Mayan Energy shares lower despite positive Utah oil sands report

Mayan Energy shares were 4% lower on Tuesday despite positive news from the heavy oil sands project in Utah in which it has in interest through a 17% stake in Deloro Energy.

Petroteq Energy, a company focused on the development and implementation of proprietary technologies for the energy industry, said second quarter activities secured the completion of construction at the Asphalt Ridge facility, which is designed to produce 1,000 barrels per day (bod).

"News in July is what our current and future investors will be most interested in, we are on track to initiate 'full on' operations at the end of July and ramp up our production to what we expect will be 1,000 bod," Petroteq said.

On June 14th, Petroteq commenced its process train commissioning and start up with the successful completion of "first commissioning oil production" at operations of the Phase 2 expansion at the Asphalt Ridge heavy oil extraction facility located near Vernal, Utah.

"The Asphalt Ridge project has surpassed expectations. The facility process trains are coming fully online safely, the production ramp-up plan is on schedule, and the commissioning and start-up activities are set to produce a high-quality heavy oil," Petroteq said.

Following the June 14, 2018 "first commissioning oil production" of Asphalt Ridge's first train, Petroteq anticipates operating the plant at a "ramp up capacity" by the end of July, which would prove the design capacity of 1,000 bod. At this time, the company will be completing a two-week reliability test of the plant running in excess of 80% capacity.