Petroteq Energy Inc. (TSXV: PQE) (OTC: PQEFF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, just announced that the Founder, a Former Chairman and CEO, Mr. Alex Blyumkin has tendered his shares in respect to the offering currently in process by Viston, which is seeking to acquire the majority of the Company shares. The Viston offer has been previously disclosed in earlier news releases and is currently open until April 14, 2022.
- https://www.petroteqoffer.com/
- https://www.sec.gov/Archives/edgar/data/1561180/000119312521306566/d227305dex99a1i.htm
Recognizing that Mr. Blyumkin holds a significant number of shares, his action will be a major move toward Viston acquiring the majority shares. The Board of Directors has already recommended to shareholders to accept the Viston offer.
The value of the Company has been thoroughly examined this year by third parties and appropriate news releases have been issued. It is meaningful 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, the Company has issued a Press Release on: Economic Evaluation Report on the Asphalt Ridge NW Leases
The 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.
Canadian Evaluation:
- 26 million stock tank barrels of Proved Undeveloped bitumen reserves
- 82 MMSTB of Proved Plus Probable Undeveloped bitumen reserves
- US$265 million before-tax net present value 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 Report represents the fair market value of the reserves.
2-14-2022 Petroteq Announces Peak Value IP, LLC Valuation of Company's Intellectual Property (IP)
Peak Value IP's valuation study 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 has also considered a proposed production facility to be operated in Utah that will produce 5,000 barrels of oil per day. The valuation 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 deployment of the IP into multiple oil sand fields is a critical milestone in achieving Petroteq's goals for IP adoption.
2-15-2022 Petroteq Announces Economic Evaluation of Sands By-Product from Oil Extraction
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. Meanwhile the Company continues with business as usual, awaiting the results of the tender offer.
Also making oil sands headlines are Suncor Energy Inc. (TSX: SU) (NYSE: SU), Imperial Oil Ltd. (TSX: IMO) (NYSE: IMO), Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE), and Enbridge Inc. (TSX: ENB) (NYSE: ENB).
Suncor Energy Inc. announced the appointment of Peter Zebedee as the executive vice president of Mining and Upgrading, effective April 11, 2022. Peter comes to Suncor from LNG Canada where he had been seconded by Shell as the chief executive officer since 2019. Prior to his secondment into the LNG Canada joint venture, Peter’s last position with Shell was vice president Canada Manufacturing and general manager Scotford.
Imperial Oil Ltd. declared a quarterly dividend of 34 cents per share on the outstanding common shares of the company, payable on April 1, 2022, to shareholders of record at the close of business on March 3, 2022. This first quarter 2022 dividend compares with the fourth quarter 2021 dividend of 27 cents per share. Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 27 consecutive years.
Cenovus Energy Inc. delivered record oil sands production in the fourth quarter of 2021, contributing to total upstream output of more than 825,000 barrels of oil equivalent per day (BOE/d)1 and almost 792,000 BOE/d1 for the full year. The company generated fourth-quarter cash from operating activities of $2.2 billion and adjusted funds flow of $1.9 billion. With free funds flow of $1.1 billion in the quarter, and proceeds from recent divestitures, net debt was below $9.6 billion at year end, a reduction of more than $1.4 billion from the end of the third quarter and $3.5 billion in 2021 following the acquisition of Husky Energy. Total long-term debt was $12.4 billion as at December 31, 2021, down nearly $1.7 billion from January 1, 2021, and expected to decrease by approximately US$384 million on February 9 when Cenovus redeems the remaining principal amount of its notes due in 2023 and 2024. As part of its plan to enhance shareholder returns, Cenovus continues to buy back common shares under its previously announced Normal Course Issuer Bid (NCIB) and as of February 7 had repurchased approximately 26 million common shares at a volume weighted price of $16.31 per share.
Enbridge Inc. reported strong full year 2021 financial results, reaffirmed its 2022 financial outlook, and provided a quarterly business update. As noted by Al Monaco, President and CEO, "The last year has once again demonstrated the importance of reliable and affordable energy to the world's social and economic well-being. While it's clear we need to reduce global emissions to achieve our climate objectives, it's also important that we transition our energy systems prudently by ensuring adequate supply of conventional energy, while increasing lower-carbon forms of energy. That approach is driving our strategies at Enbridge, including investment in renewables and new low-carbon energy infrastructure, and setting near-term emissions reduction targets and net zero by 2050. 2021 was a pivotal year for Enbridge; we delivered strong safety, operating and financial performance, advanced our strategic priorities, and strengthened the competitive positioning of our conventional and low-carbon businesses.”
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