3rd Party Reports

Dundee Securities

On April 7, 2010 Dundee Securities Corporation initiated coverage of Canadian Quantum with a BUY rating (Speculative Risk) and a $2.50 target price.

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Equity Research

Equity Research of Fraser Mackenzie compiled the following research report dated May 2, 2008. The opening page offers readers key highlights of their findings along with their analysis of the opportunities in the Utica Shale region of Quebec. There is no mention of Canadian Quantum’s involvement but the report is excellent for understanding the opportunity.

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Wellington West Capital Markets

Wellington West Capital Markets did an excellent job researching the opportunities in their May 28th report of the Utica Shale Play along with 3 Junior players in the region. (not Canadian Quantum) “We believe the Utica, if proven commercially viable, has the potential to be one of the largest resource plays in Canada”. Read entire report including their disclaimer on final 2 pages.

April 18, 2008 – The Utica Shale Gas Play PDF

May 28, 2008 – The Utica Shale Gas Play, Part II PDF

July 22, 2008 – Game On @ The Utica PDF

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