Mayan Energy Share Discussion Threads

[spawny100] 06/8/2018 16:20

Shows how desperate the MYN share performance has been lately when I checkin and am relieved MYN has been flat for the day! Could it mean selling dried up? Can live in hope.

[malctim70] 05/8/2018 12:35

From 16th Nov 2017 RNS announcing MYN investment into Deloro

Related Party Transaction

Eddie Gonzalez and Charlie Wood, respectively Chief Executive Officer and Chairman of Mayan, each presently have an interest of 17.1% in Deloro while David Kahn, an 11.36% shareholder in Mayan, also is a 17.1% shareholder in Deloro. As such Mayan's investment in Deloro constitutes a related party transaction in accordance with AIM Rule 13. Accordingly, JD McGraw, a Non-Executive Director at Mayan, who is independent of the Deloro investment, having consulted with the Company's Nominated Adviser, considers the terms of the investment to be fair and reasonable insofar as Mayan's shareholders are concerned. In forming this opinion, JD McGraw has taken into account the conclusions of an independent valuation report prepared by Chapman Petroleum Engineers on Deloro, and in particular the NPV10 of the Asphalt Ridge Project and the synergies with Mayan's existing business this investment is expected to exploit. Further reassurance also comes from an independent valuation report which values Mayan's stake in Deloro in a range of US$ 3.4 - 4.2 million.

I'll leave everyone to draw their own conclusions...As I have

[sleveen] 03/8/2018 16:18

A casual reader might not pick up on the fact that is the same deal.

[sleveen] 03/8/2018 16:15

RNS 23.5.2018

Following evaluation of the project financing options and both parties existing commitments, it has been agreed to alter the structure and terms of Deloro's US$10m funding agreement with Petroteq to ensure the timely advancement of the Project. This translates into a small dilution to Mayan's equity interest in Deloro. Post restructuring Mayan's equity holding in Deloro will be 17.3% (previously 17.6%).

The Deloro investment in Asphalt Ridge has now been structured directly into the TSX and OTC listed entity, Petroteq Energy Inc. via the issue of listed equity and unlisted warrants. The first tranche funding of US$3.6m has been closed by Deloro in return for the issue of 6 million shares in Petroteq where a 4 month lockup applies, and 6 million warrants over Petroteq stock, exercisable at US$0.91 for 3 years which is subject to TSX approval. To complete the first tranche under the revised transaction Deloro has raised a further US$1.1m funds from existing Deloro unit holders to ensure it completes the first phase of funding under the re-negotiated agreement. Mayan elected not to participate in the funding. Mayan's equity interest in Deloro following this capital raise is 17.3% (previously 17.6%).

Additionally, Deloro has the right until 13 June 2018 to invest a further US$2.4m in return for the issue of 4 million shares in Petroteq and 4 million warrants over Petroteq stock, exercisable at US$0.91 for 3 years

[lab rat99] 03/8/2018 14:03

hxxps://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&;issuerNo=00026850

Interim financial statements report 30th July page 27.

MD&A statement page 8 contains the same statement.

[qackers] 03/8/2018 13:13

Bit confused because the following extract from the above reads to me as Petroteq renegotiated because they didnt need to raise from Deloro. Am I reading this correctly?


"Due to the stable rise in oil prices and the Company’s ability to finance the development and launch of its anticipated 1,000 barrel plant without the funds to be provided by Deloro as per the MOU, the Company felt that it was in the best interest of its shareholders to rescind the MOU, which entitled Deloro to convert the funds provided by Deloro into 51% of the Subsidiary. Therefore the Company successfully negotiated the termination of the MOU and a commitment for additional funds from Deloro to be provided to the Company in the form of an equity investment."

[qackers] 03/8/2018 13:10

Labrat 99- Are you referring to this news? If not please post link as I would like to examine further. Cannot find any other reference.



PETROTEQ ENERGY PROVIDES UPDATE ON TRANSACTION WITH DELORO
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.


STUDIO CITY, Calif., May 22, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (the “Company”) (TSXV:PQE) (OTC:PQEFF) (Frankfurt:PQCF), a company focused on the development and implementation of proprietary technologies for the energy industry, announces the irrevocable subscription and closing by Deloro Energy, LLC (“Deloro”) for 6,000,000 units (the “Units”) of the Company for gross proceeds of US$3,600,000. Concurrent with closing the Company, Deloro and Petroteq Energy CA, Inc. (the “Subsidiary”), a wholly-owned subsidiary of the Company, entered into a termination and release agreement whereby the parties agreed to (i) the termination of the memorandum of understanding (the “MOU”) between Deloro and the Subsidiary, previously announced by the Company on November 23, 2017, and (ii) the US$2.5 million advanced by Deloro under the MOU, previously announced by the Company on February 5, 2018, being attributed towards Deloro’s subscription. Due to the stable rise in oil prices and the Company’s ability to finance the development and launch of its anticipated 1,000 barrel plant without the funds to be provided by Deloro as per the MOU, the Company felt that it was in the best interest of its shareholders to rescind the MOU, which entitled Deloro to convert the funds provided by Deloro into 51% of the Subsidiary. Therefore the Company successfully negotiated the termination of the MOU and a commitment for additional funds from Deloro to be provided to the Company in the form of an equity investment.

Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant entitling Deloro to acquire one common share of the Company at an exercise price of US$0.91 per share until May 22, 2021. The subscription is subject to final approval from the TSX Venture Exchange (the “Exchange”). All of the securities issued are subject to a four month hold period from the date of issuance. The net proceeds will be used by the Company for use on its extraction technology in Asphalt Ridge, Utah, and for working capital.

Pursuant to Deloro’s subscription, and subject to the approval of the Exchange, the Company has granted Deloro the right and option to subscribe for up to an additional 4,000,000 Units at a deemed price of US$0.60 per Unit until June 13, 2018.

In addition, the Company has agreed to issue 100,000 common shares of the Company to Mr. Frank C. Ingriselli, a member of the Company's Advisory Board, as announced by the Company on May 21, 2018. The common shares will vest in three instalments between May 28, 2018 and September 30, 2018.

About Petroteq Energy Inc.

[lab rat99] 03/8/2018 10:13

Petroteqs quarterly results contain the following statement -

"Deloro failed to make advances as per the agreed upon schedule and during May 2018, the agreement with Deloro was terminated."

Very different to what MYN released, could have still potentially held 49% of Asphalt ridge but unable to come up with the funds.

In Eddie we trust(to fail to deliver).

[malctim70] 02/8/2018 11:33

No's 3 & 4 were yesterday...I expect the first two were unnumbered
Whoever they are, they have very deep pockets....

[sleveen] 02/8/2018 11:31

11.12.13 are indeed on NEX.

Well spotted.

ZEN having another bad day I see.

[grannyboy] 02/8/2018 11:08

Has anyone noticed...the 500k buyer, the volume starts at 500,005/006/007/008/009/010, 011/012/13 are missing, must be on NEX, then another two, 014/015...so looks like same buyer.

[clive205] 02/8/2018 11:03

Don't think I've ever seen buying like this with chunks of 500k being numbered.

Must be about to lift off .................

[clive205] 02/8/2018 08:23

500k buyer in action again, keeping count of their trades ???????? Possibly turning a corner here ...............

[bigego] 01/8/2018 09:53

What kind of bell end opens a vegan cafe in Burnley Scott?

[grannyboy] 01/8/2018 08:49

If I'm not mistaken..several years ago Matt Lofgran did a deal with a MM, in which he shorted his own company(NTOG)..and at the time the shareholders weren't happy...

So if I am correct than Lofgran has no right to be criticising anyone..

[grannyboy] 01/8/2018 08:43

What the markets want is to see progress, and less excuses!!

[kevjames] 01/8/2018 08:42

Onwards and upwards - I hope.

[rpt_huge_reserves_upgrade] 01/8/2018 08:38

If you missed RPT RNS - you could say its a stormer - Up again tomorrow
Increased P1 reseves by around 1500%!!!!! Not going to comment on the rest, have a read....

Yes that is 1500% uplift (and thats just the P1) It is hard to believe how significant this is.

THe herd have not arrived yet.. Its still under the radar of most investors.

Add to it 40 million USD in the bank
Heading for 4,000 boepd production in the short term
Just announced 24 well development programme for this huge resource.

Some comments from twitter below

#RPT A truly gigantic reserves upgrade for O&G holding #RegalPetroleum. About to catch a flight but am totally ecstatic by this news. Totally oustanding. 1P (proved) soar from 1.9mmboe to 27.8mmboe and a further 24 wells. Gobsmacked! investegate.co.uk/regal-petroleu…

Dont waste your time and miss the boat, this is still seriously undervalued .

[spawny100] 01/8/2018 08:38

Well not a terrible update but a little wooly on details perhaps but I guess treading careful line over what is price sensitive info. MYN would have to rns this first. So now we are aiming at 200bopd with possibility of 300 short term and 500 in 2019. Sounds from Align summary that these numbers are without including any PQE production (would have been 80bopd once they hit 1000bopd target iirc?). So I'm happy to be patient as sounds like all just a little behind. Would have been nice to get more regukar updates via rns though.

[113mike] 01/8/2018 08:12

FYI...from Align Research this morningWaiting on PQE AR confirmation of 1000bopd progress also.MAYAN ENERGY MANAGEMENT CALL UPDATEAugust 1, 2018 | Posted by admin?We held an exhaustive conference call with Chairman Charlie Wood and CEO Eddie Gonzalez yesterday afternoon in relation to the production slippage at Mayan Energy in contrast to expectations at the beginning of the year and, most importantly, to address the company's plans going forward.First things first, management accepted that they are not where we all expected them to be at this stage and this was explained as being a function of permitting delays and also operational issues on the ground. The former is shortly to be resolved once and for all and the latter has been taken in hand through taking over operatorship at the Zink Ranch, Stockdale and Forest Hill fields. Net effect of this is that production should move forward apace now as we progress through August & September.CEO Eddie Gonzalez was very clear that in the next couple of months a minimum of 200 bopd should be reported (ex Deloro/PQE stake and the commensurate production interest from this holding) with the potential of hitting the initial target set at the beginning of the year of 300 bopd. With the addition of the new recently announced well package, as we move into 2019 the key target of 500 bopd remains an achievable target.The second and equally important element to us as material holders was reassurance that excluding any new well package acquisitions that the company has ample resources to move into meaningful positive cash flows and thus avoid an additional equity raising. We are pleased to relay that this was resolutely confirmed.To conclude, we will be working with management in the next couple of weeks to produce revised estimates and produce a full update note. Events on the ground Stateside have proved testing for management and equally frustrating for shareholders. At the current market cap of just under £7m, adjusting for the stake in Petroteq (held via Deloro at present) and Block Energy, for a company still targeting 300-500 bopd as we move through the remainder of 2019 and with netbacks of circa $40 a barrel  at current oil prices, the asymmetric risk/reward skew remains compelling. The mantra of many a retail investor is "in Eddie we trust". Post the call yesterday, as large holders ourselves (just shy of 3%) we repeat this statement and look forward to him finally delivering the promised production numbers from which a material re-rate in the shares towards our original price target should be put in process.