Quantum Energy, Inc. (OTCPK:QEGY) entered into an agreement to acquire approximately 4.84% working interest in a heavy oil project in Missouri from Mountain Top Properties Inc. on July 14, 2016. Quantum Energy, Inc. (OTCPK:QEGY) entered into an agreement to acquire approximately 4.84% working interest in a heavy oil project in Missouri on July 14, 2016. In consideration of this acquisition, Quantum Energy issued 5,000,000 shares of its common stock with a fair value of $550,000 on July 29, 2016 and assumed joint interest liabilities of $33,911. Quantum Energy, Inc. acquired approximately 4.84% working interest in a heavy oil project in Missouri on August 2, 2016. Casimir Resource Advisors LLC represented Quantum Energy in the transaction. Quantum Energy, Inc. (OTCPK:QEGY) completed acquisition of approximately 4.84% working interest in a heavy oil project in Missouri on August 2, 2016.

Quantum Energy, Inc. (OTCPK:QEGY) cancelled the acquisition of approximately 4.84% working interest in a heavy oil project in Missouri on February 1, 2018. The deal was rescinded. In 2017, management reviewed its Missouri Bushwhacker project. Management's outlook for the U.S. oil prices indicated it is unlikely that sufficient price stabilization would materialize in the foreseeable future. Internal cash flow estimates prepared by management of the Company did not prove significant fair value exists in the properties. Therefore, the undeveloped and unproved Missouri oil properties would have had impairment losses recorded.