#Asphalt 9 release date plus

All other technical factors in the report are identical for the Canadian and US evaluations. Accordingly, the Canadian evaluation uses escalated operating and capital costs and the US evaluation does not. 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. 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. The NPV is prior to provision for interest, debt service charges, and general and administrative expenses. The bitumen reserves for the Asphalt Ridge NW Leases were evaluated using Chapman forecast pricing as at December 1, 2021.

#Asphalt 9 release date plus

Proved Plus Probable valuation US$790 million at 10% discount (BIT) Proved Undeveloped valuation US$213 million at 10% discount (BIT) US$1,017 million before-tax NPV of future net revenue for Proved Plus Probable Undeveloped bitumen reserves, discounted at 10% US$265 million before-tax net present value (' NPV') of future net revenue for Proved Undeveloped bitumen reserves, discounted at 10% Both the Canadian Evaluation and US Evaluation were calculated in United States dollars.вЂЋД«ased on the Report, the reserve profile of the Asphalt Ridge NW Leases as at Novemis summarized below:Дў6 million stock tank barrels (' MMSTB') of Proved Undeveloped bitumen reservesДЁ2 MMSTB of Proved Plus Probable Undeveloped bitumen reserves Portions of the Report (the ' US Evaluation') were also prepared in accordance with Rule 4-10(a) of Regulation S-X, as adopted by the United States вЂЋSecurities and Exchange Commission. Portions of the 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'). Chapman Petroleum Engineering has been working with Petroteq for a number of years on engineering and resource matters, and is very familiar with the Company's operations. (' Chapman') of Calgary, Alberta, Canada, an independent qualified reserves evaluator, with an effective date of November 30, 2021. The Report was prepared by Chapman Petroleum Engineering Ltd. As disclosed in its news release dated Novemand 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 Octo(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 Company's acquisition of the Asphalt Ridge NW Leases is pending completion. (' Petroteq' or the ' Company')вЂЋ (TSXV:PQE) (вЂЋOTC PINK:PQEFF) (FSE:PQCF), an oil вЂЋcompany focused on the development and implementation of its proprietary oil вЂЋextraction and remediation technologies, is pleased to announce the completion of a reserve and economic evaluation report (the ' 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'). SHERMAN OAKS, CA / ACCESSWIRE / Decem/ Petroteq Energy Inc.