Canadian Quantum Announces Junex Earns 50% Interest in the Prolific Nicolet Permit St. Lawrence Lowlands Quebec

CALGARY, ALBERTA, Nov 12 (MARKET WIRE) --
Douglas Brett, President and CEO of Canadian Quantum Energy Corporation
("Canadian Quantum" or the "Company") (TSX VENTURE: CQM) announces that
Junex Inc. ("Junex") has earned a 50% working interest in the interval
from the surface to the base of the Utica Formation in the Nicolet
Permit, which covers 54,363 acres and is located in the heart of the St.
Lawrence Lowlands Utica play.

Junex earned this working interest in the Nicolet property from Canadian
Quantum by drilling two wells on the Nicolet Permit to the base of the
Utica Formation, of which the St-Gregoire #2 Well was the second earning
well. Prior to the drilling of this well, Junex completed a seismic
survey of approximately 14 line-kilometres to position the well proximal
to and on the downthrown side of the Yamaska Fault Zone. This well was
drilled to total depth of 1,619 meters and a total of 42.6 meters of
cores was cut in the Utica Shale. These cores were conserved by and sent
to CBM Solutions for laboratory analysis.

The St-Gregoire #2 Well also encountered significant natural gas shows
with overpressure in lower sections of the wellbore, necessitating the
installation and cementing of 7 inch diameter intermediate casing in the
Well. The Utica Formation is approximately 247 metres thick in the well
and isotopic analysis of the gas indicates that it is thermogenic in
origin.

Preliminary core analysis results have been received: preliminary gas
contents of the Utica cores of up to 38 standard cubic feet per ton
(scf/ton) have been measured. Final results are expected in the coming
weeks as sufficient time must be allowed to permit more thorough
degassing and measurement of the sorbed gas to occur.

Subject to final core results and all other scientific data collected in
the St. Lawrence Lowlands Basin, Canadian Quantum and its partner Junex
plan to implement an exploration program in the coming months that may
include completion of one or both wells drilled that have recently been
drilled and cased on the jointly held Nicolet property.

Core Analysis Results from the St-Gregoire No. 3 Well:

Drilling operations on the first of the two earning wells, the Junex
St-Gregoire No. 3 Well, were completed in the spring of 2009. This 875
metre-depth well, cased to total depth with 7 inch diameter production
casing, targeted the Ordovician Lorraine and Utica Shales on the upthrown
side of the Yamaska Fault on the Nicolet permit. The presence of natural
gas was confirmed in the shale section and two 9-meter long cores were
cut in each of the Lorraine Formation and the Utica Formation. Isotopic
analysis of the gas indicates that the gas is thermogenic in origin.

As in the case of the St-Gregoire No. 2 Well, these cores were analyzed
by CBM Solutions for various components, including total gas content,
total organic carbon (TOC) and porosity. The Lorraine cored interval
yielded TOC's of up to 2.6%, effective porosities of up to 2.9%, and
total sorbed gas contents of up to of 12.9 scf/ton. The Utica cored
interval yielded TOC's of up to 2.6%, effective porosities of up to 5.3%,
and total sorbed gas contents of up to 22.5 scf/ton.

"The preliminary results of these two first wells at Nicolet demonstrate
the Shale Gas potential of both the shallow and the deep parts of the
permit" said Douglas Brett, President and Chief Executive Officer of
Canadian Quantum. "The measured amounts of total sorbed gas are generally
consistent with those that we've observed elsewhere in prospective parts
of the play trend. Furthermore, the significant gas shows associated with
overpressure in the St-Gregoire No. 2 Well, combined with the preliminary
results of gas content in the cores, are all very encouraging data that
demonstrate the gas potential of the deeper part of the permit, which
covers approximately 75% of the lands. With our partner, Junex, we are
planning to jointly advance the project by implementing an exploration
program in the near future."

Douglas Brett, Canadian Quantum's President and CEO further confirms that
the Company is proceeding with its proposed 4 new shares for each old one
share held forward split which is subject to approval of the shareholders
of the Company and regulatory approval, including approval of the TSX
Venture Exchange. Shareholder approval of the proposed forward split will
be sought at the Company's upcoming annual general and special
shareholders meeting to be held on November 16, 2009. The record date for
the proposed forward split will be set subsequent to both the requisite
shareholder and regulatory approvals being obtained. Douglas Brett stated
"This forward stock split is intended to lay the groundwork to improve
trading liquidity and enhance shareholder value." Canadian Quantum
currently has a total of 6,145,444 common shares issued and outstanding
and no preferred shares. In the event the required shareholder and
regulatory approvals are obtained to effect, the Company would have a
total of 24,581,776 common shares issued and outstanding. The name of the
Company will not be changed in connection with the share split.

About Canadian Quantum

Canadian Quantum is active in the Quebec Lowlands Utica Shale Play
holding various interests in approximately 170,000 gross acres.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Canadian Quantum Energy Corporation
Douglas Brett
President & CEO
(403) 532-8543
dbrett@canadianquantum.com
www.canadianquantum.com

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