Member Info for orslega

Hi Stalin - the takeaway point here is apart from the planned workovers and value that they will hopefully bring is the value of the tax losses. They are big enough to have wider commercial interest - those losses are not reflected in the current market cap.

Bring on the update - evidence of a well thought out and executed plan by the new team (who know this territory well) together the start of sustained production will get us nicely on the recovery.

Yes Mayan has a significant deferred asset in their accumulated tax losses - this is the relevant extract below from 2017 accounts - so this works out in $4.4m in future tax savings - as helpful says considerably more than the current market cap. So Mayan will not be paying any corporation tax for a long long time - I will be interested to see what Paolo is considering to unlock value for shareholders in respect of these not insignificant losses. This also highlights one of the reasons why a certain group of individuals were desperate to steal the company from shareholders last year but failed. My guess is that Paolo maybe be looking at a profitable suitor to accelerate utilisation of the tax losses for shareholders benefit.

"Group tax losses carried forward amount to US$ 21.2M (2016: US$ 16.4 M) as determined by cumulative losses multiplied by the US standard rate of corporation tax 21% (2016: 30%). Such tax losses will be recoverable only when it is probable that taxable profits will be available."

"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."

Last part of final sentence - that looks like the clue to near term increased production - "brings online its second processing train". Now fully commissioned.

Certainly taking much longer that they first envisaged but it seems that they are getting more confident on reaching their stated goal - and proving also the ability to flex API production depending on customer requirements is clever. Just now need proof of maintainable production for the wider commercial arena. Lightbuld moment is close it seems imo

May have been better releasing that tomorrow rather than 4.30pm today- so maybe they have something else to say tomorrow.........

See some bottom feeding before next update.....

US bb take: a balanced view. If this pans out Mayan will do very nicely indeed. Not long to hear whether the potential headline news is reality. Interesting.

"Right now they're trucking the oil to refineries in SLC, and that's good enough. Don't get bogged down in minutia. It's not about a few extra bucks per barrel for transport cost. It's about this: until now, NO ONE has been able to produce oil from the U.S. oil sands in a way that is both economically viable and environmentally acceptable. NO ONE. Although many have tried...and failed. US Oil Sands generated lots of publicity, bilked investors out of $100 million, and then filed bankruptcy and went under...without ever having produced any serious quantities of oil.

So no wonder the big institutional investors are cautious now! But if PQE can prove that we cracked the code, and we found the secret that eluded everyone else, it will make massive headlines! This could be as big as shale oil and fracking became.

And how do we prove it? The thousand barrel production we're targeting by end of the month is a huge step in that direction. Then, imho, the 4,000 bod we're projected to reach by the end of THIS YEAR should answer the question once and for all. At that point, there's no denying it. Institutional investor money should pour in at that point, licensing and royalty agreements with other producers (esp. int'l ones) should follow, then an uplisting to the NSDAQ (in this scenario, WITHOUT entailing a reverse split), and we're off to the races.

Things are lining up quite nicely. Wouldn't be surprised to see Alex, our founder, end up a billionaire in 5 or 7 years."

Read more at https://stockhouse.com/companies/bullboard/v.pqe/petroteq-energy-inc#RG0xwvk0zC4sUcCC.99

see PQE active on PR last few days - can only assume they are getting close to their immediate production goals: better be! I guess with the Chairman recently investing $1M they need to leave some distance before that and announcing 1,000 bopd......

here's their latest:

https://twitter.com/PetroteqEnergy/status/1105514041148096515/photo/1

Yes - inactive yesterday active today.

you have an option to sell up before the of the month if that's your view. If I took your view I would also be gone.

You are concerned about my and others reputation - you made your own decision to invest here, surely that was the case? You cannot blame others for your own decision.

Why beat yourself up constantly with your repetitious (and in part libellous) posts - sell up and stop your constant whingeing is my advice; you can then start to get over it.

Well if anyone knows he will know what's coming....$1M is, by any measure, a pretty chunky investment (to add to his $10M+ previous investment).

Have been adding so good to hear that he concurs, lol

https://ir.petroteq.energy/press-releases/detail/310/petroteq-energy-announces-investment-by-chairman

The Company is pleased to announce the subscription by Alex Blyumkin, the Executive Chairman and a director of the Company, for 2,222,222 common shares of the Company at US$0.45 per share for gross proceeds of US$1,000,000. “The continuing progress of our company in the expansion of our Utah oil sands facility, combined with our business development strategies, have been encouraging and, in my view, merit further investment in the company,” stated Mr. Blyumkin. All shares issued pursuant to the transaction are subject to director and TSX Venture Exchange approval and will be subject to a four-month hold period. The net proceeds will be used by the Company for use on its extraction technology in Utah and for working capital.

SP article grasping somewhat: "It needs to be remembered that Attis's CEO, Thom Board, is ordinarily resident in the United Kingdom and is a beneficiary of the work that he opines on as a member of the technical committee, and while he may be a perfectly credible operator, that he is believed to be the sole technically trained member on both the technical committee and the board, it seems to us to be abysmal corporate governance."

Attis in USA - facts - over 100 wells being operated by Attis, and 500 managed - guess that counts for nothing technically - remembering CEO is simply the CEO - he is not a one man operator! lol; per RNS

"Mayan has entered into a Contract Operating Agreement and Joint Operating Agreement with associated accounting provisions in accordance with the Association of Petroleum Landmen Model JOA with Attis Operating I Inc ('Attis') to operate the Austin Field and undertake a seven-well development package. As mentioned previously, Attis is an experienced US oil & gas operator based in Texas and the UK. It has successfully developed a dedicated and dynamic on ground team and currently owns and operates 100 oil and gas wells as well as managing compliance, testing and accounting for a further 500 wells in Texas."

The RNS to which you refer says this:

"The Board believes that as soon as the Bureau of Indian Affairs ("BIA") is completed, operations on the assets will be ready to resume. Subject to the absence of unexpected delays, the Company anticipates development of Zink Ranch to commence in H1 2019."

So H1 2019 is their stated tiemtabling. But hopefully that timescale can be shortened but you can only go by the RNS as things stand.

Underplap v overplay tactics as far as shareholders are concerned.

it's a pile of shite -

I suggest TW reads RNS properly i.e. $5M v $5K!!!

"Ordinarily, we would expect the management when announcing a new transaction, to tell the Company's owners what obligations they have entered into on their behalf, and what the economic benefit they can expect to gain from entering into those obligations. We would then expect a technically or commercially competent management team to indicate to the Company's owners how it intends to unlock that value.

As it stands we are told that Mr and Mrs Morris will benefit to the tune of $5m within 30 days, but nothing else. There is no yardstick against which to measure the potential value creation of the acquisition, the risks that exist in the acquired assets, or whether those risks are worth the rewards that can be gained. "

I saw that - it didn't/doesn't show the new land just purchased......

Petroteq need someone to get a grip on PR...

investors will readily accept an uplifted net back above $25 to $35 - so revised maths $3.2B grows to $4.5B.....nice)

(Petroteq need to update that 8/2/2019 presentation - a rather material difference in expected/potential netback which really should be highlighted imo).

Either way just need confirmation of commercial production then investors will wake up to the huge opportunity unfolding.

correction:

they originally purchased leases holding 87M mineable costing US$10M

Petroteq - billion $ company in the making? That's what the independent NY Times article talked about a while ago. Well if the technology works it will be. To support this valuation:

Land grab - the first leases - they originally purchased leases holding 87M mineable costing US$ 0M (which they say in the presentation works out at US$0.10 per barrel of oil)

Then a few weeks back they spend another US$10.8M on acquiring 41M additional mineable acreage. (Note the doubling to US$0.20 cost per barrel but still very cheap)

Discounted for risk it looks look like they now have around 128M in total of mineable oil/bitumen

So calcs:

"Netback margins between $17-$25/bbl at $50 WTI" per latest presentation on PQE website. Note WTI has moved up to $57, so conservatively use netback of $25 x 128M = US $3.2 billion.

Latest land grab (41M mineable barrels)

"According to a report titled “Evaluation of Contingent Resources” from Chapman Petroleum Engineering, Ltd. dated December 31, 2018 (the “Chapman Report”), the 50% interests in the P.R. Springs leases to be acquired by TMC are estimated to contain gross contingent resources of 45 million barrels of mineable oil/bitumen in place, with an “arithmetic average after risk” estimate, determined on a net basis (discounted by risk and royalty), of 20.38 million barrels of mineable oil/bitumen in place. Based on certain assumptions in the Chapman Report concerning forecasted oil prices and a recovery factor, the mineable resources that are attributable to the interests in the P.R. Spring lease to be acquired by TMC have an estimated “after risk” cash flow value of US$1.19 billion on an undiscounted basis, a cash flow value of US$153.2 million on a 10%/year discounted basis, and a cash flow value of US$86.2 million on a 15%/year discounted basis.

According to the Chapman Report, the 50% interests in the Tar Sands Triangle leases to be acquired by TMC are estimated to contain gross contingent resources of 41.3 million barrels of in situ oil/bitumen in place, with an “arithmetic average after risk” estimate, determined on a net basis (discounted by risk and royalty), of 20.7 million barrels of in situ oil/bitumen in place. No economic evaluation of the resources contained in the Tar Sands Triangle leases has been conducted.

The Chapman Report was prepared in compliance with the COGE Handbook and NI 51-101 – Standards of Disclosure for Oil and Gas Activities.

So strategy - (1) buy up already de-risked land as cheaply as possible - latest comment:

"This acquisition is part of the Company’s larger strategy of developing a long term strategic capability to produce oil for decades. Strategically, it makes sense for the Company to acquire assets now on a cost-effective basis, so that if valuations in the region rise, the Company will already have a large resource base to monetize without having to pay incrementally higher prices for land and mineral resources."

(2) Monetise it - commercial

Well I would say that they are already doing 700 bopd; why? well they said this on 21/2 in their RNS - so just one week away from end of Feb:

"The oil currently being produced at the Plant is more consistent than previous oil produced and represents a higher quality heavy oil than our initial production during the second half of calendar 2018. The Company anticipates increasing production to 700 barrels/day by the end of February and reaching 1,000 barrels/day by the end of March."

There have been two many false starts for PQE - so Sealock will be very cautious in making such a statement. As CEO he would otherwise begin to look shaky with key shareholders. My hunch is that they have now cracked it after the maintenance and changes in process etc.

And yes the market will need to be updated if this production milestone is achieved - it is a material event in every respect. Many potential suitors/JVs etc are watching this closely. I don't think PQE will miss this opportunity, it's a biggy - and it better happen, lol

Will add a few more later, think this could be good timing - also expecting them to progress their Nasdaq listing, which will attract a new range of investors i.e. proven ground breaking technology etc Fingers crossed.