Royal Quantum Group, Inc. (RYQG.OB) Updates Shareholders and Prospective Investors on Recent Progress
Royal Quantum Group today updated its shareholders on recent developments regarding its acquisition of the Ohio oil and gas property. The 6,000+ acre property lies within the emerging Marcellus Shale play of the Appalachian region in Eastern Ohio, and includes 171 producing wells. In order to allow the completion of an updated lender's reserve report and final legal documents, the landowner has extended the closing date of the Ohio oil and gas project to July 31, 2008. In adherence to the terms of the extension, Royal Quantum Group has paid a non-refundable cash deposit to the landowner, including a pledge…