Mayan Energy has a 17.3% equity holding in Deloro Energy LLC.
Deloro Energy LLC is invested in Petroteq Energy Inc (“Petroteq”) via ordinary shares and warrants. 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.
With the current strong oil price Deloro and Mayan see significant upside potential in the shares of Petroteq as they move through commissioning of the Asphalt Ridge plant. Production remains on target for 1,000 + bpd with ramp up commencing during May and June 2018.
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.