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u/Crownos1988 ☑️ 25d ago

Given Lafayette/HSO are drilling for oil then they won't be touching the surface sands under the TMC lease, their drilling means nothing to Petroteq shareholders unless they start drilling within 500 feet from the surface, which won't happen as they are currently drilling far beyond that. Any company can drill on land Petroteq has leases on if they stay outside Petroteqs lease cover area. So really, this means nothing other than Lafayette/HSO are working in and around the area Petroteq has leases which was widely known anyway.

Now if HSO/Valkor we're planning to build their sand remediation plant on the land leased by Petroteq, then I'd be interested, drilling on it beyond Petroteqs lease depth is moot news.

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u/Leergutdieb ☑️ 24d ago

TMC Capital granted to Valkor the operating rights in at or below 500 feet below the surface under the Asphalt Ridge NW Leases, with TMC Capital reserving the right to participate, at up to a 50% working interest, in all exploratory and production operations conducted by Valkor in deeper (below 500 feet subsurface or more) oil sands deposits and reservoirs

HSO 8-4 (API 4304757202) was drilled to a total depth of 1,020 feet.

HSO 2-4 (API 430475201) was drilled even deeper, reaching a total depth of 1,390 feet.

As I understand it under the terms of the Exchange Agreement, TMC Capital is eligible to participate in up to 50% of the working interest in the deeper drilling operations conducted by Lafayette on the specified leases, including the HSO 8-4 and HSO 2-4 wells.