Member Info for orslega

Q: why would spend multi-million $ on special tar sand acreage if the technology doesn't work?

A: you wouldn't

imo

Go figure.

More land grab - chunky numbers - again paying at premium in shares for the $12M per cost:

SHERMAN OAKS, Calif., April 16, 2019 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, is pleased to announce the execution of a definitive agreement for the acquisition of an additional 50% of the operating rights and interests relating to oil sands under U.S. federal oil and gas leases encompassing approximately 8,480 gross acres (4,240 net acres, less royalty) in the State of Utah. This acquisition, combined with the Company’s acquisition, completed and announced last week of 50% of the operating rights and interests under the same leases, will give the Company 100% of the operating rights for oil sands development under the leases. As previously reported, the lands included in the leases are located in P.R. Springs and the Tar Sands Triangle, two areas that have been designated as “Special Tar Sands Areas” by the U.S. Bureau of Land Management.

Pursuant to the proposed acquisition, TMC Capital, LLC (“TMC”), an indirect wholly owned operating subsidiary of the Company, will acquire from Petrollo LP Corp (“Petrollo”), a Nevada corporation, an undivided 50% interest in the operating rights (working interests) under a federal oil and gas lease located in P.R. Springs and five federal oil and gas leases located in the Tar Sands Triangle. Under each of the leases, the operating rights acquired by TMC will consist of the right to explore for and produce bitumen and heavy oil from oil-impregnated bituminous sands formations located at the surface and at subsurface depths down to 1,000 ft. Under this transaction, the total consideration payable to Petrollo will be US$13 million, with US$1 million payable in cash and US$12 million payable in shares, namely 30 million common shares of the Company, at a deemed value of US$0.40 per share, representing a premium of approximately 33% from the last closing price of the common shares.

https://ir.petroteq.energy/press-releases/detail/315

Yes I can see that - Aligns buddy Zac now onside:

RT AlignResearch "RNS noted from Mayan Energy #MYN. Pleasantly surprised at contents. Seems co now running at breakeven and likely to, finally, be profitable soon. Would not be surprised to see a run towards 0.3p in days ahead."

......looking forward to the next update soon on Zinc Ranch. Attis are there now, and have proved they know what they're doing.

So yes I agree, line properly drawn.

and easily in ISA and SIPP...

Mitch - FYI you can buy PQE easily e.g. Hargreaves Lansdown and others usual UK share accounts.

Mitch - you are getting in on PQE at a very good price - even if you have bought in via Mayan.

PQE will make investors some serious money. It does not look like right now, but sit tight.

indeed.

Where are the naysers then? Why haven't they posted last few days.....

Make your own mind up.

Precisely, the ZR asset has never really been exploited - Attis are now onto it.

one in the eye for the naysayers eh....

to get a clearer picture at ZR, then in June 2017 - this RNS. Now operator sorted Attis can get on with it : )

o Zink Ranch leases: Originally acquired by Mayan (then Northcote) in 2014, presently production Zink Ranch is 8 boepd, but it was never developed further due to two unrelated factors:

(i) Regulatory and legal challenges facing oil and gas operators in Osage County, Oklahoma that have now largely been resolved; and,
(ii) An unfavourable operating agreement negotiated by prior management and Glenn Supply along with disputes arising between the Company and Glenn since acquisition of Zink Ranch. These matters are now resolved through the agreement announced by this RNS.
Commenting on the above Mayan's CEO Eddie Gonzalez said: "The transaction announced today unlocks substantial potential value for Mayan. First, we resolved a substantial payable at 21 cents on the dollar while exiting a set of assets, Horizon, which have been a consistent operational and financial headache to the Company.
After careful review, we believe the Zink Ranch asset is an attractive oil and gas prospect. The primary issue in my opinion was a poor operating agreement with Glenn Supply. Frankly, Zink Ranch was and is the right type of project for a company like Mayan to undertake. The geology, land, environmental, weather and operational variables which can impact execution of an oil and gas project are altogether the most favourable of any in Mayan's portfolio and now that Mayan has full control of this asset, the potential to either develop or monetize the asset offers Mayan value enhancing options in its US portfolio."

Wind back - re ZR - June 2014 RNS (think we still own all of stated interest just that

Northcote Energy Ltd's full release

Northcote (AIM: NCT) is pleased to announce positive initial gross flow rates
for the 8-A well at its Zink Ranch project, over a 2 day test, of 11.5BOPD and
159MCF/D equating to 38BOEPD (net: 10BOEPD). This is the first result from the
Company's 14 well recompletion programme at Zink Ranch, with results of a
further 3 recompleted wells, alongside longer test production on the 8-A, to be
announced in due course.

As the Company installs the pipeline and compressor required to support the
higher field natural gas volumes, it is completing and testing each well in
series before bringing all four recompleted wells into production.

By undertaking 14 recompletions at Zink Ranch, Northcote is adopting a
portfolio approach to re-disk exposure to any one recompleted well. The
programme has been designed to deliver an increase in production and return,
which on average over the 14 recompletions will, the Directors believe,
significantly enhance shareholder value.

Northcote's Chief Executive Officer Randall Connally said, "At the commencement
of the Zink programme, I expected that each of the fourteen wells would
contribute an average gross increase in production of 10BOEPD. Therefore,
whilst the outcome from each of the 14 Zink recompletions will vary, the 8-A
gets the programme off to a strong start.

"Furthermore, the strong production from the 8-A test means we expect the
incremental revenues to repay the investment capital on that well in under 3
months further demonstrating the attractive economics of the programme."

and they are selling it, all helps:

"Since work commenced on the Austin Field, 343 barrels of oil were produced and 340 barrels sold, including residual and workover stock."

It is abundantly clear that Attis is the preferred operator and the company now feel comfortable in extending their remit ie Zinc Ranch. I think this is good move.

"We are applying the same methodical approach at Zink Ranch as we take control of operations and make further assessment of the development opportunities across our acreage. As part of this plan, the Company has begun sub surface geological studies at Zink Ranch with a view to further development and establishment of reserves and additional exploration opportunities will be evaluated at the Austin Field in the near future."

Looking at stats - it seems Montsanko has only just been switched on - ie one days production = 10.44 bopd

Attis are proving themselves, and now at Zinc Ranch

"Importantly, through this initial field development programme we have established a strong working relationship with our operator, Attis, who has shown a disciplined cost- controlled approach in delivering production resulting in an excellent return on capital deployed. "

Solid progress, note only 47 bopd = breakeven

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MYN/14040310.html

That site is no good unless you subscribe - the info looks very out of date, years......good though for location etc

One more on PQE before Mayan takes the stage- our friends across the pond - definitely agree with the comment about where the big value will come from :

Zack's Small Cap Research

...just raised their price target on PQE to $1.38 (see quote below). So tha's a quadruple from here. And that's not counting the future income from royalties and licensing fees from other producers, and yet that's where the BIG money will be coming from! Buying at this level is a gift, and a no brainer. Remember, US Oil Sands raised $100 million on Wall Street, and then went bust without having produced any significant quantity of actual oil. But we have the "special sauce", and own the associated patents, and will be producing 4,000 bod by the end of THIS year! The future looks bright indeed for PQE shareholders...esp those buying down at these levels.

Quote from Zack's: Based on comparative valuation analysis of Price-to-Sales (P/S) ratios with comparable oil recovery companies and a discounted cash flow (DCF) model of the Asphalt Ridge Project, our blended valuation process indicates a share price target of $1.38.

Read more at https://stockhouse.com/companies/bullboard/v.pqe/petroteq-energy-inc?postid=29577637#d4RWUl4VCU3Fchfd.99

"Curiously, the Big Oil developers of tar sands in Alberta have thus far stayed out of Utah. Experts believe that they’re letting smaller companies explore the early stages and determine the economic viability, which is far from certain."

That comment from link below was 7 years ago. My slight concern is PQE could easily be the target of a major player waiting in the wings - before significant value materialises. Regardless we should still make some very serious money from our 1M paid shares and 1M options. Like to see the shares listed on Nasdaq this quarter - which is their stated plan, that'll open shop for a whole new class of investors.