7 Jun 2018 15:27
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas
7 June 2018
Mayan Energy Ltd ('Mayan' or 'the Company')
Update on Heavy Oil Sands Project, Utah
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 has a 17.3% interest in Deloro Energy LLC ('Deloro') which is invested in the Asphalt Ridge heavy oil sands project ('the project').
Full Text of Petroteq's Release
Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE; OTC: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce that it has acquired additional acreage in the resource rich Uintah Basin.
The Company has finalized the acquisition at auction of a 100% interest in two leases for 1,312 acres of land within the Asphalt Ridge, Utah area. Petroteq previously commissioned a report (September 2016) by Chapman Petroleum Engineering, Ltd. stating that the Petroteq leases contained 86.1 million barrels of contingent resource. A new report titled "Evaluation of Contingent Resources" from Chapman dated April 30, 2018 states that the newly acquired leases contain 7.331 million barrels of contingent resource expanding Petroteq's total Contingent Resources by 8.5% to 93.4 million barrels.
David Sealock, Chief Executive Officer, stated, "We are pleased with the new Report from Chapman as this is an accretive transaction benefiting our shareholders. We look forward to applying our patented mining extraction technology process to this additional resource. This acquisition is highly valuable to us as it increases our operating footprint in Asphalt Ridge, giving us more mineable resources but also giving us more flexibility in how we mine the acreage we already have."
The April 30, 2018 independent resource evaluation report was prepared by Chapman Petroleum Engineering Ltd. in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Chapman estimated that 93.4 million barrels would, under favorable circumstances, support very positive mining economics. These 93.4 million barrels would be classified as a 'Contingent Resource' under current NI 51-101 and COGEH guidelines. Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion of the resources.
Pursuant to its newly amended stock option plan, approved by shareholders of the Company at the May 29, 2018 shareholder's meeting, the Company also announces the grant of an aggregate of 8,350,000 stock options to officers, directors and consultants of the Company at an exercise price of $1.00 per common share expiring on June 5, 2028.
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 facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. ("Accord"). In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
**ENDS**
For further information visit www.Mayan energy.com or contact the following:
Eddie Gonzalez | Mayan Energy Ltd | + 1 469 394 2008 |
Charlie Wood | Mayan Energy Ltd | +44 7971 444 326 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Nick Bealer | Cornhill Capital Limited | +44 20 7710 9612 |
Frank Buhagiar | St Brides Partners Limited | +44 20 7236 1177 |
Gaby Jenner | St Brides Partners Limited | +44 20 7236 1177 |
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy Company. The Company 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. The Company is currently primarily focussed on building out production at its Stockdale and Forest Hill oil fields in Texas.