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, which Mayan is exposed to via its 17.1% interest in Deloro Energy LLC (‘Deloro’).
Deloro has an approximate 8.2% equity interest (15.1% diluted) in Petroteq through its holding of 6,000,000 Shares and 6,000,000 Warrants. Mayan is delighted to announce that the Asphalt Ridge Project has been officially opened enabling the start of production at the Project which, following the acquisition of two leases for an additional 1,312 acres of land containing 7.331 million barrels of contingent resources, now holds contingent resources of 93.4 million barrels, representing an increase of 8.5%.
Eddie Gonzales, CEO of Mayan, said, “Having witnessed the progression of the Asphalt Ridge heavy oil sands project through the construction to the commissioning phase it is truly exciting to see this environmentally friendly heavy oil processing and extraction facility now being officially unveiled. We would like to take this opportunity to congratulate Petroteq on this achievement and we look forward to seeing production at Asphalt Ridge being increased to the initial target rate of 1,000 barrels per day in the near term.”
Full Text of Petroteq’s Release
STUDIO CITY, CA, June 19, 2018 (GLOBE NEWSWIRE) — 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, announced the successful unveiling of its environmentally friendly heavy oil processing and extraction plant located at the Asphalt Ridge in Uintah Basin, Utah.
Management of Petroteq took the opportunity of this media day to initiate production at the plant. Members of national and local press were treated to a complete explanation and demonstration of the production process.
Alex Blyumkin, Chairman of Petroteq commented, “This event at the plant was a culmination of two years of hard work by our entire team and getting back into production is a tremendous accomplishment for Petroteq technically and organizationally, as well as the harbinger of value creation to come. We have worked hard to demonstrate our commitment to shareholders, through the completion of our facility, we have received our permits to produce oil at the Asphalt Ridge, we have developed a comprehensive mining plan and demonstrated that our expanded plant can produce oil. Our dedication and focus on re-launching our facility demonstrates our commitment to our investors who have supported us throughout this journey. Further, we were able to raise capital and expand our plant to the point where we are now able to generate revenue at the facility which is being ramped up to what is expected to be 1,000 barrels per day in a cost effective and environmentally friendly way. We now have a plant that has the level of scale that allows us to be self sufficient and generate cash flow to add value to our shareholders.”
The new facility was part of the original vision of the Company, to relocate, reassemble and upgrade its plant to integrate facility improvements of all major process systems and increase its operational capacity to an expected 1,000 barrels per day (bod).
As part of the media day agenda, the Company provided exclusive access to the plant, held meetings with executives as well as geologists and hosted an evening reception for its guests. Petroteq plans to hold a formal grand opening of the plant in September of 2018.
Petroteq’s technology utilizes a modular and small footprint/capex, allowing the Company to extract over 99% of all hydrocarbons while using no water and generating no greenhouse gases, requiring no high temperatures or pressures. Petroteq has a patented clean oil recovery technology that is environmentally safe and sustainable for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. The Company’s proprietary process produces zero greenhouse gas and zero waste. Subject to having sufficient capital, Petroteq’s goal is for the plant to produce as much as 2,000 bod by year end 2019 and 5,000 bod by year end 2020.
Petroteq will continue commissioning and production as per its internal processes, and will report updates on production levels and commercial sales when appropriate.
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. 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.
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