Member Info for orslega

Petroteq - licence news is due - they said they expected it "in a few weeks" at beginning of October. imo anyday we should hear. Huge catalyst for the share price.

They need to get market cap of $100M in the next few weeks to secure the Nasdaq listing in December. A lot of ground to recover in market cap terms - but easily achievable.

Fingers crossed but based on what the company have said they are very confident - just dealing with everything, environmentalists etc etc has taken probably more time than they expected.

on the move, news this week on workovers?

I agree BPine - shareholders voted by a large margin to allow the current Board to oversee the review and then take stock of the position.

But unless any shareholder is not clear what has been happening here past few weeks, it is so plain to see from this bulletin board (and others - twitter/advfn et al) - certain posters US and UK (some have been and gone) have/are deliberately attempting to manipulate the share price by scaremongering; it is clear to see that a group of shareholders have been looking to take over Mayan on the cheap and this is the way they go about things. It seems that the obvious problem is that they do not have the money to make a sensible offer for the company hence the shorting and low ball tactics.

This includes unlawful, unsolicited e-mails to shareholders looking to gain support.

Murky AIM waters surround Mayan right now. Be careful.

ps I am not referring to the separate action planned against CW/EG re Petroteq shares - that is an entirely separate matter which will either be supported by evidence or not.

pretty obvious answer really - it was expected but then clearly there was nothing to report, for whatever reason;

More topical while we wait on the asset review - quite a few on this board are waiting for your response to the poster drilling crew about petroteq a couple of days ago. From memory your company issued buy recommendation - are you still a shareholder? Are you still following?

Nasdaq listing planned this quarter: this move will attract new investors - timing should be very good.

"While the Company is hopeful that the recent launch of its extraction plant in Utah and its efforts of expanding into other geographic areas that have substantial oil-sands reserves will drive its current price per share up organically, the proposed Consolidation is intended to ensure the Company meets one of the NASDAQ Capital Market’s listing requirements. Petroteq anticipates that its Common Shares will meet the minimum closing price requirements to list on the Nasdaq Capital Markets, which vary between US $2, 3 or 4 depending on a number of other listing requirements required to be met by the Company for its initial listing on the Nasdaq Capital Market"

Many large companies have spent millions and have failed in Utah - it will make huge international news when (not if imo) they get the green light. Fingers crossed that we hear very soon.

“This is not baseball, where you get three strikes,” Mr. Sealock acknowledged. “You get one chance to get this right.”

https://www.nytimes.com/2018/08/21/business/energy-environment/oil-sands-utah.html

David Sealock, Petroteq’s chief executive, is undeterred. He likens his tiny operation — with its modular mixing vessels, rock crushers and conveyor belt — to a humble Lego set. But when he picks up a canister of newly processed oil, he smiles at the acrid odor. “That’s the smell of money,” he said.

“We have a very disruptive technology,” said Mr. Sealock, who has worked for Chevron in several countries and managed two oil sands companies in Canada. “There was a treasure chest here that didn’t have a key, and this technology is the key.”

He says what makes his operation different from larger and deeper Canadian mining operations and all the past failures in Utah is a cocktail of solvents that can separate oil from rocks at little cost and with no water or air pollution.

He and the other veteran executive, Jerry Bailey, say that their approach will be far cleaner than oil sands mining in Canada, which is more water intensive and leaves vast toxic tailing ponds.

“What’s in Canada is an environmental nightmare,” said Mr. Bailey, a former ExxonMobil senior executive in the Middle East and now president of Petroteq. “With our operation, nothing goes in the air, nothing goes in the ground, and there is no water involved."

well the RNS as I said makes no mention of ceasing production - the wells which are currently producing are not development wells as they are classified as production wells.

Now they could have said all well activity was under review but they did not.

The Nomad's job is to look very closely/support evidence at RNS wording before it can be released - it is vital that the market is informed precisely what is going on.

imo

"No production. No work. No cash flow. No imminent news".

Really?

The RNS actually said this:

"We will be sending a team to visit all the field operations during the second half of October and once we have addressed the operational and leadership issues, we will update the market accordingly with plans for increasing current production and field"

There is plenty going on. The work currently going on is a new team making an assessment of all assets. The RNS does not say that there is no production in fact it talks about increasing current production.

There is no ref in the RNS to news being issued mid November?

The Forest Hill hearing is on 5/11 - so that should be the first news imo. Hopefully that wil result in an agreement being reached and the existing FH wells being turned back on. Remember production only stopped because of the dispute.

No other news? I would be very surprised if we don't hear very soon on successful production and selling permits being issued for Petroteq - they announced that they expected them in "a few weeks" that was nearly 5 weeks ago - so imo any day, maybe this week. Petroteq share price is currently in doldrums - with that news the sp will then rocket as that is the final confirmation needed to scale production which they have been holding back pending. That will also be a major impact for Mayan share price. And of course Petroteq shares are now liquid. The Board have options now under their control.

Block Energy news this coming week, work is going on in Georgia, quite possible.

Plenty to look forward to. Near term.

Don't let the random doom and gloom merchants get to you. They have damaged the share price way beyond where it should be - but thankfully have not achieved what they set out to do, namely gain control of Mayan very cheaply - there were signs last week that short positions were being closed so a good indication it can only go one way from here. imo

Read more at http://www.stockhouse.com/companies/bullboard/v.pqe/petroteq-energy-inc#EzSUku2FIfkHLmP1.99

This post is about the proposed Nasdaq listing. Also click on link below - someone has called the company this week - sounds like news could be coming soon. RE:something brewing arh0070 wrote: .Every shareholder needs to vote against the reverse stock split ,these are always bad news . Strongly disagree. The reverse split is already priced in - hence, the selloff over the past few weeks since it was announced. So we've already suffered the "pain", now let's realize the "gain" (getting on the NASDAQ). I've explained in prior posts how much of a game changer it is for us to stop being an OTC penny stock and get onto the NASDAQ with the big boys. Some of you guys still seem unable to grasp this point. Reverse splits are USUALLY an indication of bad things to come, but not ALWAYS. This should be the last reverse split we ever see. We know the reason for it, and it makes sense. Whatever it takes to get us on the NASDAQ asap is what we must support. Lastly, do you trust our mgmt team? That's a rhetorical question - if you don't trust them you shouldn't be a shareholder. Look at the qualifications of Mr. Sealock and Dr. Bailey, they are beyond reproach. Our CFO is very experienced as well. And our Founder has put over $10 million of his own money into this company - he has just a bit more at stake than you or I do! And it's these guys who are telling you we need to accept the temporary selloff that a reverse split brings, in exchange for the advantage of getting on the NASDAQ immediately. Do you think they might know what they're talking about? Just maybe? And keep in mind, they're already in talks with foreign companies for licensing and joint venture opportunities. Big things are planned in the next one to three years! But your idea to vote against the split is in reality a vote of "no confidence" in mgmt, and would be an attempt to start a war between mgmt and the shareholders! Is that really what you want? Is there any way in your right mind that such a war could be a positive for the company??? So trust your mgmt and vote to approve the split, thereby enabling the uplist. A couple years from now, you won't even remember this current selloff. And btw, we are overdue for news. All we need is a PR that Utah has granted our business license, we are currently selling oil, and production is ramping up to the 1,000 bpd goal, and we will probably retrace the entire decline of the past few weeks. We have an amazing product, and this company is going to make history in the Oil & Gas sector. Don't panic over a temporary selloff - go outside and kick around a soccer ball or something and get your mind off it. And just trust our mgmt. Vote to approve the spilt and get us onto the NASDAQ, And I think we'll all be very happy with what we see from 2019-2021. As Forrest Gump would say, that's all I got to say about that! Reply Quote Add Post To Favorites Follow Post Read more at http://www.

Talking of which - 4 weeks ago PQE RNS : business permit expected "in the coming weeks". So permit anyday now otherwise they'll need some extra mobile storage.

RNS 27/9/2018

Operations Update

"Management has completed the unification, testing, calibration and adjustment of the 14 processes that constitute Petroteq’s patented extraction system. The Asphalt Ridge plant is now in commercial production, adding 200 barrels (or more) into its storage tanks daily which have a storage capacity of 3,000 barrels. Management intends to increase production at a rate of an additional 10% of total capacity in each of the coming weeks until it reaches Petroteq’s goal of 1,000 bpd. Transportation of the oil off site into its chosen markets, including the nearby refineries in Salt Lake City, Utah, is subject to the Company receiving a business permit, which is anticipated in the coming weeks.

The Company is excited for its anticipated delivery of its high quality heavy crude oil into the market which is expected to meet high demand as supplies in the southern states of heavy crude have dwindled with less production coming from traditional heavy oil producers. The Company has identified multiple buyers for its product as there are multiple refiners in the Salt Lake area that need heavy crude for their desired refining mixture."

https://globenewswire.com/news-release/2018/09/27/1577185/0/en/Petroteq-Reaches-Commercial-Production-Milestone-and-Publishes-Statement-From-the-CEO.html

insulting posts get you nowhere - apart from a proper slap from admin.

https://www.constructionequipmentguide.com/14b-rail-project-may-boost-oil-production/42406

"On the other hand, it is also possible that the Board will do something unexpected and bold to energize the share price and create value for shareholders. 10% chance."

Creating value for shareholders? Yes please.

What will be the value of Petroteq shareholding and options by 31/12/2018?

What will be the value of Block Energy by 31/12/2018?

My view is that these alone will be substantially in excess of their cost. Then have the discussion whether they were good or bad investments. Don't let personal agendas interfere, it lends itself to irrational and embarrassing comments.

The Board have been carrying out their review of US assets - expect news of that first week of November after the Forest Hill Court hearing. Then have discussion - frankly there ain't much else to talk about right now.

What is pretty clear imo is that the share price is where it is now because of other actions/interferences other than the Board. What is also clear is that the controlling shareholders will not succumb to any lowball attempt to hijack the company or assets. Now if as seems likely that a consortium of current shareholders looking to buy Mayan cheaply imo it ain't going to happen - but do reveal yourselves in the proper way and make a bid. See what happens. News yesterday that we now fully control the Petroteq shares was music to my ears, strengthening the company position and a huge poke in the eye for the naysayers.

"Nasdaq application submitted for potential listing in Q4, 2018"

So if all goes well a move up to Nasdaq for Petroteq within the next 10 weeks or so - this will attract a much wider investor interest (assuming it doesn't happen before, the interest that is).

They need a market cap of $100M to list on Nasdaq - current market cap around $75M so somehow they must be expecting the share price to move up? Wonder why what would be, lol

AJ - agreed.

I didn't realise that the Petroteq directors and management have invested $12M. Demonstrates extreme confidence.

See October presentation link (from Mayan RNS) i.e. current. Well worth a read.

Also note page 15 comments. Interesting.

Petroteq is in numerous discussions with global oil sands and oil shale reservoir plays
• Queensland Energy & Minerals Pty Ltd (QEM) has signed MOU with Petroteq Energy Inc.
• Discussion in play with Trinidad, Middle East, Canada, Africa, South America and the tristate area of Utah, Colorado and Wyoming

https://content.equisolve.net/petroteq/media/a9bc1245c1b816150e14fa309f4aa53c.pdf

gmcc - what is likely to happen is this - it will be simultaneous so, the sale proceeds will fund the option price, no separate financing.

e.g. when the Petroteq share price is say $4 - then assuming they want to take all profit on the 1M options - they exercise, so they have commitment to pay Petroteq $0.91 per share - Mayan take say $3 profit per share - so $3M banked. My point is that they will not need to find the option price until they exit, no cashflow needed to execute.

Obviously if they get close to the option exercise deadline and want to keep the shares then the $0.91will need to be funded - but note - the options have a 3 year life - starting May 2018. So plenty of time for Mayan to make a killing here.

small but very important comment in the RNS, so they are nearly there - then the Petroteq share prices will surge, hugely, imo The confirmation also suggests that the environmentalists are happy.

"Petroteq is awaiting the receipt of the final business permit to commence transportation of oil off site which is expected imminently."

Until we get news on the current asset review etc the PQE shareholding will be the sp driver.

The Petroteq share price has halved this last few weeks on impatient TSX investors - a bit like AIM investors here - when, not if Petroteq get the green light watch the share fly. Am expecting several near term bags from PQE - which in turn will make our investment extremely valuable. And liquid.

"The shares and warrants are being distributed fully tradable and vested."

There were many saying accessing value for this holding would be difficult for Mayan via Deloro as a private company. Well it won't be now. If needed, Mayan now has financing options around their holding in Petroteq.

Now the shares have been distributed Petroteq can press the green light on environmental sign off.