Canadian Quantum Energy Announces Proposed $2,000,000 Private Placement Financing

Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Corporation")
(TSX VENTURE:CQM) announced today that the Corporation intends to complete a
non-brokered private placement offering of flow-through units at $0.24 per
flow-through unit, for gross proceeds of up to $2 million. Each flow-through
unit will consist of one common share to be issued on a "flow-through" basis and
one-half of one common share purchase warrant. Each whole warrant will entitle
the holder thereof to acquire one common share at a price of $0.30 per share for
a period of six months from the date of closing. 


A finder's fee of up to 7 percent of the gross proceeds of the offering may be
paid, on all or any portion of the funds raised pursuant to this offering to
arm's-length parties who introduce subscribers for the units. In addition,
finders will receive finders' warrants equal to up to 7 percent of the number of
units issued in connection with the offering. Each finder's warrant will entitle
the holder to purchase one common share at a price of $0.24 per share for a
period of one year from the date of closing.


The closing of the offering is expected to occur on or about May 18 and is
subject to regulatory approval, including approval of the TSX Venture Exchange.
For further details on the offering, please contact the Corporation. All
securities issued in connection with the offering will be subject to a hold
period of four months from the date of closing. The net proceeds from the
offering will be used to finance the Corporation's continuing capital programs. 


Douglas Brett, President and CEO of Canadian Quantum, states: "Based on the
successful completion of our recently announced 16-11-56-27 W4M Detrital and
Alexander oil well and the announcement by Petro-Reef Resources Ltd. of their
new 11-12-56-27 W4M Detrital oil well completion, which lies approximately a
quarter of a mile SE of our 16-11 Well, we are excited about moving forward with
finalizing, with our partner, a multi-well development drilling program on our
jointly held 27 sections of land comprising our Alexander Project."


About Canadian Quantum

Canadian Quantum holds 800 gross acres (360 net acres) at Turin Alberta and
17,280 gross acres / 27 sections (8,640 net acres) on the Alexander First Nation
lands in Central Alberta along with various interests in approximately 174,000
gross acres covered by four permits in the St. Lawrence Lowlands, Quebec Utica
Shale Play.


This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.