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SHERMAN OAKS, CA – April 18, 2022 – Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, provides a corporate update and continuously emphasizes the importance of developing and extraction of US oil sands reserves.
The global need for energy continues to grow and has shown no signs of slowing down. While other alternative energy sources will also contribute, but today they cannot match the production oil as the most cost- effective solution. The need for more oil is more than just transportation fuel, as vehicular demand and air travel requirements grow, but oil is the primary building block for plastics of all kinds, automotive industry, pharmaceuticals, cosmetics, pesticides, fertilizers, paint, to name a few. This is of particular importance to the US, as the need for energy independence has become more evident from the geopolitical upsets now facing the global market. The significant oil reserves, which have not been untapped yet, are located in Utah, where Petroteq has accumulated significant oil reserves available for development.
Petroteq Energy has developed a proprietary technology to extract oil from its reserves in Utah since 2015, and has demonstrated the viability of its patented process to produce at an attractive economic level, comparable to conventional oil reservoir production, and to deliver a high quality product. The Company’s facility has been designed to operate at 500 barrels per day and has designed the next generation oil sands plant with 5,000 barrels capacity. All engineering aspects of 5,000 barrels plant have been confirmed by an independent third party as commercially viable and technically sufficient to achieve the desired plant performance within a budget. Petroteq management believes this design is solely unique to the patented Petroteq process, to achieve oil extraction from sands in an eco-friendly method, and can be seen as a true green energy technology.
The Petroteq technology is unique because it uses no water, produces no emissions, and uses a facility that has a small land footprint. Its patented solvent washes the sand of oil and is almost 100% recycled for continued use with no negative environmental impact. The cleaned sand can be utilized economically for the broad range in residential and commercial use.
Petroteq’s CEO and CTO, Vladimir Podlipsky, PhD commented, “Our management team is pleased that it has unlocked an economically feasible process that is eco-friendly, and I believe positions our Company to contribute solving the global energy crisis. Our intentions are to continue evolving toward future expansion and revenue growth, regardless of the on-going takeover-bid from Viston United Swiss AG. The Management continues to handle business as usual, while making an utmost effort to maximize shareholder’s value.”
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits – outputting high-quality oil and clean sand.
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.
For more information, visit www.Petroteq.energy.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including: Mr. Blyumkin’s intentions with any profits received from the Offer; are intended to identify forward-looking information. Readers are cautioned that there is no certainty that SITLA will approve the assignment of the Asphalt Ridge NW Leases to TMC Capital, or that it will be commercially viable extract oil from the identified reserves. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions.. Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: the risk that SITLA will not approve the assignment of the Asphalt Ridge NW Leases to TMC Capital; that full scale commercial production may engender public opposition; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; litigation; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses; loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; and directors; risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with United States Securities and Exchange Commission and available at www.sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
CONTACT:
Petroteq Energy Inc.
Vladimir Podlipsky
Interim Chief Executive Officer
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc
FN Media Group Presents USA News Group News Commentary
Vancouver, BC – April 13, 2022 – USA News Group –In response to the global energy crisis, the Biden administration is selling a record amount of emergency oil from the USA’s national reserves to bring soaring fuel prices under control. Despite these efforts there’s a growing skepticism over whether unconstrained US gas production can last. However, because of ~$100 oil and large gaps in renewables, fossil fuels remain crucial to the western way of life. Demand continues to outpace production, causing the market to look for big oil and new technology developers to fill the gap. According to Baker Hughes Company (NASDAQ:BKR), the US rig count has been steadily rising, meaning the domestic market is quite active. Examples of heightening domestic action includes new developments from other oilfield services and technologies companies such as Petroteq Energy, Inc. (OTCPK:PQEFF), Enservco Corporation (NYSE:ENSV), Halliburton Company (NYSE:HAL), and Schlumberger Limited (NYSE:SLB).
Among the newer technologies being developed that could potentially make a huge impact on US production is the Clean Oil Recovery Technology (CORT) process, developed by Petroteq Energy, Inc. (OTC:PQEFF) and proven to produce oil from oil sands without the use of water, nor producing wastewater nor tailings ponds.
“Confirmation that heavy oil extracted from Utah oil sands using our CORT process is suitable for production of MSAR® and bioMSAR™ fuels could allow for the production of fuel and biofuel with significant environmental benefits, while creating a higher value product stream for Petroteq’s future commercial production,” said Vladimir Podlipsky, Petroteq’s CEO and CTO.
Using this proprietary oil-extraction and remediation technology, Petroteq has updated and completed the design for a planned oil sands extraction plant, capable of handling 5,000 barrels per day with Valkor, LLC.
Back in July 2019, Valkor signed a Technology License Agreement with Petroteq and has been operating at the plant in Utah, under a Service Master Agreement signed in November 2018.
Following the update to the original front end engineering and design (FEED), Valkor conducted various additional design studies to prepare the final engineering plans.
A primary part of the process included a design study with M-I SWACO, which is a subsidiary of Schlumberger Limited (NYSE:SLB), for the backend processes for separating out and drying sands for resale.
The CORT system utilizes a conventional sand dryer modified for service with petrochemical solvents in a closed loop. A combined unit has been proposed as a turnkey system to handle as much as 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand.
Back in February, Petroteq anncouned a third-party cash flow analysis from Broadlands, which showed a base case of a Net Present Value (NPV) of $1.285 billion, $602 million, and $341 million, based on a pre-income tax basis, at discount rates of 0.0, 7.5 and 15%, respectively.
This economic analysis of CORT focused on the markets available for the sale of the three categories of by-product sands. Broadlands noted that an extraction plant producing 5,000 bpd could (as estimated by Petroteq) be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year (based on 310 operating days per year and operating 24 hours per day), and that silica flour is postulated to be 15% of the saleable product, fracking quality sand 55%, and bulk sand 30%.
The economic prospects of the entire process has drawn the interest of ESG-focused equity firm Viston United Swiss AG, which is in the process of a takeover attempt.
Viston’s presented to Petroteq shareholders a premium price valuation of approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021, and a 1,032% premium to the 52-week volume weighted average trading price on the TSX-V prior to the offer originally made in April 2021, before the Canadian shares were halted. The offer itself is valued at a considerable premium over the market price, with a 100% all-cash consideration of C$0.74 per common share.
Meanwhile, through its US shares on the OTC under the PQEFF symbol, shares of Petroteq are trading around US$0.395 (C$0.505) on April 11, 2022. At that price point, the C$0.74 (US$0.59) still represents a potential 49% premium over the more current trading price.
“Our advances in engineering work exemplify our intentions to continue to operate the Company toward future expansion and revenue growth, regardless of the on-going offer from Viston United Swiss AG,” added Podlipsky. “Management will continue to handle business as usual and make utmost efforts to enhance shareholder value.”
So far, Viston’s offer has been favorably received by the entire Petroteq team, with unanimous intention to tender shares from the Board of Directors, the company’s Founder, Former Chairman and CEO Alex Blyumkin, and one of the company’s largest shareholders, Cantone Asset Management, LLC.
Since February 18, 2022, shares of Enservco Corporation (NYSE:ENSV) have shot up from $0.563 as high as 667% to $4.32 in March, before settling in around the $2 level by mid April.
Enservco is a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries. Before the energy crisis truly took off, the company saw its revenue up 72% in Q3 2021, posting gains across all of its service offerings.
“Rig counts and wells drilled in the third quarter increased by double digits on both a year-over-year and sequential quarter basis, and these favorable tailwinds should help position us to sustain our revenue momentum during our fourth and first quarter heating season,” said Rich Murphy, Executive Chairman of Enservco.
Three of the world’s largest oilfield services companies, Baker Hughes Company (NASDAQ:BKR), Halliburton Company (NYSE:HAL), and Schlumberger Limited (NYSE:SLB) have all suspended operations in Russia.
“Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region,” said Olivier Le Peuch, CEO of Schlumberger.
Since the move, analysts at Piper Sandler have upgraded their rating on Schlumberger, saying shares could rise 29%. The same company’s analysts also upgraded their price target of Halliburton, despite maintaining the same rating, as the company has received a consensus recommendation by analysts.
Overall, drilling activities in the USA are on the rise for the third week in a row according to Baker Hughes that reported US drillers added oil and gas rigs.
The oil and gas rig count, is typically seen as an early indicator of future output. Baker Hughes said it rose 16 to 689 in the week to April 8, its highest since March 2020, which puts the total rig count up 257 rigs, or 59%, over this time last year.
According to the Baker Hughes report, more than half of US oil rigs are in the Permian shale in West Texas and eastern New Mexico where total units this week jumped by nine to 332, the most since April 2020. This jump was officially the biggest weekly increase in the basin since January 2021.
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
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SHERMAN OAKS, CA – April 12, 2022 –Petroteq Energy Inc. (OTC PINK:PQEFF) (TSXV:PQE) (FSE:PQCF) (“Petroteq” or the “Company“), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, announces that its founder and former CEO, Mr. Alex Blyumkin, has advised of his intention to donate half of his potential proceeds from the tender offer (the “Offer“) by 869889 Ontario Inc. (the “Offeror“), an indirect wholly-owned subsidiary of Viston United Swiss AG (“Viston“), to purchase all of the issued and outstanding common shares of Petroteq, to humanitarian aid to Ukraine. Mr. Blyumkin had the following message for Petroteq shareholders:
“As the founder and former CEO of Petroteq, I have decided to donate to donate half of my profits from the proposed tender offer by Viston to the humanitarian needs of the Ukrainian people. Being a native of Ukraine, born in Odessa, and now a U.S. citizen, I have a sincere desire to help the people of Ukraine in this hour of sadness and sorrow as they experience the horrors of war. I have spoken to so many friends and family within the country, and I can attest personally to the suffering and hardships they are dealing with. Petroteq is currently awaiting the outcome of the proposed tender offer by Viston to purchase a majority of Petroteq. If this offer is successful, I will donate half of my profits from the sale of my shares to Ukraine’s humanitarian causes.
As a father of five children, I naturally thought a lot about the future and I want to do my part to leave my children a world worth living in.
Over the past 10 years, I have put all my time, energy and fortune into developing an environmentally friendly technology for water-free and emission-free oil production. I was convinced that it is possible to produce oil without poisoning our precious water resources and without causing additional emissions. After years of research and development, we have achieved a breakthrough not only are we more environmentally friendly, but we can also produce high-quality oil more cost-effectively and efficiently. It is no coincidence that in this phase we received a takeover offer which, although I believe it is well below the potential value of the company, will provide certainty and immediate liquidity to the nearly 10,000 shareholders and open up new prospects for the company.
Now we are faced with a situation that threatens the lives of millions of people with whom I feel very connected. That’s why I decided to do my part and use half of my proceeds from the potential takeover to help these people.
The situation in Ukraine has affected me deeply and my heart breaks every time I see the images of children who are the most innocent and at the same time the most affected victims of this completely senseless war. It is a human tragedy that is unfolding before all our eyes.
I hope that the President of Russia Vladimir Putin and the President of Ukraine Mr. Volodymyr Zelenskyy will find the courage to make peace. I thank all friends and shareholders for their support.
Alex Blyumkin”
The Offer by the Offeror, an indirect wholly-owned subsidiary of Viston, to purchase all of the issued and outstanding common shares of Petroteq for CAD$0.74 per share, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its terms.
The Board of Directors of Petroteq has unanimously recommended that shareholders tender their shares and has publicly announced that each of the directors of Petroteq has indicated their intention to tender their own shares to the Offer. Shareholders that hold Petroteq common shares through a broker or other financial intermediary should be aware that intermediaries often have internal deadlines several days in advance of the expiry date. Therefore, shareholders are encouraged to tender soonest, bearing in mind the April 14 deadline.
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits – outputting high-quality oil and clean sand.
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.
For more information, visit www.Petroteq.energy.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including: Mr. Blyumkin’s intentions with any profits received from the Offer; are intended to identify forward-looking information. Readers are cautioned that there is no certainty that SITLA will approve the assignment of the Asphalt Ridge NW Leases to TMC Capital, or that it will be commercially viable extract oil from the identified reserves. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions.. Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: the risk that SITLA will not approve the assignment of the Asphalt Ridge NW Leases to TMC Capital; that full scale commercial production may engender public opposition; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; litigation; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses; loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; and directors; risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with United States Securities and Exchange Commission and available at www.sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
CONTACT:
Petroteq Energy Inc.
Vladimir Podlipsky
Interim Chief Executive Officer
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc
FN Media Group Presents USA News Group News Commentary
Vancouver, BC – April 7, 2022 – USA News Group –US President Joe Biden is calling for a return to US energy independence for the first time during his presidency, in response to surging gas prices and global supply challenges. The US officially became a net exporter of oil back in 2018 under the previous administration, for the first time in over 75 years. However, under today’s challenging times, prices are through the roof, and once again domestic production is being called upon to help lessen the impact of the price shocks. This time, solutions will require innovative efforts from across the spectrum, including from technology developed by Petroteq Energy, Inc. (OTCPK:PQEFF), transportation from Canadian Pacific Railway Limited (NYSE:CP) (TSX:CP), biofuel production from groups like Green Plains (NASDAQ:GPRE), and greener production from producers such as TotalEnergies SE (NYSE:TTE) and Clean Energy Fuels (NASDAQ:CLNE).
A breakthrough technology that’s presenting a potential game changer in US energy security is being developed by Petroteq Energy, Inc. (OTC:PQEFF), known as Clean Oil Recovery Technology (CORT).
By enabling production from oil sands without using water during the extraction process, CORT comes with significant environmental advantages over historical production methods. Last September, Petroteq proved CORT could produce from oil sands ore. So far as a result, neither wastewater nor tailings ponds are created from the process.
According to Petroteq in a statement based on the results: “Confirmation that heavy oil extracted from Utah oil sands using our CORT process is suitable for production of MSAR® and bioMSAR™ fuels could allow for the production of fuel and biofuel with significant environmental benefits, while creating a higher value product stream for Petroteq’s future commercial production.”
Petroteq’s system is closed loop in nature, meaning that +95% of the solvents used in the extraction process are recovered, recycled, and reused while roughly 5% remain within the oil that’s extracted.
Already CORT has drawn plenty of outside interest, including that of ESG-focused equity firm Viston United Swiss AG, which made an offer to buy Petroteq, giving a valuation more than 10x higher than its 52-week volume weighted average was prior to the offer.
“We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction,” said former Petroteq Chairman and CEO, Dr. Gerald Bailey at the time of the offer, who retired in January. “We had always forecast a great future. However, we respect the value of this offer to shareholders and if it can be achieved it will reward our many dedicated supporters.”
The offer itself is valued at a considerable premium over the market price, with a 100% all-cash consideration of C$0.74 per common share. Meanwhile, through its US shares on the OTC under the PQEFF symbol, shares of Petroteq are trading around US$0.375 (C$0.474) on March 30, 2022. At that price point, the C$0.74 (~US$0.59) still represents a potential 56% premium over the more current trading price.
Originally made in April 2021, Viston’s premium price offer gave a valuation of Petroteq stock with a 1,032% premium over that 52-week volume weighted average while also giving approximately 279% higher than the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021.
Reaction to Viston’s offer has been favorable across the Petroteq team, with its Board Members sharing their unanimous intention to tender their shares, as well Petroteq’s Founder, Former Chairman and CEO Alex Blyumkin also announcing his support for the takeover bid.
A third-party cash flow analysis was run by Broadlands on a pre-income tax basis, at discount rates of 0.0, 7.5 and 15%. Their results showed potential economic benefit in the base case of a Net Present Value (NPV) of $1.285 billion, $602 million, and $341 million, respectively.
“Broadlands’ evaluation report provides the potential economic benefit from the sale of sands is significant and provides an attractive enhancement to the value of the extraction process further enhances the forecast value of the Petroteq extraction technology,” said Petroteq’s CTO and Interim CEO, Dr. Vladimir Podlipsky. “The Petroteq operation can produce “green” energy with high quality oil extraction, while also remediating the oily sand and turning it into a useable, marketable resource.”
This economic analysis of CORT focused on the markets available for the sale of the three categories of by-product sands. Broadlands noted that an extraction plant producing 5,000 bpd could (as estimated by Petroteq) be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year (based on 310 operating days per year and operating 24 hours per day), and that silica flour is postulated to be 15% of the saleable product, fracking quality sand 55%, and bulk sand 30%.
The economics of frac sand check out, according to executives at Canadian Pacific Railway Limited (NYSE:CP) (TSX:CP), who told investors earlier this year that it “can’t move as much frac sand as the demand is out there.”
In order to open up more domestic reserves for production, it will likely entail more fracking, which in turn requires the right quality of sands to carry out. Canadian Pacific Railway’s sand business is already up slightly based on the rise in oil prices.
However, it didn’t help business when the rail company was involved in a lengthy labour dispute with the Teamsters Canada Rail Conference (TCRC), until late March when it finally agreed to reach an agreement through binding arbitration.
“CP is pleased to have reached agreement with the TCRC Negotiating Committee to enter into binding arbitration and end this work stoppage,” said CP President and CEO Keith Creel. “This agreement enables us to return to work effective noon Tuesday local time to resume our essential services for our customers and the North American supply chain.”
In the biofuels industry, Green Plains (NASDAQ:GPRE) expanded its patent portfolio through its subsidiary Fluid Quip Technologies through the acquisition of a family of patents from AB Agri.
“As the leading technology provider to the biofuels industry, we have been focused on both developing and discovering great technologies to enhance the base ethanol facility,” said Neal Jakel, Managing Director at Fluid Quip Technologies. “Our deep intellectual property portfolio along with the latest issued patents combined with the suite of AB Agri patents, adds incredible breadth to our existing technology portfolio.”
The entire patent family is extensive and encompasses multiple countries around the world, including the U.S., Canada, Australia and a majority of the EU markets where FQT currently has technology installations.
French-based oil giant TotalEnergies SE (NYSE:TTE) is quite active in the United States, not only as a big player in the Barnett Shale, but also through its involvement in biomethane production. Back in November of 2021, TotalEnergies announced the construction launch of its first biomethane production unit with US partners Clean Energy Fuels (NASDAQ:CLNE).\
“We are pleased to consolidate our entry into the U.S. biomethane market by jointly developing this first production unit on the Del Rio Dairy farm, through our joint venture with Clean Energy,” said Laurent Wolffsheim, Senior Vice President Green Gases & Growth at TotalEnergies. “This project marks another step in TotalEnergies’ transformation into a multi-energy company, and in the implementation of its ambition to be a major player in renewables.”
According to the release, by processing cow manure, a significant source of methane emissions, and substituting fossil fuels with renewable energies, the project will avoid some 45,000 tonnes of CO2 equivalent emissions per year. Through the acquisition of an interest in Clean Energy in May 2018, TotalEnergies became the largest shareholder of the U.S. leader in natural gas vehicle fuels—today holding a stake of 19%.
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for PetroTeq Energy Inc. advertising and digital media from Maynard Communication Limited. There may be 3rd parties who may have shares of PetroTeq Energy Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of PetroTeq Energy Inc. which were purchased in the open market at least 72 hours after our initial coverage date of the company. MIQ reserves the right to buy and sell, and will buy and sell shares of PetroTeq Energy Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ on/about PetroTeq Energy Inc. has been reviewed and approved by the principals at PetroTeq Energy Inc.; this is a paid advertisement, and while we we do own shares of PetroTeq Energy Inc. that were purchased in the open market, we plan on buying and selling more shares of PetroTeq Energy Inc. in the open market. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
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FN Media Group Presents USA News Group News Commentary
Vancouver, BC – April 6, 2022 – In response to rising gas prices, the Biden administration has announced it will release 1 million barrels of oil per day from reserves. At its core, the government’s plan is to increase domestic production, starting with 1 million barrels per day this year, and nearly 700,000 barrels per day more next year. However, the White House statement also pointed fingers at companies for not stepping up production, and is calling on Congress to make companies pay fees on wells from their leases that haven’t been used in years. The reality is, producing more domestic oil is currently quite difficult. In order to meet some of these domestic production expectations, it’s going to take a wave of efforts from across the petroleum industry, including from Petroteq Energy, Inc. (OTCPK:PQEFF), ConocoPhillips (NYSE:COP), Exxon Mobil Corporation (NYSE:XOM), Devon Energy Corporation (NYSE:DVN), and Pioneer Natural Resources Company (NYSE:PXD).
One new proven breakthrough technology that could drastically impact future energy security in the US is known as Clean Oil Recovery Technology (CORT) from developers Petroteq Energy, Inc. (OTC:PQEFF).
CORT comes with significant environmental advantages over historical production methods, by enabling production from oil sands without using water during the extraction process. As a result, neither wastewater nor tailings ponds are created. Last September, Petroteq proved CORT could produce from oil sands ore.
Petroteq’s system is closed loop in nature, meaning that +95% of the solvents used in the extraction process are recovered, recycled, and reused while roughly 5% remain within the oil that’s extracted.
Third-party economic analysis of CORT focused on the markets available for the sale of the three categories of by-product sands. Analysis from Broadlands noted that an extraction plant producing 5,000 bpd is estimated by Petroteq to be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year (based on 310 operating days per year and operating 24 hours per day), and that silica flour is postulated to be 15% of the saleable product, fracking quality sand 55%, and bulk sand 30%. The economic forecast is based on 20 years of sales from such a 5,000 bpd operation, following two years for construction and start-up of the extraction plant and sands processing facility and related infrastructure.
“Broadlands evaluation report provides the potential economic benefit from the sale of sands is significant and provides an attractive enhancement to the value of the extraction process further enhances the forecast value of the Petroteq extraction technology,” said Petroteq’s CTO and Interim CEO, Dr. Vladimir Podlipsky. “The Petroteq operation can produce “green” energy with high quality oil extraction, while also remediating the oily sand and turning it into a useable, marketable resource.”
A cash flow analysis was run on a pre-income tax basis, at discount rates of 0.0, 7.5 and 15%; the results show potential economic benefit in the base case of a Net Present Value (NPV) of $1.285 billion, $602 million, and $341 million, respectively.
The CORT process has drawn plenty of outside interest, including that of ESG-focused equity firm Viston United Swiss AG, which made an offer which gave the company a valuation more than 10x higher than its 52-week volume weighted average was prior to the offer.
The offer itself is valued at a considerable premium over the market price, with a 100% all-cash consideration of C$0.74 per common share.
Meanwhile, through its US shares on the OTC under the PQEFF symbol, shares of Petroteq are trading around US$0.375 (C$0.474) on March 30, 2022. At that price point, the C$0.74 still represents a potential 56% premium over the more current trading price.
Originally made in April 2021, Viston’s premium price offer gave a valuation of Petroteq stock with a 1,032% premium over that 52-week volume weighted average while also giving approximately 279% higher than the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021.
“We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction,” said former Petroteq Chairman and CEO, Dr. Gerald Bailey, who retired in January. “We had always forecast a great future. However, we respect the value of this offer to shareholders and if it can be achieved it will reward our many dedicated supporters.”
The Viston offer has been favorably across the Petroteq team. Its Board Members have shared their unanimous intention to tender their shares through the offer. Now the company’s Founder, Former Chairman and CEO Alex Blyumkin has announced his support for the takeover bid.
In response to the White House’s proposals, the reaction from big oil hasn’t been very positive.
For example, Ryan Lance, CEO of ConocoPhillips (NYSE:COP) already told CNBC that if his company decided to pump more oil today, the first drop of that new oil wouldn’t hit the market for at least eight to 12 months.
“The longer term is really a question of, what are we doing to do for the next six month? What are we going to do for the next year?” said Lance said. “Are we planning enough to say, what are the scenarios that could develop over that period of time and what are we going to do to ensure energy security as a country and as a globe? Releases out of the [strategic petroleum reserve] for a month or two or three, they’ll help the short term and they’re necessary to do that, but they don’t answer this longer-term question.”
Another meeting involving the House Energy and Commerce subcommittee was scheduled to include the CEOs of multiple oil companies, including Exxon Mobil Corporation (NYSE:XOM), Devon Energy Corporation (NYSE:DVN), and Pioneer Natural Resources Company (NYSE:PXD).
In the case of Exxon Mobil, increasing output from their US assets was already set into place, but initially it was to offset declines at older sites around the world—giving less optimism over making any overall impact on global supplies.
As well, Exxon Mobil is also stating that pulling out of currently embargoed regions may cost the company $4 billion.
“In light of the ongoing situation… the Company is proceeding with efforts to discontinue operations at the Sakhalin-1 project (“Sakhalin”) and is developing steps to exit the venture,” it said in a statement.
The Sakhalin-1 project was designed to harvest the huge reserves of natural gas. Exxon Mobil has been working on it for years, agreeing to the production-sharing agreement in 1996 and drilling the first well in 2003. Meanwhile, due to surging prices, the company also recently took its biggest profit in 13 years.
The same goes for Devon Energy which has had a successful year so far.
“We have learned our lesson,” said Devon Energy CEO Rick Muncrief in mid-February. Devon is a darling of Wall Street. Its stock has risen from $16 a share to trading at around $60 now.
The company has gone on to pledge up to $20 million in aid towards humanitarian efforts in areas impacted by recent conflicts.
“I am proud that Devon and our employees are doing what we can to help those desperately in need,” said Rick Muncrief, President and CEO. “[This humanitarian crisis] calls upon the global community — governments, businesses, and individuals — to act in solidarity.”
Pioneer Natural Resources recently announced an amended services agreement with ProPetro Services Inc. to provide pressure pumping services, to continue to improve completions performance in the Permian Basin. ProPetro will deliver and dedicate hydraulic fracturing fleets to provide fracture stimulation pumping services and provide associated products in connection with such services.
“This amendment to our existing agreement with ProPetro reflects Pioneer’s desire for continuous improvement in completions performance as demonstrated through the material progress achieved since our partnership began,” said Rich Dealy, President and Chief Operating Officer of Pioneer.
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for PetroTeq Energy Inc. advertising and digital media from Maynard Communication Limited. There may be 3rd parties who may have shares of PetroTeq Energy Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of PetroTeq Energy Inc. which were purchased in the open market at least 72 hours after our initial coverage date of the company. MIQ reserves the right to buy and sell, and will buy and sell shares of PetroTeq Energy Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ on/about PetroTeq Energy Inc. has been reviewed and approved by the principals at PetroTeq Energy Inc.; this is a paid advertisement, and while we we do own shares of PetroTeq Energy Inc. that were purchased in the open market, we plan on buying and selling more shares of PetroTeq Energy Inc. in the open market. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
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Sherman Oaks, CA – April 5, 2022 – Petroteq Energy Inc. (TSXV:PQE) (OTCPK:PQEFF) (FSE:PQCF) (“Petroteq” or the “Company”) , an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, announces that Valkor, LLC (“Valkor”), has updated and completed the design for the planned 5,000 BPD day extraction plant.
Valkor signed a Technology License Agreement with Petroteq on July 1, 2019, and has been operating at the plant in Vernal, Utah under a Service Master Agreement signed in November 1, 2018. Valkor is fully cognizant of the engineering and technical aspects needed for the process to have this update done to incorporate all additional data into the original FEED (front end engineering and design).
Petroteq’s management believes that an updated FEED design is unique to the patented Petroteq technology permitting a highly effective oil extraction process from oil-sands in an eco-friendly method and can be seen as a true green energy technology.
Following the FEED, Valkor conducted various additional design studies to prepare the final engineering plans. A primary part of this was a design study with M-I SWACO, a Schlumberger company, for the backend processes for sand separation and drying. The system is a conventional sand dryer modified for service with petrochemical solvents in a closed loop. A combined unit has been proposed as a turnkey system to handle as much as 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand. Design performance, budget and schedule have been determined. M-I SWACO did a full 3D model of the design.
Other studies were conducted on optimizing an ore mixing and decanting system. Valkor advises that it is ready to implement a 5,000 BOD plant design. All necessary equipment has been verified as available on the market on lead times that result in an 18 month build. Petroteq’s management is confident the updated plant design is of the highest technical quality and will exhibit superior operating performance.
Vladimir Podlipsky, Petroteq’s CEO and CTO has commented, “Our advances in engineering work exemplify our intentions to continue to operate the Company toward future expansion and revenue growth, regardless of the on-going offer from Viston United Swiss AG. Management will continue to handle business as usual and make utmost efforts to enhance shareholder value.”
The tender offer (the “Offer”) by 869889 Ontario Inc. (the “Offeror”), an indirect wholly-owned subsidiary of Viston United Swiss AG, to purchase all of the issued and outstanding common shares of Petroteq, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its terms.
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits – outputting high-quality oil and clean sand.
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.
For more information, visit www.Petroteq.energy.
Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. dollars.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including: the plan to proceed with construction of a 5,000 bpd extraction plant sands processing facility and related infrastructure; and the expectation that the plant, once completed, would be capable of yielding 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand; are intended to identify forward-looking information. Readers are cautioned that there is no certainty that it will be commercially viable to extract oil or sand from the identified reserves. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the technology performing as expected; availability of labor and parts; adequate capital raising efforts; and Petroteq’s ability to execute on its operational plans. Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: the risk that SITLA will not approve the assignment of the Asphalt Ridge NW Leases to TMC Capital; that full scale commercial production may engender public opposition; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; litigation; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses; loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; and directors; risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with United States Securities and Exchange Commission and available at www.sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
CONTACT INFORMATION
Petroteq Energy Inc.
Vladimir Podlipsky
Interim Chief Executive Officer
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc.
FN Media Group Presents USA News Group News Commentary
Vancouver, BC – April 4, 2022 – Last year in 2021, over 63,000 M&A deals set the all-time record with whopping $5.9 trillion, with deals in the US alone up by 82%. Analysts including those at Morgan Stanley are already projecting 2022 to be another strong year after last year’s boom. In fact, KPMG projects that 2022 could be even bigger than last year’s record. Already there’s been a blockbuster in tech, through the recent mega-acquisition of Activision Blizzard (NASDAQ:ATVI) by Microsoft, Inc. (NASDAQ:MSFT). Now the market is paying attention to some of the next important deals on deck, including potential deals for Peloton Interactive, Inc. (NASDAQ:PTON), Kohl’s Corporation (NYSE:KSS), and Petroteq Energy, Inc. (OTCPK:PQEFF).
In the case of clean technology company Petroteq Energy, Inc. (OTC:PQEFF), an offer is already on the table from Viston United Swiss AG, that has been given a deadline extension of April 14, 2022. Petroteq specializes in oil production, having developed proprietary technologies that enable the company to produce oil without water, waste tailings ponds and emissions. In addition to sustainable oil production, their technology cleans oil sands of all hydrocarbons, creating a purified sand as part of an overall ESG strategy.
Already earlier this year, Petroteq’s Board Members shared their unanimous intention to tender their shares through the offer.
“After thorough consideration of all aspects of the Viston Offer, the advice provided by Haywood and consulting with its other advisors, the Board has unanimously determined to recommend that Shareholders accept the Viston Offer and tender their Common Shares,” said the Board in their official statement.
The offer itself is valued at a considerable premium over the market price, with a 100% all-cash consideration of C$0.74 per common share. This price point represents a premium of approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021—being the last trading day that the Common Shares were traded on the TSXV before they were halted on that exchange.
So far, the company has also announced its willingness to assist Viston with its CFIUS filings.
“We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction,” said former Petroteq Chairman and CEO, Dr. Gerald Bailey, who retired in January. “We had always forecast a great future. However, we respect the value of this offer to shareholders and if it can be achieved it will reward our many dedicated supporters.”
Shares in Peloton Interactive, Inc. (NASDAQ:PTON) reportedly soared early on as reports started to trickle out that it was a prime takeover target. However, as weeks rolled on, Peloton’s stock dropped, all while reports surfaced of its founder selling $50 million in stock to MSD Partners.
As the leading interactive fitness platform in the world, Peloton announced a comprehensive program to reduce costs and drive growth, profitability, and free cash flow. As per the program’s outline, Peloton expects to deliver at least $800 million in annual run-rate cost savings, while reducing its planned 2022 CapEx spending by approximately $150 million.
“Our focus is on building on the already amazing Peloton Member experience, while optimizing our organization to deliver profitable growth,” said John Foley, Co-Founder of Peloton and newly appointed Executive Chair. “This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline.”
According to a recent piece from Barron’s, retail giant Kohl’s Corporation (NYSE:KSS) is also a takeover target. Reports that private-equity firm Sycamore Partners and Canadian department store Hudson’s Bay were preparing takeover offers that could value the company at more than $9 billion—which is slightly higher than the company’s March 18, 2022 closing price market cap of nearly $8.7 billion.
At a recent virtual investment day, Kohl’s updated the market on the company’s strategy to drive growth and become the retailer of choice for the active and casual lifestyle.
“We have fundamentally restructured our business to drive sustainable and profitable growth, while providing a strong return to shareholders,” said Michelle Gass, CEO of Kohl’s. “We have laid the foundation for our winning strategy and have started to implement key initiatives that will scale and accelerate our growth in the years ahead.”
One of the biggest takeovers so far in 2022 was that of Activision Blizzard (NASDAQ:ATVI) by Microsoft, Inc. (NASDAQ:MSFT), which sparked even more chatter within the gaming industry of additional big deals to come.
The US$68.7 billion deal netted in several popular game franchises into Microsoft’s portfolio, including World of Warcraft, Call of Duty and Candy Crush.
“Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms,” said Satya Nadella, chairman and CEO, Microsoft. “We’re investing deeply in world-class content, community and the cloud to usher in a new era of gaming that puts players and creators first and makes gaming safe, inclusive and accessible to all.”
Microsoft acquired shares at a price of $95 per share for Activision Blizzard. At the time the deal was announced, shares of Activision skyrocketed from $65.39 on the previous trading day to $82.31 for a one day gain of nearly 26%—while the official purchase price was more than a 45% premium on top.
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for PetroTeq Energy Inc. advertising and digital media from Maynard Communication Limited. There may be 3rd parties who may have shares of PetroTeq Energy Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of PetroTeq Energy Inc. which were purchased in the open market at least 72 hours after our initial coverage date of the company. MIQ reserves the right to buy and sell, and will buy and sell shares of PetroTeq Energy Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ on/about PetroTeq Energy Inc. has been reviewed and approved by the principals at PetroTeq Energy Inc.; this is a paid advertisement, and while we we do own shares of PetroTeq Energy Inc. that were purchased in the open market, we plan on buying and selling more shares of PetroTeq Energy Inc. in the open market. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
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FN Media Group Presents USA News Group News Commentary
Vancouver, BC – April 1, 2022 – In 2021, shares of more eco-friendly companies known to appease ESG investors were outperformed by oil and gas stocks over the course of the year.
Despite this apparent divergence, there’s been a movement towards making O&G stocks more ESG friendly, such as the push to reincorporate Civitas Resources, Inc. (NYSE:CIVI) into ESG funds. Less phased by ESG peer pressure, billionaire investor Warren Buffett and his Berkshire Hathaway Inc. (NYSE:BRK-A) (NYSE: BRK-B) stacked up an investment worth ~$7.7 billion into Occidental Petroleum Corporation (NYSE:OXY) in March 2022, with speculation he could pay the remaining $50 billion to acquire the whole thing. Buffett’s latest investment put Occidental in with Chevron Corporation (NYSE:CVX) as the only two O&G stocks in Berkshire’s top 10 largest common stock holdings. Meanwhile, other ESG-friendly O&G deals are taking place, including the takeover of Petroteq Energy, Inc. (OTCPK:PQEFF) by Viston United Swiss AG.
In the case of Petroteq Energy, Inc. (OTC Pink:PQEFF), cleaner technologies for sustainable oil production drew significant attention from ESG-focused equity firm Viston United Swiss AG, which was created to invest in renewable energies and clean technologies, as well as in the environmental protection industry.
Petroteq’s development of proprietary oil extraction and remediation technologies made it stand out as part of an overall ESG strategy for Viston United Swiss AG.
Their technology’s ability to enable a company to produce oil without water, waste tailings ponds and emissions, led to Viston’s premium price valuation of Petroteq stock, at a price point of approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021, and a 1,032% premium to the 52-week volume weighted average trading price on the TSX-V prior to the offer originally made in April 2021.
“We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction,” said former Petroteq Chairman and CEO, Dr. Gerald Bailey, who retired in January. “We had always forecast a great future. However, we respect the value of this offer to shareholders and if it can be achieved it will reward our many dedicated supporters.”
Last September, Petroteq proved it could produce from oil sands ore using its Clean Oil Recovery Technology (CORT) process.
After the release of the pilot program’s test results, Vladimir Podlipskiy, PhD, Interim CEO and Director of Petroteq, commented: “Confirmation that heavy oil extracted from Utah oil sands using our CORT process is suitable for production of MSAR® and bioMSAR™ fuels could allow for the production of fuel and biofuel with significant environmental benefits, while creating a higher value product stream for Petroteq’s future commercial production.”
In addition to sustainable oil production, Petroteq’s technology cleans oil sands of all hydrocarbons, creating a purified sand as part of an overall ESG strategy.
The Viston offer has been favorably across the Petroteq team. Its Board Members have shared their unanimous intention to tender their shares through the offer. Now the company’s Founder, Former Chairman and CEO Alex Blyumkin has announced his support for the takeover bid.
“After thorough consideration of all aspects of the Viston Offer, the advice provided by Haywood and consulting with its other advisors, the Board has unanimously determined to recommend that Shareholders accept the Viston Offer and tender their Common Shares,” said the Board in their official statement.
The offer itself is valued at a considerable premium over the market price, with a 100% all-cash consideration of C$0.74 per common share.
Meanwhile, through its US shares on the OTC under the PQEFF symbol, shares of Petroteq are trading around US$0.375 (C$0.474) on March 30, 2022. At that price point, the C$0.74 still represents a potential 56% premium over the more current trading price.
At a time when the US government is urging increased oil and gas production to offset some of the deficit created by sanctioning Russia for the conflict in Ukraine, talk is ramping up on how to increase domestic production again.
According to Ben Dell, co-founder and Managing Partner of the private equity firm Kimmeridge Energy Management, it’s possible to produce traditional energy sources with reduced carbon emissions.
Kimmeridge is currently the largest shareholder in Civitas Resources, Inc. (NYSE:CIVI), which produces oil and natural gas in the Rocky Mountain region of Colorado, and is billed as “Colorado’s first carbon-neutral oil and gas producer.”
“My real ambition is to see oil and gas companies like Civitas added back to ESG funds,” said Dell, stating he hopes ESG funds would go on to “understand that the company is already reducing its emission footprint and has offset its footprint and is delivering a net zero product.”
After closing a large $346 million acquisition of Denver-Julesburg Basin operator Bison Oil & Gas II, Dell who was already serving as Chairman of the company, officially took over as interim CEO of Civitas.
Last year at the Berkshire Hathaway Inc. (NYSE:BRK-A, BRK-B) annual shareholder meeting, Warren Buffett shared his own unconventional views on ESG investing. When it comes to reporting for the sake of it, Buffett believes excess ESG reporting should be avoided, as he doesn’t believe these reports are always fully read before additional questions come about.
Berkshire Hathaway is comfortable with investing in both Chevron Corporation (NYSE:CVX) and Occidental Petroleum Corporation (NYSE:OXY).
But just because Berkshire’s methods of acknowledging ESG intentions aren’t as transparent as other firms might be, that doesn’t mean its O&G interests ignore the market’s demand for ESG efforts.
For example, Occidental Petroleum Corporation (NYSE:OXY) has announced plans for 70 plants to capture carbon from the air by 2035. Construction on the first direct air capture plant that’s planned is expected to start in H2 2022, with startup scheduled for late 2024, with the cost per plant expected to cost $1 billion.
“Corporations and CEOs are realizing that for us to mitigate climate change in the world, it’s absolutely necessary that we take steps now,” said Vicki Hollub CEO of Occidental. “This is a sure opportunity and a way that we can definitively store and keep captured CO2 either underground or through products for forever, and it’s a path for others to make their path sustainable too.”
Hollub’s company is also investing $100 million this year to develop three carbon sequestration hubs by 2025. Occidental has said it’s on track to secure more than 100,000 net acres this year for these sequestration hubs, including for multiple sequestration sites on the Gulf Coast.
Another Berkshire interest, Chevron Corporation (NYSE:CVX), earlier this year made its biggest bet so far in company history into alternative fuels, through a $3.15 billion acquisition of biodiesel maker Renewable Energy. While biodiesel and renewable diesel use similar feedstocks, renewable diesel undergoes a separate refining process to make it chemically identical to ultra-low-sulfur diesel.
“Most people see (biodiesel) as growing in the U.S. and Southeast Asia … and view it as a blendstock to get optimum margin because it’s less expensive than renewable diesel,” said Mark Nelson, Executive VP of Downstream and Chemicals for Chevron, in an interview with Reuters.
Much like the PetroTeq and Viston takeover offer, Chevron’s offer for Renewable Energy came with a premium of more than 40% prior to the company’s closing price the Friday before the Monday announcement took place.
The investment fits into Chevron’s long-term plans to cut operational emissions to net zero by 2050 and in September pledged to invest $10 billion to reduce its carbon emissions through 2028, with about $3 billion earmarked for renewable fuels.
More recently, Chevron agreed to collaborate with Restore the Earth Foundation on a carbon offsets reforestation project in Louisiana, which includes planting an expected 1.7 million native bald cypress seedlings as part of the project.
“Chevron New Energies is proud to collaborate with Restore the Earth on our inaugural carbon offsets project – bringing lower carbon solutions to Chevron as well as our customers,” said Barbara Harrison, vice president of Offsets & Emerging of Chevron New Energies. “In addition to helping remove carbon, the seedling replanting is anticipated to contribute to local forest and wetland ecosystem restoration.”
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for PetroTeq Energy Inc. advertising and digital media from Maynard Communication Limited. There may be 3rd parties who may have shares of PetroTeq Energy Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ DOES NOT own any shares of PetroTeq Energy Inc. MIQ reserves the right to buy and sell, and will buy and sell shares of PetroTeq Energy Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ on/about PetroTeq Energy Inc. has been reviewed and approved by the principals at PetroTeq Energy Inc.; this is a paid advertisement, and while we do not currently own shares of PetroTeq Energy Inc., we plan on buying and selling shares of PetroTeq Energy Inc. in the open market. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact Information:
FN Media Group, LLC
Media Contact e-mail:
editor@financialnewsmedia.com
U.S. Phone: +1(954)345-0611
SOURCE USA News Group
FN Media Group Presents USA News Group News Commentary
Vancouver, BC – March 28, 2022 – USA News Group – According to analysts at KPMG, this year could be an even bigger year in terms of M&A activity, compared to 2021’s record breaking year of $5.9 trillion in deals. The latest blockbuster deal involved the $8.5 billion acquisition of MGM by Amazon, Inc. (NASDAQ:AMZN), which Forbes is reporting could potentially be undone someday by the FTC under the guise of further antitrust reviews. However, other reasonably large deals could still be on deck, as many there has been much speculation about a potential merger of AT&T Inc. (NYSE:T) and DISH Network Corporation (NASDAQ:DISH), a takeover of Electronic Arts Inc. (NASDAQ:EA), and the completion of a premium takeover proposal of Petroteq Energy, Inc. (OTCPK:PQEFF) by Viston United Swiss AG.
There’s a significant premium price is on the table from Viston United Swiss AG to takeover clean energy technology company Petroteq Energy, Inc. (OTC:PQEFF).
At its offered C$0.74 price point, the takeover represents to shareholders approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021. That’s a 1,032% premium over the 52-week volume weighted average trading price on the TSX-V prior to the offer originally made in April 2021.
The offer itself is also a 100% all-cash consideration, representing an instant payback to current shareholders. Currently, through its US shares on the OTC under the PQEFF symbol, shares of Petroteq are trading around US$0.3505 (C$0.44) on March 21, 2022. At that price point, the C$0.74 still represents a potential 68% premium over the more current trading price.
After being given a deadline extension of April 14, 2022, Petroteq’s Board Members shared their unanimous intention to tender their shares through the offer.
“After thorough consideration of all aspects of the Viston Offer, the advice provided by Haywood and consulting with its other advisors, the Board has unanimously determined to recommend that Shareholders accept the Viston Offer and tender their Common Shares,” said the Board in their official statement.
Petroteq specializes in oil production, having developed proprietary technologies that enable the company to produce oil without water, waste tailings ponds and emissions. In addition to sustainable oil production, their technology cleans oil sands of all hydrocarbons, creating a purified sand as part of an overall ESG strategy.
So far, Petroteq has announced its willingness to assist Viston with its CFIUS filings.
“We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction,” said former Petroteq Chairman and CEO, Dr. Gerald Bailey, who retired in January. “We had always forecast a great future. However, we respect the value of this offer to shareholders and if it can be achieved it will reward our many dedicated supporters.”
When Amazon, Inc. (NASDAQ:AMZN) made the acquisition of MGM public, it paid a 60% premium over the studio’s then market cap of $5.5 billion. Other estimates have the purchase at only a 41% premium over earlier valuations made by Apple and Comcast.
The deal is the second largest purchase in Amazon’s history, with only the $13.7 billion acquisition of Whole Foods in 2017 being larger.
“The acquisition’s thesis here is really very simple: MGM has a vast, deep catalog of much-loved intellectual property,” said Amazon founder and soon-to-be ex-CEO Jeff Bezos. “With the talented people at MGM and Amazon Studios, we can reimagine and develop that IP for the 21s Century.”
With the purchase, Amazon will now own a library with more than 4,000 film titles, including the James Bond and Rocky movie franchises, as well as a TV library of more than 17,000 episodes, from series including Fargo and The Handmaid’s Tale.
The Bond franchise is still alive, with its last film, 2015’s Spectre, grossing more than $880.6 million in global box office. As well, Amazon is also getting the raw footage and everything else associated with the Donald Trump reality show, The Apprentice. It’s widely speculated that Amazon might take control of a treasure trove of unreleased behind-the-scenes footage and outtakes that are potentially embarrassing to the former U.S. president.
Last year a new wireless partnership between AT&T Inc. (NYSE:T) and DISH Network Corporation (NASDAQ:DISH) signaled to the market a potential future merger. A year later in January of 2022, talks of the merger heated up again, after a previous attempt two decades prior was stopped by regulators.
Both companies have lost customers over the last 5 years, as AT&T’s DirecTV now counts more than 15 million customers compared with 25 million in 2017, and Dish Network’s dropped from 13 million to 8.4 million.
Back in 2002, the two tried to merge, but the FCC and Department of Justice’s competition unit shot it down. However, now 20 years later, both companies see the landscape differently than it once was.
“I think it’s inevitable that Dish and DirecTV go together,” said Dish Network Chairman, Charlie Ergen during Dish’s Q4 earnings conference call with analysts. “Otherwise, both companies will just melt away, and there’ll be no service for customers. The regulatory reasons to not allow it, don’t exist anymore.”
Speculation over the future of video game giant Electronic Arts Inc. (NASDAQ:EA) has been talked about since mid-January, heating up especially since the Microsoft takeover of Activision/Blizzard at a potentially 50% premium over the company’s then market cap.
Back in January, a similar 50% premium on Electronic Arts’ then market cap of nearly $40 billion would’ve fetched a $60 billion price point. Now after a few months of declines, EA has a market cap of nearly $35.3 billion, which would now bring in just under $53 billion at a 50% premium.
Last year, Electronic Arts was a part of an investment blitz of more than $3 billion worth into video games by Saudi Arabia’s sovereign wealth fund. Now analysts believe that larger media groups such as Sony, Apple, Disney, and even Amazon, could make a serious move into the video game space.
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
DISCLAIMER:
Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for PetroTeq Energy Inc. advertising and digital media from Maynard Communication Limited. There may be 3rd parties who may have shares of PetroTeq Energy Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ DOES NOT own any shares of PetroTeq Energy Inc. MIQ reserves the right to buy and sell, and will buy and sell shares of PetroTeq Energy Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ on/about PetroTeq Energy Inc. has been reviewed and approved by the principals at PetroTeq Energy Inc.; this is a paid advertisement, and while we do not currently own shares of PetroTeq Energy Inc., we plan on buying and selling shares of PetroTeq Energy Inc. in the open market. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact Information:
FN Media Group, LLC
Media Contact e-mail:
editor@financialnewsmedia.com
U.S. Phone: +1(954)345-0611
SOURCE USA News Group
Sherman Oaks, CA – March 29, 2022 – Petroteq Energy Inc. (OTCPK: PQEFF) (TSXV:PQE) (FSE:PQCF) (“Petroteq” or the “Company”), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, announces that it has been advised by its Founder, Former Chairman and CEO, Mr. Alex Blyumkin, that he has tendered shares in respect to the tender offer (the “Offer”) by 869889 Ontario Inc. (the “Offeror”), an indirect wholly-owned subsidiary of Viston United Swiss AG (“Viston”), to purchase all of the issued and outstanding common shares of Petroteq. The Offer remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its terms.
Recognizing that Mr. Blyumkin holds a significant number of shares, his tender will assist the Offeror with acquiring the majority needed to complete their Offer. The Board of Directors has already recommended to shareholders to tender to the Offer.
For More Information and How to Tender Shares to the Offer
Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Registered shareholders that hold Common Shares in their own name need to complete a Letter of Transmittal and send, along with share certificates or DRS statements to the Depositary at the address listed on the Letter of Transmittal.
For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at contactus@kingsdaleadvisors.com.
The value of the Company has been thoroughly examined this year by third parties and appropriate news releases have been issued, and the Company wishes to reiterate the results from those studies. The details of those studies are shown below, and investors can refer to the original series of news releases on these items. The Company believes it has established a strong and substantial value for its shareholders.
On December 23, 2021, Petroteq issued a news release regarding a reserve and economic evaluation report (the “Chapman Report”) which defines bitumen reserves on the bitumen properties covered by three Utah state mineral leases located in the Asphalt Ridge Northwest area of Uintah County, Utah (the “Asphalt Ridge NW Leases”).
The Company’s acquisition of the Asphalt Ridge NW Leases is pending completion. The Company’s acquisition of the Asphalt Ridge NW Leases is pending completion. As disclosed in its news release dated November 29, 2021 and described in more detail in its most recent annual report on Form 10-K, Petroteq, acting through its subsidiaries, Petroteq Oil Sands Recovery, LLC (“POSR”) and TMC Capital, LLC (“TMC Capital”), has entered into an agreement with Valkor Energy Holdings, LLC (“Valkor”) dated October 15, 2021 (the “Exchange Agreement”), under which (a) TMC Capital/POSR agreed to assign to Valkor all of their respective rights and interests in the certain oil sands leases collectively referred to as the “Temple Mountain Leases”, and (b) Valkor agreed to assign to TMC Capital all of its rights and interests in the Asphalt Ridge NW Leases, which cover or encompass approximately 3,458.22 acres.
The Chapman Report was prepared by Chapman Petroleum Engineering Ltd. (“Chapman”) of Calgary, Alberta, Canada, an independent qualified reserves evaluator, with an effective date of November 30, 2021. Portions of the Chapman Report (the “Canadian Evaluation”) were prepared in accordance with definitions, standards, and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Portions of the Chapman Report (the “US Evaluation”) were also prepared in accordance with Rule 4-10(a) of Regulation S-X, as adopted by the United States Securities and Exchange Commission. Both the Canadian Evaluation and US Evaluation were calculated in United States dollars. Based on the Chapman Report, the reserve profile of the Asphalt Ridge NW Leases as at November 30, 2021 is summarized below:
Canadian Evaluation:
- 26 million stock tank barrels (“MMSTB”) of Proved Undeveloped bitumen reserves
- 82 MMSTB of Proved Plus Probable Undeveloped bitumen reserves
- US$265 million before-tax net present value (“NPV”) of future net revenue for Proved Undeveloped bitumen reserves, discounted at 10%
- US$1,017 million before-tax NPV of future net revenue for Proved Plus Probable Undeveloped bitumen reserves, discounted at 10%
US Evaluation:
- Proved Undeveloped valuation US$213 million at 10% discount (BIT)
- Proved Plus Probable valuation US$790 million at 10% discount (BIT)
- The bitumen reserves for the Asphalt Ridge NW Leases were evaluated using Chapman forecast pricing as at December 1, 2021. The NPV is prior to provision for interest, debt service charges, and general and administrative expenses. It should not be assumed that the NPV of future net revenue estimated by Chapman in the Chapman Report represents the fair market value of the reserves.
The bitumen reserves for the Asphalt Ridge NW Leases were evaluated using Chapman forecast pricing as at December 1, 2021. The NPV is prior to provision for interest, debt service charges, and general and administrative expenses. It should not be assumed that the NPV of future net revenue estimated by Chapman in the Chapman Report represents the fair market value of the reserves.
The difference between the Canadian Evaluation and the US Evaluation is the oil price used, which under the Canadian Standards price forecasts are the norm compared to the SEC Standards where a specified procedure is used to determine the appropriate Constant price for the project life.
Accordingly, the Canadian evaluation uses escalated operating and capital costs and the US evaluation does not. All other technical factors in the Chapman Report are identical for the Canadian and US evaluations.
Under the terms of the Exchange Agreement, Valkor has executed an assignment to TMC Capital of the record lease title and all of the operating rights (working interests) under the Asphalt Ridge NW Leases, and TMC Capital has in turn executed assignments transferring to Valkor all of TMC Capital’s rights and interests in the Temple Mountain Leases. However, the reciprocal assignment under the Exchange Agreement of certain leases under the jurisdiction of Utah’s School and Institutional Trust Land Administration (“SITLA”), including the assignment of the Asphalt Ridge NW Leases to TMC Capital, will not constitute final and completed transactions until the assignments have been reviewed and approved by SITLA.
The Company filed a statement of reserves data and other oil and gas information (the “Statement”) on www.sedar.com on December 14, 2021 as required by NI 51-101. The effective date of the Statement is August 31, 2021. As of August 31, 2021, there were no oil or natural gas reserves attributed to the Company’s properties. As such no reserve report was prepared for the year ended August 31, 2021, and no bitumen reserves were disclosed in the Company’s most recent annual report on Form 10-K. The Statement included an updated evaluation of, among other things, estimates of the Company’s contingent resources, effective August 31, 2021, for its working interest in all of its properties located in Utah, USA, including (A) the Asphalt Ridge area and (B) the PR Springs area. The Statement did not include an evaluation of the reserves or resources of the Asphalt Ridge NW Leases. If the Company had completed the acquisition of the Asphalt Ridge NW Leases on or prior to the effective date of the Statement (which acquisition is still pending completion, as described above), the Company’s reasonable expectation of how such acquisition would have effected such Statement is that the estimates related to resources for its Asphalt Ridge area and PR Springs properties would have remained unchanged and the estimates related to reserves for the Asphalt Ridge NW Leases would have been included.
On February 14, 2022, Petroteq Announced Peak Value IP, LLC Valuation of Company’s Intellectual Property (IP)
A valuation study (the “Valuation Study”) prepared by Peak Value IP, LLC (“Peak Value”) of Petroteq’s CORT indicated a fair market value (FMV) ranging from $229 Million to $326 Million. The analysis of investment value (IV) ranging from $598 Million to $850 Million. The analysis assumed a proposed production facility to be operated in Utah that produces 5,000 barrels of oil per day. The Valuation Study also encompasses the value of the separated sand as salable to third-parties, providing additional value to the IP beyond the market of oil. The valuation conclusions are based on certain practices, methods and assumptions as detailed in the Valuation Study. Peak Value utilized data provided by Petroteq, along with public information and industry knowledge of intellectual property licensing. In addition, Peak Value reviewed the historical costs as well as expected future revenue as it relates to the assets.
On February 15, 2022, Petroteq Announced Economic Evaluation of Sands By-Product from Oil Extraction
Petroteq announced the completion of a third-party economic evaluation report dated February 10, 2022 (the “Broadlands Report”) in relation to sands anticipated to be produced as by-products of petroleum products from oil sands at the Asphalt Ridge NW Leases. The Broadlands Report was prepared by Broadlands Minerals Advisory Services Ltd. (“Broadlands”), a U.S. based, independent mineral advisory company, with input from Q4 Impact Group, LLC (“Q4 Impact”), under engagement to Broadlands, on markets and prices for the sand products.
The Broadlands Report is premised on the completion by Petroteq of an extraction plant capable of producing 5,000 barrels of high-grade oil per day (bpd) on the Asphalt Ridge NW Leases.
The Company believes that the sands are suitable for use as (a) silica flour, (b) fracking sand, and (c) bulk construction sands and aggregates (including road base). Accordingly, Broadlands economic analysis focused on the markets available for the sale of the three categories of by-product sands. Broadlands noted that an extraction plant producing 5,000 bpd is estimated by Petroteq to be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year (based on 310 operating days per year and operating 24 hours per day), and that silica flour is postulated to be 15 percent of the saleable product, fracking quality sand 55 percent, and bulk sand 30 percent. The economic forecast is based on 20 years of sales from such a 5,000 bpd operation, following two years for construction and start-up of the extraction plant and sands processing facility and related infrastructure.
The cash flow analysis was run on a pre-income tax basis, at discount rates of 0.0, 7.5 and 15 percent; the results show potential economic benefit in the base case of a Net Present Value (NPV) of $1,285, $602, and $341 million, respectively. The base case cash flow used a selling price of $40 per ton for the unprocessed dry, clean by-product sand. Q4 Impact provided market sale price analysis to arrive at a reasonable selling price for the cash flow forecast. Broadlands notes the economic model and base case numbers may not be realized due to market factors.
Broadlands based their economic analysis on information orally conveyed to them and no testing of sands from the Asphalt Ridge NW Leases has been performed by Broadland or by the Company. Broadlands confirmed that they performed their analysis in general accordance with acceptable mineral industry standards, and that technical issues discussed in the Report are in accordance with the standards of Subpart 1300 of Regulation S-K (“SEC S-K 1300”) promulgated by the Securities and Exchange Commission. In particular, Broadlands confirmed that they consider the sands at the Asphalt Ridge NW Leases to be Material of Economic Interest, as defined in SEC S-K 1300, and that Broadlands is required to expressly note that, as such, there is no assurance that the sands at the Asphalt Ridge NW Leases will be converted to saleable material.
Broadlands also indicated that they have relied on reports prepared for Petroteq by other parties, discussions with Petroteq and Valkor, reviews of publicly available information, and information gathered during a visit to the oil sands around Venal, Utah on December 21, 2021, which, due to illness of the party that Broadlands was to meet, was perfunctory and limited in scope. Broadlands also visited Petroteq’s existing plant and examined stockpiles of raw material.
Meanwhile the Company continues with business as usual, awaiting the results of the Offer.
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits – outputting high-quality oil and clean sand.
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.
For more information, visit www.Petroteq.energy.
Unless otherwise specified, all dollar amounts in this press release are expressed in U.S. dollars.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Oil and Gas Advisories
The reserves estimates contained in this news release represent the net reserves of the Asphalt Ridge NW Leases as at November 30, 2021. The acquisition of the Asphalt Ridge NW Leases is pending completion, as described above.
Reserves included herein are stated on a company net basis (working interest share after deducting the amounts attributable to royalties owned by others).
Reserves are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:
- Proved reserves (“1P”) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
- Probable reserves (“2P”) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated.
Each of the reserves categories (proved, probable and possible) may be divided into developed and
undeveloped categories.
- Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.
- Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.
It should not be assumed that the present worth of estimated future net revenues presented in the above represents the fair market value of the reserves. There is no assurance that the forecast price and cost assumptions will be attained and variances could be material. The recovery and reserves estimates of the bitumen reserves for the Asphalt Ridge NW Leases provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered or the acquisition of such leases will be completed. Actual bitumen reserves may be greater than or less than the estimates provided herein.
All future net revenues are estimated using forecast prices arising from the anticipated development and production of reserves, net of the associated royalties, operating costs, development costs, and abandonment and reclamation costs and are stated prior to provision for interest and general and administrative expenses. Future net revenues have been presented on a before tax basis.
Forward-Looking Statements
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, including: statements concerning SITLA’s pending review and approval of the assignment of the Asphalt Ridge NW Leases to TMC Capital; and management’s expectation that the reserves identified in the Chapman Report should help to unlock access to funding from investors and financial institutions; the plan to proceed with construction of a 5,000 bpd extraction plant sands processing facility and related infrastructure; the expectation that the plant, once completed would be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year; the expectation that the Company will be successful in developing sales channels for sand for as silica flour, fracking sand, and bulk and aggregate sand, with a view towards maximizing the value of the clean sand tailings; and that the projected prices for the sand by-products on which the economic analysis are premised are achievable and sustainable; are intended to identify forward-looking information. Readers are cautioned that there is no certainty that SITLA will approve the assignment of the Asphalt Ridge NW Leases to TMC Capital, or that it will be commercially viable extract oil from the identified reserves. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the technology performing as expected; availability of labor and parts; adequate capital raising efforts; and Petroteq’s ability to execute on its operational plans. Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: the risk that SITLA will not approve the assignment of the Asphalt Ridge NW Leases to TMC Capital; that full scale commercial production may engender public opposition; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; litigation; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses; loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; and directors; risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s disclosure documents, filed with United States Securities and Exchange Commission and available at www.sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
CONTACT INFORMATION
Petroteq Energy Inc.
Vladimir Podlipsky
Interim Chief Executive Officer
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc.
FN Media Group Presents USA News Group News Commentary
Vancouver, BC – March 28, 2022 – USA News Group – After M&A activity rose by 64% on the previous year, 2021 set a record last year with a massive $5.9 trillion in deals. Now analysts at Morgan Stanley are projecting 2022’s M&A Outlook will show continued strength after 2021’s record year. So far in 2022, this wave of takeovers with premium prices includes the acquisitions of Alleghany Corporation (NYSE:Y) by Berkshire Hathaway Inc. (NYSE:BRK-A, BRK-B), Mandiant, Inc. (NASDAQ:MNDT) by Alphabet Inc. (NASDAQ:GOOG, GOOGL), and Petroteq Energy, Inc. (OTCPK:PQEFF) (TSXV:PQE) by Viston United Swiss AG.
Seeing value in its operations supporting cleaning up the oil and gas industry in North America, Viston United Swiss AG made a premium offer for clean technology company Petroteq Energy, Inc. (OTC:PQEFF) (TSXV:PQE).
Petroteq specializes in oil production, having developed proprietary technologies that enable the company to produce oil without water, waste tailings ponds and emissions. In addition to sustainable oil production, their technology cleans oil sands of all hydrocarbons, creating a purified sand as part of an overall ESG strategy.
At its offered C$0.74 price point, the takeover represents to shareholders approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021. That’s a 1,032% premium over the 52-week volume weighted average trading price on the TSX-V prior to the offer originally made in April 2021.
The offer itself is also a 100% all-cash consideration, representing an instant payback to current shareholders. Currently, through its US shares on the OTC under the PQEFF symbol, shares of Petroteq are trading around US$0.3505 (C$0.44) on March 21, 2022. At that price point, the C$0.74 still represents a potential 68% premium over the more current trading price.
Already earlier this year, Petroteq’s Board Members shared their unanimous intention to tender their shares through the offer.
“We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction,” said former Petroteq Chairman and CEO, Dr. Gerald Bailey, who retired in January. “We had always forecast a great future. However, we respect the value of this offer to shareholders and if it can be achieved it will reward our many dedicated supporters.”
According to a third-party report by Broadlands released in February, economic analysis focused on the markets available for Petroteq’s sale of the three categories of by-product sands.
As per the report, an extraction plant producing 5,000 bpd is estimated to be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year, and that silica flour is postulated to be 15% of the saleable product, fracking quality sand 55%, and bulk sand 30%.
The economic forecast is based on 20 years of sales from such a 5,000 bpd operation, following two years for construction and start-up of the extraction plant and sands processing facility and related infrastructure.
“Broadlands evaluation report provides the potential economic benefit from the sale of sands is significant and provides an attractive enhancement to the value of the extraction process further enhances the forecast value of the Petroteq extraction technology,” said Petroteq’s CTO and Interim CEO, Dr. Vladimir Podlipskiy. “The Petroteq operation can produce “green” energy with high quality oil extraction, while also remediating the oily sand and turning it into a useable, marketable resource.”
Moving ahead into the likely acquisition by Viston, Petroteq has announced its willingness to assist the buyer with its CFIUS filings.
Shares of Alleghany Corporation (NYSE:Y) surged upon news of a takeover by Berkshire Hathaway Inc. (NYSE:BRK-A, BRK-B)—jumping nearly 25% in premarket trading on the first day after the weekend.
The insurer agreed to be acquired by Berkshire Hathaway for approximately $11.6 billion, wherein Alleghany investors are set to receive $848.02 per share in cash—which is nearly 15% above the stock’s 52-week high of $737.89 reached last May, and above the all-time high of $847.95 Alleghany hit in February 2020.
Unlike the clearer value upgrade for Petroteq shareholders mentioned above, there’s seemingly less clarity with the Berkshire Hathaway deal. While on the surface the 1.26x takeover price compared to Alleghany’s year-end 2021 year-end book value of $675.58, analysts are skeptical of the benefit to Alleghany shareholders.
“This a great deal for Berkshire, and mediocre for Alleghany,” said Charles Frischer, a longtime investor in both Berkshire and Alleghany. “It’s accretive to Berkshire’s intrinsic value and Berkshire gets a potential successor to Ajit Jain.”
According to data compiled by Bloomberg, the transaction is Berkshire’s largest since its US$37.2 billion, including debt acquisition of Precision Castparts in 2016.
There is a 25-day go-shop period, and it is possible that Alleghany could attract interest from other bidders.
Google’s parent company Alphabet Inc. (NASDAQ:GOOG, GOOGL) recently announced its intent to purchase cyber security leader Mandiant, Inc. (NASDAQ:MNDT) (previously known as FireEye) for $5.4 billion, inclusive of Mandiant’s net cash—marking Google’s second largest acquisition in company history.
As per the deal, Google LLC pays out $23 per share in an all-cash transaction, which came as a nearly 19% premium over the $19.38 price point Mandiant shares were trading at over the weekend before trading recommenced on the following Monday.
“It’s an extraordinary player in cybersecurity,” said Alphabet CFO Rush Porat of Mandiant. “It is going to enable us to provide this end-to-end solution in this very important area and, again, it goes to our commitment around cybersecurity but also all we’re doing in cloud.”
With the deal, Mandiant’s customer base includes leading U.S. government agencies, the company said in its most recent annual report. For example, in 2020, then known as FireEye, the company said it was working with the Federal Bureau of Investigation on a cyberattack.
For more information go to: https://usanewsgroup.com/2022/03/25/this-quick-turnaround-takeover-is-the-kind-of-play-smart-investors-snap-up-in-a-heartbeat/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
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SHERMAN OAKS, CA – February 25, 2022 – Petroteq Energy Inc. (“Petroteq” or the “Company“) (TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, acknowledges having seen the press release issued by Viston United Swiss AG (“Viston“) on February 24, 2022 in connection with the tender offer (the “Offer“) by 869889 Ontario Inc. (the “Offeror“), an indirect wholly-owned subsidiary of Viston, to purchase all of the issued and outstanding Common Shares of Petroteq, and confirms that it in fact is willing to assist Viston with its CFIUS filings. Petroteq also acknowledges receipt of a copy of the Offeror’s Second Notice of Extension, whereby the Offer has been extended and now remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its terms
For More Information and How to Tender Shares to the Offer
Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Registered shareholders that hold Common Shares in their own name need to complete a Letter of Transmittal and send, along with share certificates or DRS statements to the Depositary at the address listed on the Letter of Transmittal.
For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at contactus@kingsdaleadvisors.com.
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits – outputting high-quality oil and clean sand.
Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater which would otherwise require the use of other treatment or disposal facilities which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation.
For more information, visit www.Petroteq.energy.
Additional Information
In connection with the Offer, Petroteq has filed with Canadian securities regulators a Directors’ Circular dated November 6, 2021 (the “Directors’ Circular“) and a Supplement to the Director’s Circular dated December 29, 2021 (the “Supplement“). Petroteq has also filed with the United States Securities and Exchange Commission (the “SEC“) the Board’s Solicitation/ Recommendation Statement on Schedule 14D-9 dated November 6, 2021 (the “Schedule 14D-9“) which includes the Directors’ Circular as an exhibit, and an amendment to the Schedule 14D-9 dated January 4, 2022 (the “Schedule 14D-9/A“) which includes the Supplement as an exhibit. Any additional amendments to the Schedule 14D-9 filed by Petroteq that is required to be mailed to shareholders, will be mailed to shareholders of Petroteq. SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THESE AND OTHER DOCUMENTS FILED WITH CANADIAN SECURITIES REGULATORS OR THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN CERTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain the Supplement, the Directors’ Circular, the Schedule 14D-9/A, the Schedule 14D-9, and any amendments or supplements thereto, and other documents filed by Petroteq with Canadian securities regulators and the SEC related to the Offer, for no charge: on SEDAR under Petroteq’s profile at www.sedar.com; on EDGAR at www.sec.gov; or www.petroteq.com. Any questions and requests for assistance may be directed to Petroteq’s Information Agent, Shorecrest Group Ltd. (North American Toll-Free Phone: 1-888-637-5789; e-mail: contact@shorecrestgroup.com; outside North America, banks and brokers call collect: 647-931-7454).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Petroteq Energy Inc.
Vladimir Podlipsky
Interim Chief Executive Officer
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc
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