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Mayan Energy Limited - Petroteq Energy Inc. Update

Mon, 18th Mar 2019 16:30

RNS Number : 2081T
Mayan Energy Limited
18 March 2019
 

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

18 March 2019

Mayan Energy Ltd ('Mayan' or 'the Company')

Update on investee company: Petroteq Energy Inc.

 

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 currently holds 1,035,233 shares in Petroteq Energy Inc. with an associated 1,035,233 3-year warrants at USD $0.90. 

 

Full Text of Petroteq's Release

 

Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, announces oil sales.

 

Petroteq is reporting that, on March 18, 2019, oil production sales have commenced at the Asphalt Ridge facility. Two loads of 250 barrels of oil having an API gravity of 17 were sold, with additional oil remaining in crude oil storage tanks located at Petroteq's processing facility on our Asphalt Ridge lease in Utah.

 

The Company and its management view this sale as significant since the specifications and characteristics of this oil produced to meet our buyer's requirements - departs from the lighter API 35-degree oils previously produced and sold.

 

Petroteq has recently observed an increase in demand for heavier crude oils by U.S. refiners, particularly with respect to the lower API gravity oils, having a relatively low sulfur content, that we are able to produce at our Asphalt Ridge facility.

 

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.

 

Commenting on Petroteq's recent sale of heavy oil, David Sealock, CEO, stated that, "Through recent refinements at our Asphalt Ridge facility, we are now able to produce a heavier crude oil (API gravity 17) having a relatively low sulfur content and a low sediment factor (i.e. below .05% BS&W). This in my view showcases our technology's flexibility to meet changes in market demand in a way that maximizes our bottom line. We are looking forward to a year of stable and growing production from our Asphalt Ridge facility."

 

Petroteq's management team is scheduled to attend the 31st Annual ROTH Conference at the Ritz-Carlton in Dana Point, California on March 18-19, 2019. The Company will host investor meetings throughout the day. Attendance at the conference is by invitation only for clients of ROTH Capital Partners. Interested investors should contact your ROTH sales representative to secure a meeting time.

 

For more information please refer to the Company's website for a recently posted updated corporate presentation.

 

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 and processing facility located near Vernal, Utah. For more information, visit www.Petroteq.energy and on Twitter @petroteqenergy.

 

**ENDS**

 

For further information visit www.mayanenergy.co.uk or contact the following:

 

Charlie Wood

Mayan Energy Ltd

+44 20 7236 1177

Roland Cornish

Beaumont Cornish Ltd

+44 20 7628 3396

James Biddle

Beaumont Cornish Ltd

+44 20 7628 3396

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Colin Rowbury

Novum Securities Limited

+44 20 7399 9400

 

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company.  It 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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