"Grey Fox informed us that we have completed 23 of their 25 steps to funding and has provided Quantum with its Conditional Commitment Letter for the entire $250 million dollar construction cost. We have several other funding sources that are equally as encouraging and in various stages of commitment documents. The NBM/Grey Fox letter is a priority at the moment," said CEO Andrew Kacic.
Quantum announced recently its plan to construct the Fairview Refinery that will process 20,000 barrels of Bakken crude oil per day and will operate as a diesel topping plant. Upon closing, permitting and completed construction, the refinery is projected to generate annual revenues in excess of $600,000,000 with EBITDA in excess of $60,000,000 and employ 100 plus full time employees.
Of special note, the refinery will be unique to any current or proposed design in North Dakota as it will include technology and equipment to capture CO2 emissions for use in an Enhanced Oil Recovery (EOR) program in the Bakken.
Quantum also announced that given the NBM/Grey Fox Letter it has returned 7,283,600 shares of common stock to treasury as a result of the mutual rescission of the DCC Engagement Agreement for BDC funding.
