Tomco Energy Share Discussion Threads

[goulding1215] 30/11/2021 10:00

The oil market expects that the Omicron variant of the coronavirus could dampen oil demand in coming weeks, Morgan Stanley said on Monday, slashing its Brent price forecast for the first quarter of 2022 to $82.50 a barrel from $95 per barrel expected earlier.

Oil prices plummeted by more than 11 percent on Friday amid fears that the newly detected heavily mutated Omicron COVID variant could prompt more restrictions and lockdowns globally and slow oil consumption.


Well, I think J.P. Morgan are over-optimistic, but who am I to argue with J.P. Morgan?

[rugrat2] 30/11/2021 09:54

But not the caption !!

[rmart] 30/11/2021 09:45

lease image updated.

[wilson2] 30/11/2021 08:45

All these companies that you all say will contribute to tomco are skint , how does that work then

[vauch] 30/11/2021 07:54

I think that if PQE are not taken out the 3 of them will merge.

[rugrat2] 30/11/2021 07:48

Depends whether cash generation is more important in the short to medium term than long term value creation

[goulding1215] 30/11/2021 07:43

I was thinking in terms of share price

[rugrat2] 30/11/2021 07:39

Depends how much cash is behind Valkor - and 50% revenue is > 29% !

[goulding1215] 30/11/2021 07:30

I would be surprised at tha RUGRAT, as VALKOR own 29% of TOM. surely funding Greenfield would be a priority. However, we don’t know what has been going on behind the scenes.

[rugrat2] 30/11/2021 07:01

The more I think about it I think that Petroteq have the certainty of funding for 50% of a new plant from Valkor on their new NW leases - MOU, contract.....Hence the wording of the agreement. And as rmart said, Valkor probably have a good idea of how to further enhance the performance of the Temple Mountain plant.

[damac] 29/11/2021 21:48

Rmart, can you swap out my graphic in the header for Rugrat2 graphic above please.

[rugrat2] 29/11/2021 20:58

The Oil Sands leasing position as it now appears to be this evening:

[ajj2003] 29/11/2021 20:20

It is certainly in Valkor interest to develop Tomco given their forthcoming 29% stake. Best way for Valkor to monetise assets is to fully maximise Tomco potential Time will tell as always but interesting times to be a Tomco holder ;)

[vauch] 29/11/2021 19:39

I think it will be Valkor running the deep zones and Ton doing the surface.

[rmart] 29/11/2021 19:04

I hope it all works out well for you Vauch as a Petroteq holder. I am just intrigued as to where Greenfield fit in here, it could be massive or nothing at all, time will tell.

[wilson2] 29/11/2021 19:01

Yes I know what it means , nothing

[vauch] 29/11/2021 18:46

An PQE will get royalties on all production from any plant built. so sit back and count the cash, The hostile buyer is not going as they see the real value of PQE
and it is not the land or the 500 barrel plant, it is the patents & royalties.

[rmart] 29/11/2021 18:30

If they have a deal to build a new plant then fair enough. I wish them well as they have shareholders here and I want to see everyone do ok.

But whichever way you look at it the deal is super fantastic for Valkor and I hope they involve Greenfield.

I am sure they know the way to get the POSP working fine but they finished the job they wanted to do so why spend more money for Petroteq's benefit? Now they can get on with it IMO.

Dont forget, Valkor are going to become a 29% shareholder in TOM. They want the share price in double penny figures and this may be a very good shortcut to production with no debt !

Even if they get this one running at 500bopd it is more than enough to make a profit for TOM and shoot the share price

All conjecture on my part but I cannot see another reason for Valkor doing this deal.

[rmart] 29/11/2021 18:23

and that announcement comes after this one on the 27th. Petroteq look to be in big trouble and Valkor (probably the arms length investors) have nicked the POSP IMO.



SHERMAN OAKS, CA / ACCESSWIRE / November 27, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(‎OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announces its intention to complete debt conversion transactions with two arm's ‎length creditors pursuant to ‎which the Company will issue an aggregate of 4,529,166 common shares of ‎the Company at a deemed price of ‎US$0.119 per share in satisfaction of US$538,971. The Company (with the creditors' consent) determined to satisfy the ‎indebtedness with common shares to ‎‎preserve the ‎Company's cash for use on its extraction technology in ‎Asphalt Ridge, Utah, and for working ‎capital.‎

The foregoing transactions are subject to approval of the ‎directors of the Company and regulatory approval from the TSX Venture Exchange (the "Exchange"). The ‎foregoing securities will be issued in reliance on exemptions from the registration requirements of the United ‎States Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable state securities laws, and ‎will be issued as "restricted securities" (as defined in Rule 144 under the U.S. Securities Act). In addition, the ‎securities issuable pursuant to the transactions noted herein will be subject to a Canadian four-month hold ‎period.‎

In addition, the Company announces the following amendments to three previously issued convertible promissory notes that were disclosed in the Company's news release on October 6, 2021. While the amendments are intended to ensure that the notes comply with the policies of the Exchange, the notes and the amendments are ultimately subject to approval of the ‎ Exchange.

The convertible promissory note issued on April 21, 2021 that had an original principal amount of US$92,125 (including a ‎‎10% original issue discount) with a purchase price of US$83,750, has been amended to (i) clarify that only the purchase price (US$83,750) shall be convertible, (ii) fix the conversion price at US$0.048 (the market price on April 21, 2021), and (iii) ‎restrict the payments of interest, fees or other amounts under or in ‎relation to the note at a maximum of 24% per annum.

The convertible promissory note issued on May 20, 2021 that had an original principal amount of US$141,625 (including a ‎‎10% original issue discount) with a purchase price of US$128,750, has been amended to (i) clarify that only the purchase price (US$128,750) shall be convertible, (ii) fix the conversion price at US$0.042 (the market price on May 20, 2021), and (iii) ‎restrict the payments of interest, fees or other amounts under or in ‎relation to the note at a maximum of 24% per annum.

The convertible promissory note issued on July 2, 2021 that had an original principal amount of US$114,125 (including a ‎‎10% original issue discount) with a purchase price of US$103,750, has been amended to (i) clarify that only the purchase price (US$103,750) shall be convertible, (ii) fix the conversion price at US$0.146 (the market price on July 2, 2021), and (iii) ‎restrict the payments of interest, fees or other amounts under or in ‎relation to the note at a maximum of 24% per annum.

To the extent that the amendments of the convertible promissory notes may be deemed for the purposes of the U.S. Securities Act to involve the offer and sale of replacement securities to the respective noteholders in exchange for the existing convertible promissory notes, the Company will be relying on the registration exemption provided by section 3(a)(9) of the U.S. Securities Act. The convertible promissory notes, as amended, will continue to be restricted securities. The underlying common shares issuable upon conversion of the promissory notes have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States, or to or for the account or benefit of any U.S. person or any person in the United States absent an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws.

The Company continues to work with the Exchange on a reinstatement of trading and will update the market as things progress. The Company continues to operate normally and is working diligently to answers questions from the Exchange.

About Petroteq Energy Inc.

Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits - outputting high-quality oil and clean sand.

Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq's process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.

[rmart] 29/11/2021 18:11

What do you think it means WILSON2?

Lets have your genius input?

Valkor (Greenfield Partner), now has the rights to the Temple Mine Lease and the POSP. Do you understand what that could mean?

[rmart] 29/11/2021 18:08

The more I read it the more amazed I am.

Is the Petroteq Takeover dead? they have given up the lease with the POSP to Valkor. Now they are back to sq1 with a lease and no production plant.

I see Valkor and Greenfield (100% TOMCO) becoming the big player now.

[rmart] 29/11/2021 17:49

Having read this a few times now it looks to me like Valkor now have the lease where the POSP is located and the rights to run it.


I wonder, I wonder if this is a cunning plan to now pass the operation of the posp to Greenfield so that they can improve the plant for the 5,000 bopd production rather than build a new one at $100m plus ??? Or maybe there is a good proportion of the equipment there which can be used for the new plant on Tar Sands II lease thus cutting the cost dramatically?

All very interesting.

[rugrat2] 29/11/2021 17:23

I read that press release as saying that the Petroteq plant which Valkor have just upgraded now belongs to them - all rights and interests. No reason for Petroteq to keep ownership with no leasing interest there.

[damac] 29/11/2021 17:20

You are right Rugrat2, it must be those 3.