Palm Beach, FL – April 5, 2022 – FinancialNewsMedia.com News Commentary – Companies in the oil & gas industry operate and develop oil and gas field properties. Activities include: the exploration and production of crude petroleum; the mining and extraction of oil from oil shale and oil sands; the exploration and production of natural gas; sulfur recovery from natural gas; and recovery of hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis.  Domestic production of oil and gas is projected to steadily increase over the next several years and industry operators positioned themselves to perform strongly as prices rise in 2023. Moving forward, the industry is also expected to increasingly hinge on improvements in drilling technology and techniques. As industry operators deplete their reserves, it will become necessary to improve efficiency and minimize waste. IBISWorld expects industry revenue to rebound in line with an expected increase in commodity prices in 2023.  A report from Transparency Market Research added: “Advancement in refining technologies enabling the crude oil refiners to process and refine the heaviest and dirtiest of crude has boosted the drilling activities pertaining to heavy oil and oil sands. Oil sands are the sandstones saturated with viscous petroleum (bitumen). In addition to the petroleum sandstones are also enriched with a mixture of sand, water and clay. Rapid industrialization driving the demand for fossil fuels especially in the developing nations such as China, India, Brazil, South Africa and others is the major factor augmenting the drilling activities pertaining to the oil sands.  Bituminous sands or the oil sands are the unconventional sources of fossil fuel with majority of production coming out of Canada and Venezuela.” Active Companies in news today include: Petroteq Energy Inc. (OTCPK: PQEFF), Devon Energy Corp. (NYSE: DVN), Hess Corporation (NYSE: HES), InPlay Oil Corp. (OTCQX: IPOOF) (TSX: IPO), Marathon Oil Corporation (NYSE: MRO).

Transparency Market Research continued: “Oil sands production is limited with only Canada, Venezuela, and Democratic republic of Congo producing in significant levels. North America is the leading oil sand extraction market. The Alberta oil sands in Canada are one of the largest oil sands reservoirs in the world. Currently, a large percentage of oil production is contributed by the oil sands of Alberta.  Increasing energy demands arising as a result of rapid industrialization in emerging economies such as China, India, Brazil and South Africa are the major drivers for the oil sands market. Moreover, the advancement in the refining technology enabling the refiners to process the heaviest of crude oil has also augmented the drilling activities pertaining to the extraction of oil sands. Rigorous efforts by the U.S. government to reduce country’s energy imports (oil sands) coupled with the shale gas boom within the U.S. has… affected the US oil sands market.”

Petroteq Energy Inc. (OTCPK: PQEFF) BREAKING NEWS – PETROTEQ ANNOUNCES UPDATED DESIGN OF 5,000 BARREL PER DAY OIL SANDS EXTRACTION PLANT – Petroteq Energy Inc. (“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.”  CONTINUED…  Read this full press release for PQEFF by visiting:  https://www.financialnewsmedia.com/news-pqe/

In other developments and news of note in the markets this week:

Devon Energy Corp. (NYSE: DVN) recently announced it will report first-quarter 2022 results on Monday, May 2, after the close of U.S. financial markets. The earnings release and presentation for the first-quarter 2022 results will be available on the company’s website at www.devonenergy.com.

On Tuesday, May 3, the company will hold a conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), which will consist primarily of answers to questions from analysts and investors. A webcast link to the conference call will be provided on Devon’s website at www.devonenergy.com. A replay will be available on the website following the call.

Hess Corporation (NYSE: HES) recently announced it has made a final investment decision to proceed with development of Yellowtail offshore Guyana after receiving government and regulatory approvals. Yellowtail, the fourth oil development and the largest on the Stabroek Block, is expected to produce approximately 250,000 gross barrels of oil per day starting in 2025.

Yellowtail will utilize the ONE GUYANA floating production, storage and offloading vessel (FPSO), which will develop an estimated resource base of approximately 925 million barrels of oil. Six drill centers are planned with up to 26 production wells and 25 injection wells.

Hess’ net share of development costs, excluding pre-sanction costs and FPSO purchase cost, is forecast to be approximately US$2.3 billion, of which approximately US$210 million is expected in 2022, US$430 million in 2023, US$585 million in 2024, US$390 million in 2025 and US$295 million in 2026.

InPlay Oil Corp. (OTCQX: IPOOF) (TSX: IPO) recently announced its record setting financial and operating results for the three and twelve months ended December 31, 2021, and the results of its independent oil and gas reserves evaluation effective December 31, 2021 (the “Reserve Report”) prepared by Sproule Associates Limited (“Sproule”).

The Company exited 2021 in its best operational and financial position to date. The disciplined and measured steps taken during 2020 and 2021, allowed us to implement a strategy focused on measured growth combined with generating strong free adjusted funds flow once oil prices began to recover in mid-2021. InPlay initially directed its free adjusted funds flow to debt reduction ensuring a strong and sustainable balance sheet from which to grow the Company. The strategy led to record annual AFF of $47.0 million and record annual FAFF of $13.6 million for the year while also reducing net debt, resulting in InPlay’s lowest historic leverage ratios.

Marathon Oil Corporation (NYSE: MRO) recently reported fourth quarter 2022 net income of $649 million, or $0.84 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. The adjusted net income was $592 million, or $0.77 per diluted share. Net operating cash flow was $1,146 million, or $1,101 millionbefore changes in working capital.

Marathon Oil reported full year 2021 net income of $946 million, or $1.20 per diluted share, which includes the impact of certain items not typically represented in analysts’ earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $1,241 million, or $1.57 per diluted share. Net operating cash flow was $3,239 million, or $3,214 million before changes in working capital.

“2021 was a year of comprehensive delivery against our framework for success, as evidenced by bottom line financial results and ESG excellence that compete not only with the best companies in energy, but with the best in the S&P 500,” said Chairman, President, and CEO Lee Tillman. “We stayed disciplined and did not waver from our reinvestment rate driven capital allocation priorities, generating over $2.2 billion of free cash flow, including about $900 millionduring fourth quarter alone. We dramatically enhanced our balance sheet quality by accelerating gross debt reduction initiatives. We then successfully transitioned to market leading return of capital to our equity investors, consistent with our differentiated percentage of cash flow framework. During fourth quarter, we returned more than 70% of our cash flow from operations to equity investors, significantly exceeding our minimum 40% commitment.”

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