Mayan Energy Limited Petroteq Energy Inc Update (6000G)

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RNS Number : 6000G

Mayan Energy Limited

07 November 2018

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

7 November 2018

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. As per the Company's announcement of 25 October 2018, Mayan is in the process of receiving 1,035,233 Petroteq ordinary shares and 1,035,233 Petroteq warrants exercisable at US$0.91 for partial distribution of its 17.3% interest in Deloro Energy LLC ('Deloro').

Full Text of Petroteq's Release

Petroteq Energy Inc. (the "Company") (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated oil and gas company, is pleased to announce that it has received an Air Quality Control Small Source Exemption for its Vernal, Utah facility.

The receipt of the Air Quality exemption at the Asphalt Ridge asset in Vernal, Utah comes just over a month since the Company initiated commercial production. Petroteq received an "Exemption" because the Asphalt Ridge Plant's estimated emissions are beneath the level whereby a permit is required, a further proof that Petroteq's process is an environmentally conscious method of oil extraction.

The Company is also pleased to announce that it has expanded the Board of Directors by adding David Sealock, CEO to the Board, the board is now comprised of five members.

The Company looks forwards to making future announcements on business developments with the most recent major milestones having been reached.

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. 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.mayanenergy.co.uk or contact the following:

 
 Charlie Wood      Mayan Energy Ltd              [phone] 
 Roland Cornish    Beaumont Cornish Ltd          [phone] 
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 James Biddle      Beaumont Cornish Ltd          [phone] 
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 Frank Buhagiar    St Brides Partners Limited    [phone] 
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 Gaby Jenner       St Brides Partners Limited    [phone] 
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 Colin Rowbury     Novum Securities Limited      [phone] 
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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.

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November 07, 2018 03:00 ET (08:00 GMT)