Quad Energy has entered into a letter of intent to acquire a 50% working interest in the company Luxur Resources, which is in a total of 11360 acres of long term gas production in the south east corner of Alberta, Canada.
In addition to the land holdings that are in the company, it has 30.21km of six and eight inch production line running through property and 7.53km of four inch tie in lines.
The company has a total of nine gas wells that were drilled with in the last 2-5 years.
The company said that eight of these wells are on limited production and one needs to be completed and tied in.
The company would pay up to $1.5m for the 50% working interest.
Quad Energy is an independent junior oil and gas exploration, development and production company headquartered in Orlando, Florida.