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Sunday, July 3, 2022

Petroteq Energy Inc (OTCMKTS: PQEFF) Powerful Runner as the BOD Recommends Shareholders Accept the Viston Offer of $0.74C & Tender their Common Shares

Petroteq Energy Inc (OTCMKTS: PQEFF) is making a powerful run up the charts after the Company’s BOD recommended Shareholders ACCEPT the Viston Offer and TENDER their Common Shares. Viston United Swiss AG believes that the Offer is compelling, and represents a clearly superior alternative to continuing on the course set by the current Petroteq board of directors and management team and Petroteq BOD has agreed. Reasons for the PQEFF boards recommendation to accept the offer are: Results of Strategic Review, Premium Over Market Price, Unlikelihood of Superior Proposal, Common Shares Remain Relatively Iliquid, Certainty of Outcome, Possible Decline in Market Price, Reduces Inherent Business Risk, Significant Growth Funding Required, Ability to Respond to Superior Proposals. 

Viston United Swiss AG offer of $0.74C pps (~ $0.58 USD pps) represents a significant premium over PQEFF current price which has plenty of room to grow in recent days. Recently Petroteq completed a reserve and economic evaluation report at its Asphalt Ridge claim. Based on the 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 reserves82 MMSTB of Proved Plus Probable Undeveloped bitumen reservesUS$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) 

Petroteq Energy Inc (OTCMKTS: PQEFF) is a Canadian-registered holding company with its executive offices located in Toronto, Ontario, Canada, and Los Angeles, California. Petroteq is engaged in the development and implementation of its patented, proprietary environmentally friendly heavy oil processing and extraction technologies called Petroteq’s environmentally-friendly Clean Oil Recovery Technology (“CORT”). CORT’s produces zero greenhouse gas, zero waste and requires no high temperatures. The Company is currently focused on developing its oil sands resources and expanding production capacity at its Facility at Asphalt Ridge, Utah. 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. The Company owns an intellectual property portfolio of patents covering its technology in the US, Canada & Russia. 

CORT is the proprietary technology behind Petroteq’s remediation energy efforts. The versatile technology can be applied to both water-wet deposits and oil-wet deposits — outputting high-quality oil and clean sand. Furthermore, CORT possesses significant environmental advantages over historical production methods. The technology enables production from oil sands without using water during the extraction process. As a result, neither wastewater nor tailings ponds are created. It’s a closed-loop system, which means that over 95% of the solvents used in the extraction process are recovered, recycled, and reused while roughly 5% remain within the oil that is extracted. While CORT is currently being used for production from oil sands, the technology is versatile enough to remediate a variety of natural resources. 

Recently Petroteq completed a reserve and economic evaluation 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 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. Based on the 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 reserves82 MMSTB of Proved Plus Probable Undeveloped bitumen reservesUS$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) 

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In October Viston United Swiss AG tendered a C$0.74 in cash per common share offer to buyout the Company. The offer represents a premium of 279% over the most recent TSX-V closing price. The Offer to Purchase and Circular and related documents were mailed to Petroteq shareholders on October 25, 2021 and the Offer commenced the same day. Under the terms of the Offer, Shareholders will receive C$0.74 in cash for each Common Share. The Offer is open for acceptance until 5:00 p.m. (Toronto time) on February 7, 2022, unless the Offer is extended, accelerated or withdrawn by the Offeror in accordance with its terms. Viston United Swiss AG believes that the Offer is compelling, and represents a clearly superior alternative to continuing on the course set by the current Petroteq board of directors and management team. 

PQEFF engaged Haywood Securities Inc. on November 6, 2021 to act as financial advisor to Petroteq and the Petroteq Board in order to assist the Petroteq Board in advising Shareholders whether to reject or accept the Viston Offer‎. Haywood commenced its review by conducting due diligence in respect of Petroteq to assist in assessing its valuation, in considering any potential strategic alternatives, and in determining whether the Cash Consideration proposed by the Viston Offer is reasonable. On December 10, 2021, Haywood presented its findings and analysis to the Petroteq Board, and based on a review of a number of strategic alternatives, its valuation of Petroteq, and any potential upside in continuing to operate and grow Petroteq’s business organically, recommended that the Viston Offer be accepted. Among the reasons discussed, Haywood indicated that the Viston Offer would result in immediate value creation for Shareholders, is at a significant premium to the market price, reduces inherent business risks, and provides for relative certainty of outcome.  

In December 2021, Petroteq’s legal counsel, DLA, contacted Viston’s counsel, Gowling WLG, on several occasions in an effort to better understand the ultimate control person(s) of Viston, the underlying source(s) of funds to be used in respect of the Cash Consideration payable under the Viston Offer, and the regulatory approvals, if any, that Viston planned to seek in respect of the Viston Offer. After thorough consideration of all aspects of the Viston Offer, advice received from Haywood, as well as the factors included in this Supplement and after consulting with its legal advisors, the Petroteq Board recommends that Shareholders ACCEPT the Viston Offer and TENDER their Common Shares. Reasons for the PQEFF boards recommendation to accept the offer are: Results of Strategic Review, Premium Over Market Price, Unlikelihood of Superior Proposal, Common Shares Remain Relatively Iliquid, Certainty of Outcome, Possible Decline in Market Price, Reduces Inherent Business Risk, Significant Growth Funding Required, Ability to Respond to Superior Proposals. 

Dr. Gerald Bailey, Chairman and CEO, commented, “After intense due diligence, the Directors have recommended the tender action. 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. 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.” 

https://twitter.com/PetroteqI/status/1478396208574078976

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PQEFF is making a powerful run up the charts after the Company’s BOD recommended Shareholders ACCEPT the Viston Offer and TENDER their Common Shares. Viston United Swiss AG believes that the Offer is compelling, and represents a clearly superior alternative to continuing on the course set by the current Petroteq board of directors and management team and Petroteq BOD has agreed. Reasons for the PQEFF boards recommendation to accept the offer are: Results of Strategic Review, Premium Over Market Price, Unlikelihood of Superior Proposal, Common Shares Remain Relatively Iliquid, Certainty of Outcome, Possible Decline in Market Price, Reduces Inherent Business Risk, Significant Growth Funding Required, Ability to Respond to Superior Proposals. Viston United Swiss AG offer of $0.74C pps (~ $0.58 USD pps) represents a significant premium over PQEFF current price which has plenty of room to grow in recent days. Recently Petroteq completed a reserve and economic evaluation report at its Asphalt Ridge claim. Based on the 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 reserves82 MMSTB of Proved Plus Probable Undeveloped bitumen reservesUS$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) We will be updating on PQEFF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PQEFF.

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Disclosure: we hold no position in PQEFF either long or short and we have not been compensated for this article.

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