Mayan Energy Limited Petroteq Energy Inc. Update (0517V)

TIDMMYN

RNS Number : 0517V

Mayan Energy Limited

03 April 2019

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

3 April 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. ("Petroteq" or the "Company") (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, announces the closing and issuance of 15,000,000 common shares to Momentum Asset Partners I, LLC representing the equity component of the consideration payable by the Company pursuant to the acquisition from Momentum of 50% of the operating rights and interests relating to oil sands under U.S. federal oil and gas leases encompassing approximately 8,480 gross acres (4,240 net acres, less royalty) in the State of Utah. As previously announced on February 8, 2019, the total consideration for the acquisition is US$10.8 million (US$1.8 million in cash and US$9 million in shares at a deemed value of US$0.60 per share).

In addition, the Company announces that the closing of the subscriptions for 1,730,263 common shares and warrants exercisable for 1,481,481 common shares for gross proceeds of US$482,000, as previously announced on March 25, 2019.

The Company also announces the execution of an agreement with an arm's length supplier wherein the Company has agreed to issue the supplier 700,000 common shares of the Company in consideration for the Company's decision not to proceed with the purchase of certain pieces of used equipment as they had made a strategic business decision to purchase new equipment from a different supplier. The issuance of the shares is subject to TSX Venture Exchange approval and will be subject to a four-month hold period.

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.

**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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April 03, 2019 12:00 ET (16:00 GMT)