18th Mar 2019 16:54
LONDON (Alliance News) - Mayan Energy Ltd said Monday an investee firm had begun oil production sales from its Utah heavy oil sands project.
Toronto-listed Petroteq Energy Inc began sales from its Asphalt Ridge facility in the US state which saw two loads of 250 barrels of oil being sold with additional oil remaining in its storage tanks. The oil sold was of a heavier API gravity of 17, compared to the API 35 lighter oil previously sold.
"Through recent refinements at our Asphalt Ridge facility, we are now able to produce a heavier crude oil (API gravity 17) having a relatively low sulfur content and a low sediment factor," Petroteq Chief Executive Officer David Sealock said. "This in my view showcases our technology's flexibility to meet changes in market demand in a way that maximizes our bottom line. We are looking forward to a year of stable and growing production from our Asphalt Ridge facility."
Mayan holds 1.0 million shares in Petroteq, equivalent to a 2.3% stake in the 43.9 million shares outstanding. Mayan also has 1.0 million warrants exercisable at USD0.90 each for the firm.
Shares in Mayan closed 2.9% higher at 0.12 pence on Monday.
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