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Thursday 27 September, 2018

Mayan Energy Limited

Update on Heavy Oil Sands Project, Utah

RNS Number : 2086C
Mayan Energy Limited
27 September 2018
 

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

27 September 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:PQEOTC:PQEFFFSE:PQCF), a fully integrated oil and gas company, is pleased to announce that it has initiated commercial production at its Vernal, Utah facility and publishes the following statement from its CEO, Mr. David Sealock.
 

In my career I have participated in and managed the commissioning of multiple projects that have cost hundreds of millions to build. But, today, I feel that I have really been a part of something special in the North American oil sands industry.

 

Our "Asphalt Ridge" asset has (from time to time) caught the attention of major oil companies going back 70 years. But nobody has been able to unlock its resources in a financially sound and environmentally friendly manner until the Petroteq team and its proprietary technology came along. I know our investors have been anxiously waiting for updates about our production levels and they should know that I have been taking a calculated approach in initiating production at our new plant in Vernal, Utah. 

 

I know our partners and stakeholders will welcome the approach I've implemented; small batch testing of our facility before running it at its intended full capacity of 1,000 bpd. Petroteq is launching a "first" in the industry and those types of projects require deliberate caution when getting started.  The oil sand and shale in Utah and neighboring states is likely the largest known untapped reserve in the United States. That is why what we are doing is so important - we are spearheading a movement that helps towards the goal of the United States becoming energy independent.

 

I thank Alex Blyumkin, our Chairman and the great team in Utah for letting me come aboard during the crossing of such a significant milestone for Petroteq. I would also like to thank the New York Times for coming to visit us and publishing such a great piece on the Company, in case you missed it the link is here: https://www.nytimes.com/2018/08/21/business/energy-environment/oil-sands-utah.html

 

Sincerely,

David Sealock, Chief Executive Officer

 

 

 

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.

 

Additionally, Petroteq management is extremely pleased with the response it has received while in New York at the HC Wainwright Conference. It will be posting an updated Corporate Presentation at its website and on SEDAR. 

 

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.'

 

 

**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

Colin Rowbury

Novum Securities Limited

+44 207399 9400

Frank Buhagiar/Gaby Jenner

St Brides Partners

+44 20 7236 1177

 

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.  Mayan 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 focussed on building a portfolio of low cost, high margin oil and gas assets, and investments in high-potential global opportunities in the sector.

 


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