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Update on Investee Company: Petroteq

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RNS Number : 6599M
Attis Oil and Gas Ltd
17 September 2019
 

Attis Oil and Gas Ltd / Index: AIM / Epic: AOGL / ISIN: VGG0620A1003 / Sector: Oil and Gas

17 September 2019

Attis Oil and Gas Ltd ("Attis" or "the Company")

Update on Investee Company Petroteq

 

Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas company, notes the following update from TSX listed Petroteq Energy Inc regarding the Asphalt Ridge heavy oil sands project, Utah.  Attis currently holds 1,035,233 shares in Petroteq Energy Inc. with an associated 1,035,233 3-year warrants at USD $0.90. 

 

Full Text of Petroteq's Release:

 

PETROTEQ ANNOUNCES COMMISSIONING OF ASPHALT RIDGE FACILITY

 

Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with proprietary technology‎, announces that the Company's field operations and engineering staff have initiated the commissioning processes and ‎sequences for the new equipment as final connections to the new heated augers, and mixer tank material ‎tie-ins to the pre-oil tank on the sand separation equipment have been completed. The Company will issue a ‎press release once commissioning has been completed and the facility starts processing oil sands ore to ‎achieve sales of oil production at its Asphalt Ridge facility.‎

 

The Company also announces it has received irrevocable subscriptions for 6,091,336 common shares of the Company at US$0.13 per share for gross proceeds of US$791,874 (including $90,500 from Alex Blyumkin, the Executive Chairman and a director ‎of the Company). The net proceeds will be used by the Company on its extraction technology in Asphalt Ridge, Utah, and for working capital. The financing is subject to TSXV approval and all shares issued will be subject to a four-month hold period. The subscription by Mr. Blyumkin is a "related party transaction" as defined under Multilateral Instrument 61-‎‎101 ("MI 61-101"). The transaction is exempt from the formal valuation approval requirements of MI 61-101 ‎since none of the securities of the Company are listed on a prescribed stock exchange. The proposed transaction ‎is exempt from the minority shareholder approval requirements of MI 61-101 since, at the time the transaction ‎was agreed to, neither the fair market value of the transaction nor the fair market value of the consideration for ‎the transaction, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization.‎

 

In addition, the Company intends to complete shares for debt transactions, pursuant to which it will issue an aggregate of 1,290,000 common shares in satisfaction of US$461,000 of indebtedness (250,000 shares at a deemed price of US$0.27 per share, 250,000 shares at a deemed price of US$0.33 per share, 250,000 shares at a deemed price of US$0.39 per share and 540,000 shares at a deemed price of US$0.40 per share) currently owed to seven arm's length parties. The Company determined to satisfy the indebtedness with common shares in order to preserve the Company's cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital. All shares issued pursuant to the shares for debt transactions are subject to TSXV approval and will be subject to a four-month hold period.

 

The Company also announces a proposed private placement of up to US$3,000,000 at no less than US$0.18 per share and including warrants exercisable for up to 16,666,666 common shares exercisable at no less than US$0.23 per share for up to 24 months. The private placement is subject to TSXV approval and all shares issued will be subject to a four-month hold period.

 

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 and bitumen 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 and processing facility located near Vernal, Utah.

 

For ‎more information, visit www.petroteq.energy

**ENDS**

 

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

Charlie Wood

Attis Oil and Gas Ltd

+44 20 7236 1177

Roland Cornish

Beaumont Cornish Ltd

+44 20 7628 3396

James Biddle

Beaumont Cornish Ltd

+44 20 7628 3396

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Colin Rowbury

Novum Securities Limited

+44 20 7399 9400

 

 

 

Notes:

Attis Oil and Gas Ltd is an AIM-traded (London Stock Exchange) North American-based energy company.  It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow from projects that are shallow, low risk with low levels of capex and infrastructure already in place.   Attis is also seeking to develop new drill opportunities within both existing & new acreage.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Attis Oil & Gas

Price: 0.0639

Market: AIM
Market Cap: £2.48 m
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