Quad Energy Closes Sale Of N.M. Assets

Closed acquisition of 2,800 acres in Eddy County, N.M.

Quad Energy Corp., Orlando, Fla., (Pink Sheets: CDIC) has closed its acquisition of property in Eddy County, N.M., from Blugrass Energy Inc., Calgary, (Pink Sheets: BLUG) for $870,000 in stock and assumed debt.

Quad has issued 5 million common shares valued at C$0.10 per share to Blugrass and will assume and pay Blugrass' debt to Doral Energy Inc., as well as $120,000 in debt incurred from work performed on the acquired property.

The property has 2,800 acres comprising 30 wells in the Grayburg/Jackson formation.