Update on Heavy Oil Sands Project, Utah

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

26 April 2018

Mayan Energy Ltd ('Mayan' or 'the Company')

Update on Heavy Oil Sands Project, Utah

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 has a 17.6% interest in Deloro Energy LLC ('Deloro') which recently completed the first tranche of its US$10million acquisition of a 49% interest in Asphalt Ridge - see RNS dated 15 January 2018 thereby giving Mayan an effective interest in Asphalt Ridge of 8.8%.

Full Text of Petroteq's Release

Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE; OTC: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to update investors on the progress at the plant.

With the hiring of its new CEO, David Sealock, Petroteq Energy has increased its focus on the final engineering, procurement and construction processes to prepare for the immediate commissioning and start-up procedures for the commercial operations of Phase 2 - 1,000 BOD/day expansion of the Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. 

While the Company reported in early March that all systems at the plant were operational, the Company's plan is for the final stages of engineering and construction to integrate all of the operating functions to work in simultaneous progression to achieve commercial production in May.

Since March 26, 2018, the Company:

· Is completing the final stages of the construction activities on the Project with operations personnel focused on critical path items;

· Is completing the local downstream market contracts for the Asphalt Ridge heavy oil production;

· Is continuing to investigate and pursue business development opportunities for the Company's technology, to demonstrate the technology's favorable extraction processes; and

· Is broadening its working relationships with leaseholders and government agencies supporting the development of Utah Oil Sands.

"Petroteq has taken major strides in developing technology to transform Utah's oil-rich resources to energy," stated David Sealock. "We expect the Phase 2 - 1,000 BOD/day expansion of the Asphalt Ridge heavy oil extraction facility to demonstrate the multi-decade production commercial viability of the Company's patented and unique technology. As the team finalizes our construction work packages and implements a five-stage commissioning and startup process, we are on target to transfer the facility to production operations in May."

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 facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly-owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.

**ENDS**

For further information visit www.Mayanenergy.com or contact the following:

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy Company. The Company 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. The Company is currently primarily focussed on building out production at its Stockdale and Forest Hill oil fields in Texas.