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Thursday 15 November, 2018

Mayan Energy Limited

Petroteq Energy Inc Update

RNS Number : 4010H
Mayan Energy Limited
15 November 2018
 

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

 

15 November 2018

Mayan Energy Ltd ('Mayan' or 'the Company')

Update on investee company: Petroteq Energy Inc

 

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to note the following update from TSX listed Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF) regarding the Asphalt Ridge heavy oil sands project, Utah.  As per the Company's announcement of 25 October 2018, Mayan is in the process of receiving 1,035,233 Petroteq ordinary shares and 1,035,233 Petroteq warrants exercisable at US$0.91 for partial distribution of its 17.3% interest in Deloro Energy LLC ('Deloro'). 

 

Full Text of Petroteq's Release

 

Petroteq Energy Inc.("Petroteq" or the "Company") (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, is pleased to announce that it has begun delivering oil into its regional market.

 

"Our first sale of our product this week represents a critical milestone in Petroteq's evolving history," stated CEO David Sealock. "From a strong entrepreneurial spirit, Petroteq has developed into an oil sands mining producer and technological leader in the sector, and this is due to the hard work of everyone at the Company. Throughout 2018, we've continued to improve on four critical focus areas - focusing of health and safety, increasing production, reducing per barrel costs and working to maximize the value of every barrel we produce."

 

The Company goal is to deliver oil on a regular basis while ramping production up to the stated nameplate production capacity of 1,000 barrels per day (bpd).

 

Additionally, the Company is working with several parties on identifying growth capital for the intended expansion of the Company's Asphalt Ridge Plant. The predicted economies that come from a larger production capacity could include:

 

·      Reduced labor costs as an expanded plant would not require significantly more manpower to operate

·      Reduced production costs as a result of more efficient purchasing power and bidding of services

·      Better product pricing as a result of having more leverage with refineries that are looking for reliable sources of oil

 

A report titled "Evaluation of Contingent Resources" from Chapman Petroleum Engineering, Ltd. dated May 31, 2018 (the "Chapman Report") states that the Company's leases contain 93.4 million barrels of contingent resource.  Such contingencies are stated below.

The Company has recently released a short video that unveils the completed plant:  https://www.youtube.com/watch?v=NvHXMAX-i58

 

About Petroteq Energy Inc.

Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energyand PetroBLOQ.com

 

 

**ENDS**

For further information visit www.mayanenergy.co.uk or contact the following:

 

Charlie Wood

Mayan Energy Ltd

+44 7971 444 326

Roland Cornish

Beaumont Cornish Ltd

+44 20 7628 3396

James Biddle

Beaumont Cornish Ltd

+44 20 7628 3396

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Colin Rowbury

Novum Securities Limited

+44 20 7399 9400

 

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company.  It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow leveraging commercially available technologies and projects that are shallow, low risk with low levels of capex and infrastructure already in place.  It also remains interested in creating shareholder value by strategic investments in similar projects with high cash generative potential and by forming beneficial development partnerships that enable the use of pioneering and leading extraction technologies.

 

 

 

 


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