately 40 BOPD with 30 MCF Natural Gas, based on 40 acre spacing and over 100 possible drilling locations based upon 20 acre spacing. Management has currently identified 10 wells that are currently shut-in that will be returned to producing status within the first sixty days of operation. Production should increase by a minimum of 20 BOPD once the 10 wells are placed on production. Payment for the 100% W.I. was made by the Company issuing 10 million of its common shares to Quad Energy. The Company is expecting to begin its drilling program in early March 2013.
Company President Robert Baker states, “We are excited to have acquired a substantial property that will bring short term value to the Company in the form of revenue starting within 90 days of the closing of this agreement and a long term potential to drill up to 100 new wells on the existing 2,800 acres. The Company has accomplished this without taking on any debt and has issued 10 million common shares in payment to Quad Energy to conclude the transaction.”
The Cave Pool Unit property covers 2800 acres located within Eddy County, NM. It is located within the prolific Artesia Vacuum Trend – more specifically within the Grayburg Jackson Pool. The Artesia Vacuum Trend play contains thirteen reservoirs with more than 1 MMBO cumulative production. Cumulative production from these 13 reservoirs was 796 MMBO as of 2000. Depths to the top of reservoirs range from 1290 to 4700 ft. This is a mature play, especially within the highly productive San Andres carbonates. Recent development of lower permeability Grayburg sandstones in the Grayburg Jackson reservoir during the mid-1990′s has been successful to the point of reversing production decline and is a major focus of current and future development.
Oil PUD reserves of 3M BOE are based on third party reserves on adjoining offset leases (Doral – with 3 leases bordering Cave Pool on SE border) in the Grayburg only. The Cave Pool Unit produces from both the Grayburg and San Andreas formations and therefore credit for reserves on the San Andreas formation are not included.
About Quad Energy Corp.
Quad Energy Corp. is independent junior oil and gas exploration, development and production company headquartered in Orlando, FL. The company is duly incorporated in the State of Nevada. The company’s common shares are listed for trading on the electronic over the counter pink sheets (OTC-PINK) market in the United states and trades under the symbol “CDID”
Behalf of the Board of Quad Energy Corp
Quad Energy Corp.
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SOURCE Quad Energy Corp.