Investments

Mayan Energy has a 17.3% equity holding in Deloro Energy LLC ("Deloro") which retains a residual stake in Mayan Energy Ltd. It also holds listed shares and unlisted warrants in Petroteq Energy Inc ("Petroteq") which were distributed from Deloro as part of an in-specie distribution. Petroteq is developing the Asphalt Ridge heavy oil sands project in Utah, USA which has an 87 Million Stock Tank Barrels contingent resource in place. Mayan see significant upside potential in the shares of Petroteq as they move through commissioning of the Asphalt Ridge plant. Petroteq is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. The proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. The Company is currently focused on developing its oil sands resources and expanding production capacity at its Facility at Asphalt Ridge, Utah using this technology.

Deloro Energy LLC (“Deloro”)