LONDON (Alliance News) - Oil & gas company Mayan Energy Ltd said Tuesday the Asphalt Ridge heavy oil sands project in Utah has officially opened.
The Asphalt Ridge project is owned by Petroteq Energy Inc. Mayan Energy holds a 17% interest in Deloro Energy LLC which, in turn, has an 8.2% equity interest in Petroteq.
Petroteq acquired additional leases at Asphalt Ridge on June 2, increasing its oil resources by 8.5% to 93.4 million barrels of oil.
"We look forward to seeing production at Asphalt Ridge being increased to the initial target rate of 1,000 barrels per day in the near term," said Mayan Energy Chief Executive Officer Eddie Gonzales.
Following the near term target of 10,000 barrels per day at Asphalt Ridge, Petroteq aims for 2,000 barrels of oil per day by year end 2019 and 5,000 barrels per day by the end of 2020.
Shares in Mayan Energy were down 5.0% at 0.72 pence on Tuesday afternoon.
