Quantum Energy Inc. (QE), an energy-holding company, has begun to diversify its refinery development plan through acquisitions of several projects.

The first such projects are oil and gas related. QE has acquired a company with 89 well bores over 3,000 acres in the Texas Panhandle, plus approximately 5 percent working interest in a heavy oil project in Missouri.

"These acquisitions add $3,500,000 in assets along with $1,900,000 of net equity," Quantum Chairman Stan Wilson said.

Quantum continues its Bakken refinery development projects with ongoing efforts in North Dakota and increased emphasis on a 40,000 bpd proposed project in the Stoughton area of Saskatchewan, Canada. Quantum is also forming a Canadian subsidiary, Energy Processing Group Inc., to develop the Stoughton processing center. It will soon announce its board and officers.

Wilson has assumed the role of CEO, replacing Andrew Kacic, who resigned as officer and director last month.