Mayan Energy Limited Petroteq Energy Inc. Update (7820Q)

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RNS Number : 7820Q

Mayan Energy Limited

21 February 2019

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

21 February 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. (the "Company") (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated oil and gas company, is pleased to announce that it has completed its first maintenance turnaround at its oil sands processing facility (the "Plant") located near Vernal, Utah, and has recommenced the production of oil from the Plant at 300-350 barrels/day. During the recent maintenance turnaround, the Company focused primarily on upgrading the front-end and recovery processes at the Plant, which we believe will ensure year-round production capability. The oil currently being produced at the Plant is more consistent than previous oil produced and represents a higher quality heavy oil than our initial production during the second half of calendar 2018. The Company anticipates increasing production to 700 barrels/day by the end of February and reaching 1,000 barrels/day by the end of March.

Working with Crosstrails Engineering, a subsidiary of Valkor, LLC, the Company recently completed a series of operations maintenance, enhancements and upgrades at the Plant as part of a US$2.5 million expansion. These process and enhancement upgrades are intended to facilitate a more seamless integration with a proposed 3,000 barrel/day expansion at the Plant as we continue to expand production capacity. This in turn should facilitate our ability to process and produce, on a more consistent basis, a higher quality heavy oil for regional refineries located in Utah.

"Petroteq executed its first maintenance turnaround during the Christmas break, during which our analysis of Q4 2018 operations confirmed that there were process efficiencies needed to increase the integrity of the older pilot plant equipment," said David Sealock, CEO. "Our main focus during the recent turnaround was on the Plant's solvent recovery processes, distillation processes, and our front-end feedstock mixing operations that have been brought online. The maintenance and upgrades that we completed in these areas will allow us to run at higher production levels."

The Company intends to continue its efforts to maximize the production of high-quality heavy oil at the Plant over the next several months. Production sales will be reported in upcoming news releases and quarterly financials as the Company brings on line the second processing train at the Plant and has fully commissioned the new recovery process equipment. For more information please refer to the website where the Company has recently posted an 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                                       [phone] 
  Wood             Mayan Energy Ltd             1177 
 Roland                                        [phone] 
  Cornish          Beaumont Cornish Ltd         3396 
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                                               [phone] 
 James Biddle      Beaumont Cornish Ltd         3396 
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                   St Brides Partners          [phone] 
 Frank Buhagiar     Limited                     1177 
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                   St Brides Partners          [phone] 
 Gaby Jenner        Limited                     1177 
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                                               [phone] 
 Colin Rowbury     Novum Securities Limited     9400 
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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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February 21, 2019 09:57 ET (14:57 GMT)