Palm Beach, FL – March 29, 2022 – FinancialNewsMedia.com News Commentary – Nearly two-thirds executives in the oil and gas industry are highly optimistic about the strategic changes made by their organizations in the past year and feel the future hold more strategic shifts to be hopeful about in store for 2022, according to a report from Deloitte. Their report said that they see continued momentum in the year ahead. It said: “The year 2021 was surprising in the crude oil and natural gas (O&G) industry for two main reasons: First, oil prices jumped beyond even the most bullish forecasts, by 75% year over year, to reach $75/bln by the end of the year. Second, O&G companies showed unusually high capital discipline, with capex increasing only 17% even as oil prices rose sharply. These two elements have rewritten the O&G M&A playbook, as aggressive tactical or cyclical acquisitions have given way to restrained, strategic, and environment-focused buying in 2021.  The first half of 2021 saw the lowest level of O&G deal activity in the past 10 years, but it somewhat rebounded in the second half. Overall, global O&G M&A deal value in 2021 rose by a modest 18% to $269 billion, compared to 2020, with recoveries in upstream and oilfield services offsetting weakness in midstream and downstream.”  Active Companies in news today include: Petroteq Energy Inc. (OTCPK: PQEFF), Occidental (NYSE: OXY), Whiting Petroleum Corporation (NYSE: WLL), SandRidge Energy, Inc. (NYSE:SD), APA Corporation (NASDAQ: APA).

Another report from Offshore-Technology.com added that: “Comparing M&A deals value in different regions of the globe, North America held the top position, with total announced deals in the period worth $3.56bn. At the country level, the US topped the list in terms of deal value at $3.45bn. The top country in terms of M&A deals activity in February 2022 was the US with 21 deals, followed by the UK with five and China with four. In 2022, as of February, oil & gas M&A deals worth $14.25bn were announced globally, marking an increase of 54.01% year on year.”

Petroteq Energy Inc. (OTCPK: PQEFF) BREAKING NEWS – PETROTEQ ANNOUNCES THAT ITS FOUNDER, FORMER CHAIRMAN AND CEO, MR. ALEX BLYUMKIN SUPPORTS THE OFFER AND HAS TENDERED HIS SHARES TO TAKEOVER-BID FROM VISTON SWISS UNITED AG – 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 it has been advised by its Founder, Former Chairman and CEO, Mr. Alex Blyumkin, that he has tendered shares in respect to the tender offer (the “Offer”) by 869889 Ontario Inc. (the “Offeror”), an indirect wholly-owned subsidiary of Viston United Swiss AG (“Viston”)‎, to purchase all of the issued and outstanding common shares of Petroteq. The Offer remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the Offer is further extended, accelerated or withdrawn by the Offeror in accordance with its terms.

Recognizing that Mr. Blyumkin holds a significant number of shares, his tender will assist the Offeror with acquiring the majority needed to complete their Offer. The Board of Directors has already recommended to shareholders to tender to the Offer.

For More Information and How to Tender Shares to the Offer – Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Registered shareholders that hold Common Shares in their own name need to complete a Letter of Transmittal and send, along with share certificates or DRS statements to the Depositary at the address listed on the Letter of Transmittal.

For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at contactus@kingsdaleadvisors.com.

The value of the Company has been thoroughly examined this year by third parties and appropriate news releases have been issued, and the Company wishes 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, Petroteq issued a news release regarding a reserve and economic evaluation report (the “Chapman 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”).

The Company’s acquisition of the Asphalt Ridge NW Leases is pending completion. The Company’s acquisition of the Asphalt Ridge NW Leases is pending completion. As disclosed in its news release dated November 29, 2021 and 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 October 15, 2021 (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.  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:

Occidental (NYSE: OXY) recently announced an agreement with an affiliate of SK Trading International, a subsidiary of SK Innovation Co. Ltd. (KRX: 096770), for the first net-zero oil created by combining crude oil together with environmental attributes generated from the sequestration of atmospheric carbon dioxide (CO₂) captured via 1PointFive’s planned large-scale Direct Air Capture (DAC) facility and sequestered in Occidental’s enhanced oil recovery (EOR) reservoirs in the U.S. Permian Basin. SK Trading International expects to convert the net-zero oil into net-zero products. This is one step both companies are taking together in furtherance of their net-zero ambitions and commitments to address climate change.

Under the agreement, Occidental’s marketing affiliate may provide SK Trading International’s affiliate with an opportunity to purchase up to 200,000 barrels of net-zero oil per year for five years. To produce the environmental attributes that are utilized for the net-zero oil for this agreement, Occidental plans to inject approximately 100,000 tonnes of captured atmospheric CO₂ volumes per year, which is equal to the expected CO₂ emissions from the entire crude oil lifecycle, including extraction, transportation, storage, shipping, refining, subsequent use, and combustion. Net-zero oil, which is compatible with existing refinery infrastructure, can help hard-to-abate industries advance their net-zero commitments by providing an affordable, scalable fuel option that does not contribute to additional atmospheric CO₂.

Whiting Petroleum Corporation (NYSE: WLL) (“Whiting”) and Oasis Petroleum Inc. (NASDAQ: OAS) (“Oasis”) recently announced they have entered into an agreement to combine in a merger of equals transaction. The combined company will have a premier Williston Basin position with top tier assets across approximately 972K net acres, combined production of 167.8 thousand boepd, significant scale and enhanced free cash flow generation to return capital to shareholders.

Under the terms of the agreement, Whiting shareholders will receive 0.5774 shares of Oasis common stock and $6.25 in cash for each share of Whiting common stock owned. In connection with the closing of the transaction, Oasis shareholders will receive a special dividend of $15.00 per share. The combined company will have an enterprise value of ~$6.0B based on the exchange ratio and the closing share prices for Whiting and Oasis as of March 4, 2022. Upon completion of the transaction, Whiting shareholders will own approximately 53% and Oasis shareholders will own approximately 47% of the combined company on a fully diluted basis.

SandRidge Energy, Inc. (NYSE:SD) recently announced financial and operational results for the quarter and fiscal year ended December 31, 2021.

Recent Highlights Were: 2021 net cash increased by $131.3 million year-over-year to $139.5 million, which represents net cash of $3.80 per share of common stock issued and outstanding as of December 31, 2021; Generated Adjusted EBITDA of $113.5 million in 2021 compared to $53.4 millionin the prior year; Generated net income of $116.7 million, or $3.21 per share in 2021. Adjusted net income was $96.3 million, or $2.65 per share; Announced 2022 operational and capital expenditure guidance, including the drilling and completion of 9 new wellson the Company’s Northwest Stack acreage and the continuation of its high-return well reactivation program; Decreased Adjusted G&A by $5.8 million to $8.3 million, or $1.22 per Boe, from $14.1 million, or $1.62 per Boe, in the prior year; As of December 31, 2021, the Company returned 129 wells to production that were previously curtailed due to the 2020 commodity price downturn contributing to a flat Mid-Continent production profile over the course of the year; and Decreased 2021 LOE by $7.4 million to $36.0 million, or $5.30 per Boe, from $43.4 million, or $4.99 per Boe, in the prior year.

APA Corporation (Nasdaq: APA) recently announced the closing of two transactions, generating net proceeds of approximately $1 billion.  On March 7, subsidiaries of the company completed the sale of a Delaware Basin mineral package to an undisclosed buyer for approximately $805 million, subject to post-closing adjustments. The divested assets primarily comprise non-operated properties across west Texas and southeast New Mexico, with estimated production of approximately 7,000 barrels of oil equivalent per day.

In a second transaction, on March 11, a subsidiary of APA completed the sale of 4 million shares of Kinetik (KNTK) Class A common stock for net proceeds of $224 million. The transaction follows the combination of Altus Midstream and BCP Raptor Holdco LP that formed Kinetik and was completed in late February. Within the next 24 months, Apache will invest a minimum of $100 million for new well drilling and completion activity at the Alpine High play in the Delaware Basin, where Kinetik has exclusive gas and NGL gathering and processing rights.

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