Mayan Energy Limited Petroteq Energy Inc. Update (2081T)
19 March 2019 - 3:30AM
UK Regulatory
TIDMMYN
RNS Number : 2081T
Mayan Energy Limited
18 March 2019
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
18 March 2019
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. Mayan currently holds
1,035,233 shares in Petroteq Energy Inc. with an associated
1,035,233 3-year warrants at USD $0.90.
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,
announces oil sales.
Petroteq is reporting that, on March 18, 2019, oil production
sales have commenced at the Asphalt Ridge facility. Two loads of
250 barrels of oil having an API gravity of 17 were sold, with
additional oil remaining in crude oil storage tanks located at
Petroteq's processing facility on our Asphalt Ridge lease in
Utah.
The Company and its management view this sale as significant
since the specifications and characteristics of this oil produced
to meet our buyer's requirements - departs from the lighter API
35-degree oils previously produced and sold.
Petroteq has recently observed an increase in demand for heavier
crude oils by U.S. refiners, particularly with respect to the lower
API gravity oils, having a relatively low sulfur content, that we
are able to produce at our Asphalt Ridge facility.
Our Asphalt Ridge oil sands processing facility is designed to
produce 1,000 bpd and we anticipate achieving new rated production
capacity within the coming weeks. Additional sales of oil
production will be reported in new releases and in quarterly
financials as the Company brings online its second processing train
at the Asphalt Ridge facility and has fully commissioned recently
installed extraction and recovery process equipment.
Commenting on Petroteq's recent sale of heavy oil, David
Sealock, CEO, stated that, "Through recent refinements at our
Asphalt Ridge facility, we are now able to produce a heavier crude
oil (API gravity 17) having a relatively low sulfur content and a
low sediment factor (i.e. below .05% BS&W). This in my view
showcases our technology's flexibility to meet changes in market
demand in a way that maximizes our bottom line. We are looking
forward to a year of stable and growing production from our Asphalt
Ridge facility."
Petroteq's management team is scheduled to attend the 31st
Annual ROTH Conference at the Ritz-Carlton in Dana Point,
California on March 18-19, 2019. The Company will host investor
meetings throughout the day. Attendance at the conference is by
invitation only for clients of ROTH Capital Partners. Interested
investors should contact your ROTH sales representative to secure a
meeting time.
For more information please refer to the Company's website for a
recently posted updated corporate presentation.
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 and
processing facility located near Vernal, Utah. For more
information, visit www.Petroteq.energy and on Twitter
@petroteqenergy.
**ENDS**
For further information visit www.mayanenergy.co.uk or contact
the following:
Charlie +44 20 7236
Wood Mayan Energy Ltd 1177
Roland +44 20 7628
Cornish Beaumont Cornish Ltd 3396
-------------------------- ------------
+44 20 7628
James Biddle Beaumont Cornish Ltd 3396
-------------------------- ------------
St Brides Partners +44 20 7236
Frank Buhagiar Limited 1177
-------------------------- ------------
St Brides Partners +44 20 7236
Gaby Jenner Limited 1177
-------------------------- ------------
+44 20 7399
Colin Rowbury Novum Securities Limited 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDGGUMPWUPBGQR
(END) Dow Jones Newswires
March 18, 2019 12:30 ET (16:30 GMT)
Mayan Energy (LSE:MYN)
Historical Stock Chart
From Dec 2024 to Jan 2025
Mayan Energy (LSE:MYN)
Historical Stock Chart
From Jan 2024 to Jan 2025
