Quantum Energy, Inc. (OTCPK:QEGY) entered into an agreement to acquire New Tex Petroleum IV, LP from Mountain Top Properties, Inc. (OTCPK:MTPP) for $2.4 million on July 14, 2016. The consideration includes 10 million shares of Quantum Energy.

Quantum Energy, Inc. (OTCPK:QEGY) cancelled the acquisition of New Tex Petroleum IV, LP from Mountain Top Properties, Inc. (OTCPK:MTPP) on January 24, 2017. Mountain Top Properties, Inc. and New Tex Petroleum IV, LP were both not able to produce adequate accounting and operating statements for the Texas oil operation within a reasonable time. On February 22, 2017, 10 million shares of Quantum Energy were returned by Mountain Top Properties, Inc. and were cancelled.